Northern Rock Small Shareholders' Group: Newcastle Building Society "vulnerable"

Thursday 26 August 2010

Newcastle Building Society "vulnerable"

Societies' losses in commercial arena should be limited
Mortgage Strategy, Monday 23 August 2010
http://www.mortgagestrategy.co.uk/latest-news/societies-losses-in-commercial-arena-should-be-limited/1017299.article
Fitch Ratings says improved management means building societies are less likely to face commercial real estate losses in 2010 compared with 2009. It says societies with a stable outlook are not expected to see their ratings affected by commercial ex-posure. Mutuals with a negative out-look such as Nationwide Building Society, Newcastle Building Society and West Bromwich Building Society, which are heavily reliant on commercial loans, are vulnerable.

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About NRSSG

The NRSSG was establishes at the time the business's troubles started in August 2007. Prior to nationalisation we would have prefered Northern Rock plc to remain an independent, publicly-quoted company providing good-quality jobs in the North East and supporting the charitable Northern Rock Foundation. Many of our members would prefer it to revert to its original staus as a Mutual Society. We were and are opposed to a 'fire sale' of the company's assets at below true value, or the further dismemberment of the business. We will continue to resist pressure by authorities to compel Northern Rock to actions which are not in the best interest of the business and the region.

We campaign for fair compensation for all those whose shares were expropriated by the Government, including demanding participation (such as the return of our shares, which now comprise a small proportion of the share capital following the Government's "rights issue" to itself) when the business is eventually returned to the private sector, and for an enquiry into all the circumstances leading up to nationalisation. The enquiries by the Financial Services Authority are welcome but insufficient. While we support legal actions being taken by others, we are not a party to them.

The Honorary President is Lord Stevens of Kirkwhelpington, Chancellor of the University of Northumbria, who is a saver and shareholder.

Membership of the NRSSG is free and open to all of the many thousands of individuals whose shares in the Rock were cancelled by the Government.

Northern Rock Small Shareholders' Group

Thursday 26 August 2010

Newcastle Building Society "vulnerable"

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