Britannia Building Society And Re-Mutualisation

EDM number 332 in 2005-06, proposed by Adrian Bailey on 15/06/2005.

That this House welcomes the Britannia Building Society's acquisition of the Bristol and West's savings business and branch network from the Bank of Ireland for £150 million; notes that this is the first major re-mutualisation in the United Kingdom, reversing the demutualisation trend in the late 1990s; further notes that Britannia will move into 65 towns and neighbourhoods where it is not currently present and Bristol and West's customers will become members and co-owners of Britannia; congratulates Britannia on its ongoing commitment to a branch network which provides increased access to consumers; and urges the Government to recognise that this is a further illustration of the important role that mutuals play in ensuring competition and value for money for the consumer.

This motion has been signed by a total of 59 MPs.