Press Release 71 re-issued with update Date 31.10.99

Leek United Building Society versus Murray Financial plc Subject: 500-1000 People marched through the small town of Leek in Staffordshire yesterday, Saturday 30.10.99 in support of Leek United’s opposition to takeover by carpetbagging predator Murray Financial plc and to support the societys wish to remain a mutual- in the best interests of its members Storyline “The battle for Leek United is a turning point in the fight against the carpetbaggers” says Vincent Cable MP LibDem shadow spokesperson for Trade and Industry and national Save Our building Societies spokesperson in a call to Economic Secretary Melanie Johnson to introduce legislation to curb the damage caused by carpetbaggers to the personal finance sector. Vincent Cable MP says “I believe the battle for Leek United will mark a turning point in the fight against the carpetbaggers and the forces of avarice and greed. “I urge the Economic Secretary Melanie Johnson to take note of the members of the public marching in Leek in support of their threatened society -and to give Government backing in the next Parliamentary session to implement the recommendations of the all party Treasury Select Committee to give mutual building societies a level playing field.” “Mutual building societies play a key role in the economy offering the cheapest mortgages for people to buy homes, high rates of interest for savers and excellent customer care with a local branch network to serve all members of the community. The effects of the carpetbaggers is to endanger this tradition for purely selfish reasons. They must be stopped” Vincent Cable continues “I pay tribute to the determined an skilful campaign fought by Leek united to protect the best interests of their members by retaining mutuality. I am also impressed by the solidarity shown today by ordinary members of the society who are marching not only for themselves but to safeguard a mutual tradition which will help future generations to come.” Note to the Editor 1)Vincent Cable was a member of the all party Treasury Select Committee that looked at the issue of demutualisation. 2)The key Treasury Select Committee recommendation to protect societies is that Borrowers should be given the same rights as Savers when voting for conversion (Currently 75% of savers on a 50% turnout need to vote for conversion but only a majority of borrowers on any turnout.) An equal say would not only be fairer -reflecting at least an equal commitment of borrowers to a society as enjoyed by savers but would mean that an event as fundamental as conversion would only occur -if it more clearly reflected the views of the bulk of both borrowers and savers. (When similar types of vote are taken such as with a Constitution similar weighting is required.) Press Release from Bob Goodall co-ordinator “Save Our Building Societies” campaign tel 01727 847 370 (24hrs)