BSA: It is gratifying to have evidence that the coalition commitment to foster diversity and promote mutuality has not been forgotten

Tuesday, 20 December 2011 10:31 AM

BSA responds to statement by the Chancellor on the ICB - 19 December 2011

Adrian Coles, Director General of the BSA said: "We are pleased that the Government is standing by its initial statement on the Vickers report and plans to legislate to ring-fence the retail operation of banks. We remain hopeful that the implementation of these measures is proportionate to the risks posed.

"We strongly welcome the Government's suggestion that there may be a case to modernise the Building Societies Act and we would urge that work on this begins soon. Also, it is gratifying to have evidence that the coalition commitment to foster diversity and promote mutuality has not been forgotten. We look forward to much more in this space. Building societies and other mutuals are already providing credible competition to the large banks in a way that particularly chimes with consumers today."

~Ends~

Contact:
Hilary McVitty
020 7520 5926
hilary.mcvitty@bsa.org.uk

Notes to Editors

1. The Building Societies Association (BSA) represents mutual lenders and deposit takers in the UK including all 47 UK building societies. Mutual lenders and deposit takers have total assets of over £375 billion and, together with their subsidiaries, hold residential mortgages of over £235 billion, 19% of the total outstanding in the UK. They hold more than £250 billion of retail deposits, accounting for 22% of all such deposits in the UK. Mutual deposit takers account for 34% of cash ISA balances. They employ approximately 50,000 full and part-time staff and operate through approximately 2,000 branches.

2. Photographs of Adrian Coles are available from the BSA press office, or from the Association's website at www.bsa.org.uk or Headlinemoney www.headlinemoney.co.uk

Tags:
• banks
,
• george osborne
,
• john vickers
,
• sir john vickers
,
• treasury