The financial regulator has been seeking a rescuer for Manchester Building Society but has been turned down by Nationwide, Britain’s largest society.
The Prudential Regulation Authority has been trying to find ways in recent weeks to save the Manchester, which has 18,000 savers including a few with deposits of more than the £75,000 guaranteed by the government. The society also has 3,000 borrowers.
Oh, you mean mutuals also fall foul of fractional reserve banking from time to time? Oh my, what dos that do to the Spudmonster’s diatribes?