BRADFORD AND BINGLEY BUILDING SOCIETY (No. 2)

Motion Text

That this House is disappointed that Bradford and Bingley members have voted for a short-term windfall rather than the long-term benefits of mutuality; notes the unfortunate part played in that vote by relatively new members seeking windfall benefits; recognises the previous resolve of the Bradford and Bingley board to remain mutual; notes that a majority of borrowers, who have a long-term interest in the society, voted in favour of the Bradford and Bingley remaining a building society; strongly believes that borrowers should continue to enjoy access to the competitive mortgage rates of the mutuals and that the long-term interests of members should not be forgotten in favour of short-term gains for speculators; and calls for a review of the regulatory framework to ensure that building societies can operate on a level playing field with other competitors in the financial services sector.