Scottish building society collapses

Link to the article: Channel 4

Last Modified: 28 Mar 2009
By: Julian Rush

The biggest building society north of the border becomes the latest victim of the economic slump.

He has talked of saving the world - or at least saving the banks - but tonight on the eve of the G20 summit, the financial turmoil has reached Gordon Brown's own backyard, as the Dunfermline Building Society is wound up.

It means yet another high street lender is on the verge of breaking up, hammering home the fragility of the global economy, as world leaders prepare to meet in London.

Banks may now get the solvent bits but it is looking like the taxpayer will pick up its toxic debts.

Tonight, the prime minister insisted savers at the Dunfermline Building Society would be protected.

The government is now considering a range of options, including underwriting some of the institution's toxic assets.



Link to article: Dunfermline chairman's anger 29.03.09 (Channel 4 News)