UPDATE
For those of you who are interested in what's being written about the Dunfermline Building Society today I've found some excellent blog posts - Moridura, the Spectator Live, Paisley Expressions and Leaves on the Line have all contributed to the subject.
The Scotsman has 3 articles one, two and three (the third being by Bill Jamieson) while the Herald carries 4, this headline plus two, three and four.
The indecent haste of this sell-off leaves many unanswered questions.
Posts
27 comments:
My guess is that this decision has been driven by the timing and the politics rather than financial considerations and what is best. I imagine a buyer will be named before the stock exchange opens Monday, otherwise why make the announcement at the weekend?
I appreciate how you feel about this, and although it shames me to admit it, and taking everything into account, Brown/Darling have probably acted correctly.
I maybe wrong, I am no financier, but in the week of the G20 Brown will want to close this off quickly.
Politics is rough old game as Jacqui Smith will probably find out later this morning.
Its the nationwide then
http://news.bbc.co.uk/1/hi/scotland/7971244.stm
Good building society whats the 'SENSIBLE' alternative.
Jim Faulds was rightly annoyed at his grilling this morning on the Today program. I wonder why the BBC are giving him such a hard time over a relatively small government support request, not cash but insurance. I don't remember them taking Northern Rocks CEO to task...
More to this than meets the eye.
Anything within earshot of Kirkaldy gets hushed up very smartly. Glenrothes's register turned up yet?
Morning Howard, it's difficult for me to see this from your viewpoint. A small business needs a loan of £30m (according to the treasury's own choice of independent accountants), then it's increased to £60-£100m by a chancellor who should have a more accurate figure ...
It's all politics right enough Howard; a dirty game.
Morning Niko, nothing wrong with the Nationwide, a great deal wrong with the FSA and their lack of accountability and professionalism.
Juan I never heard the Today programme. I'll hear it on iPlayer later. You're right and the truth will out one day.
Ah Oldrightie, I don't understand Brown allowing this, or is this part of his scorched earth policy for Scotland.
Jim Faulds, Chairman of the Dunfermline is good at criticising others, but where was he when his previus CEO was bankrupting the society? Can someone enligten me?
Get real - this is a good deal, The Nationwide is a mutual, a good one, and in so far as anyone can, it is guaranteeing all the jobs. More than the Dunfermline could.
And i ask again - are we to bail out every bank, especially ones with saltires in their logos?
This is a cheaper rescue deal and a better rescue deal. Better for staff ( could the Dumf even have paid their wages next month), customers and taxpayers.
They are generally poor But just because they are Labour dont make thm idiots. Im just thankful the Scottish Governments rescue plan did not get off the ground whit a waste that would have been, a salmond vanity project tat would have made Sandi Thom look cheap.
Good thought to know that John Swinney apparettly has £100 to spare in his back pocket. Or is that reserved for bankers?
Lets now spend it on something useful, rather than patriotic symbolism or a duff an stranded, if angry and articulate building society boss.
I disagree with you Aye We Can. This sell-off is the worst solution as it leaves the taxpayer with the bad debts and you think that's good?
Would have been much better to allow the loan and let the DBS sort themselves out. They had the support of other building societies but couldn't get the permission of the treasury to access the liquidity programme for them.
No it's not a good deal for the taxpayer. It's another mess from the FSA and the treasury.
Sure, the news is that the NBS has taken it over, much less newsworthy of course is the bad debt heaped onto us again.
Sorry R
It was not you who said about "hidden debt", my parentheses, but el Sid. My excuse is that you quoted him and I read it as part of your post.
Subrosa. I am being faked above by polaris.Her life is so empty these days.
That's ok FC, I forgive you. Easily done, especially on a Monday :)
What do you want me to do Juan? Shall I get my rolling pin? It has been know to be handy.
The Dunfermline Building Society
was obviously deep in the mire.
thats why why they were running round with the begging bowl if they were solvent why do they need more funding.
