Press Release 64 Date:6.9.99
Subject: Predatory bid by Murray Financial plc for Leek Utd Building Society SOBS Spokesperson Dr Vincent Cable MP says “At a time when there is all-party support of the Treasury Select Committee to resist further demutualisation and strengthen the building society sector this is an unfortunate and ill-timed move by Murray Financial.” “We commend the decision by the board of Leek Utd to resist this uninvited and unwelcome bid by Murray and offer our complete support to the society in defeating it.” “Members of Leek Utd who would like to help keep their society a mutual -with all the benefits this brings- can contact the “Save Our Building Societies” co-ordinator Bob Goodall on the SOBS hotline: 01727 847 370.” (24hrs) Vincent Cable adds that “the actions of Murray Financial reinforces the fears of the Treasury Select Committee that it is far too easy to mount carpetbagging attacks on mutual building societies.” Press Release by Bob Goodall Co-ordinator Save Our Building Societies Campaign tel 01727 847 370 (24hrs) “Save Our Building Societies” End page of press release Note to the Editor Dr Vincent Cable MP is Liberal Democrat member of Parliament for Twickenham. He is National Spokesperson for the “Save Our Building Societies campaign.Vincent Cable was a member of the Treasury Select Committee that recently examined the whole issue of demutualisation. Vincent would be pleased to tell you about the findings of the committee. Bob Goodall Co-ordinator “Save Our Building Societies” campaign tel 01727 847 370 (24hrs)
Mission Statement of Save Our Building Societies “We believe that affordable and high quality housing is the key to the social and economic well being of the nation. “We believe that mutual self-help remains an effective means by which members of society can work together, particularly at a time when the role of the state is diminishing.” “We believe that mutual building societies are vital in providing both housing at a reasonable price and diversity and competition in the market place for financial services.” This campaign has been established to help champion the case for a mutual sector of financial institutions offering mortage lending and investment saving options within the UK financial marketplace. Building societies date back to 1775. Small groups of people joined together to provide mutual financial support allowing members to become housed. That tradition is now in jeopardy.