Merger Of The Halifax And Leeds Permanent Building Societies

EDM number 191 in 1994-95, proposed by Austin Mitchell on 05/12/1994.

That this House, concerned at the proposal to create yet another massive financial monolith by merging the Halifax and the Leeds Permanent building societies, expressed the hope that the directors of the two bodies will think again about the merger, and that the members will reject it if they don't, on the grounds that the abandonment of the proud, mutual tradition on which building societies have been so successful in serving their members, investors and borrowers, is a damaging and retrograde step and that the merged organisation will result in a loss of jobs, offices and custom and local services merely to create yet another gigantic, impersonal and unaccountable financial giant likely to be tempted into the same kind of irresponsible and wasteful speculation, lending and acquisitions which did so much damage to, and lost so much money for, the TSB when it abandoned mutuality to become a plc; and further notes that all these disadvantages will be incurred as the outcome of furtive wheeling and dealing, and massive shareholder bribery, redolent of the City financial casino at its worst but totally out of character for proud Yorkshire organisations of real integrity and sensible frugality, all to benefit only the greedy self-interest of directors and top management, and the profits of City advisers and institutions and the inflated incomes of accountants, advertisers and lawyers, without serving either the public interest or the interests of borrowers, investors and members of the Halifax and the Leeds.

This motion has been signed by a total of 54 MPs, 1 of these signatures have been withdrawn.