Why is ok for the Scottish (snp) government to risk and probably lose millions.But portrayed as trowing away public money if the U.K government do the same.
The truth is the U.K Government and economy can sustain the finance. The Scottish economy alone could not.
Brian Taylor makes a good point about "Nationalists need new narrative" perhaps you snpers should have read and inwardly digest.
Oh Niko, really how can you say an independent Scotland couldn't sustain a problem like this? You've no more idea about how an independent Scotland would be than me.
I've read Brian's blog Niko and I've already made a comment under 'quietscot'. Have a wee look, you may be surprised!
Subrosa,
I think it's only a matter of time before people take matters into their own hands. I still feel this whole situation will boil over into violence sooner rather than later.
Who knows what we can achieve Independently, perhaps a great deal more than we have and do under Westminster. 646 idiots running the country (well most of them!).
I look forward to the next 12 months as the UK tears itself apart - horaaay! Well it's too early to cheer, but lets face it, how much worse can we fair under our own steam?
There is much to be done and debated and considered but one way or another we need to know where we're headed.
CD
subrosa
I'm surprised
Subrosa. Perhaps if you ad the rollng pin to her pudding bowl(the one she uses for hairdos) she could bake a cake.
Claire makes a very compeling argument though for a faker.
So on that I agree.
Crazy Daisy,
You really think that???
Yes you are correct about the 646 club and that spinless wretch Willie Rennie who supposedly represent Dunfermline well is no where to be seen.
But i feel the people have lost the will now. They are so cynical, nothing and I mean nothing is believed. Apathy is the issue.
You may find that is the NuLAbour plan.
If the people are apathetic who votes them out.
Or if you riot then the government enact the civil contingency bill or whatever its correct name is and cancel the general election.
Still if they do that Jacqui Smith stays on the gravy train ride and I get to keep buying her hubby porn. Fabulous!!!!!!
A chunk of the toxic debt here was bought from Lehman Brothers.
Which begs the question.
1. Dunfy BS was not a bank so the government could not eneact the legislation used in Llyods, RBS etc.
2. Why would a mutual Society buy a debt package like that???
That is not how a mutual society should work.
I know the RBS and Lloyds fiasco go to Number 10 all the bloody way. The talk about Fred pension is crap, a smoke screen to cover up the f*** up made by Number 10 and 11 encumbernts however in this instance and I go back a mutual society should not work like this.
Only last June DBS said it had no toxic debt???? So where and when did this come from.
Is in this instance did the board make an error?????
Just a hypothesis, and yes a have a few bob there but cant think of anywhere else to put it????
Ah Niko, it pleases me to know I can still surprise you :)
Oh CD I do hope we don't take to the streets, that would be playing right into Westminster's hands. We need to get together and debate independence. The SNP don't debate it, they only respond to questions. They need to take the lead and have proper debates, anywhere and everywhere. They need to lay out the financial situation in an honest manner. Finance is what matters to people and how much they would have to pay in tax. Get that into the public domain and let's get it debated.
We'll never get as good an opportunity.
Auch Juan I think you're being harsh about Clara and you have a soft spot or two for her. Welcome back Clara btw :)
LOTF, stick it in the Scottish Building Society. I've just done that today because I feel so strongly I have been lied to by Gordon Brown and Co about the Dunfermline.
Why dont you feel so strongly about being lied to by the Dunferline management?
You want "give them the chance" to clear up thir own mess. Not with my money please.
Glad they are now all gone. Jim Faulds might now get that SNP selection he is after, He'll be right at home amongst all you failed bankers
What makes you think Jim Faulds wants to be an MSP? Is it just because he praised Alex Salmond for listening to him? That's a pretty thin reason.
My MSP listens to me but I wouldn't want to be one.
Juan how can I stop a fake? Polaris if you're faking Juan please stop. Can't be doing with silly games on my blog.
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