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Press release
Building society involvement in Icelandic banks tiny, says BSA
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Contact: Katie Errington Date: 13 Oct 2008 |
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Commenting of building society investments in Icelandic banks, Adrian Coles, Director-General of the BSA said:
“The BSA can confirm that the total investments of building societies in Icelandic banks is less than £200,000,000. This is equivalent to 0.05% of total building society assets.
“These investments are so tiny in the context of societies’ business that savers money in building societies will not be endangered as a result.
“We await the outcome of UK Government’s negotiations with the Icelandic authorities and it should not be assumed that all of the investments made by British institutions, including building societies are irrecoverable.”
The Building Societies Association (BSA) represents all 59 building societies in the United Kingdom. Building societies have total assets of over £360 billion and, together with their subsidiaries, hold residential mortgages of £250 billion, more than 20% of the total outstanding in the UK. Societies hold about £235 billion of retail deposits, accounting for more than 20% of all such deposits in the UK. Building societies also account for about 37% of all cash ISA balances. Building societies employ over 51,500 full and part-time staff and operate through more than 2,000 branches.
Photographs of Adrian Coles are available from the BSA press office, or from the Association’s website at www.bsa.org.uk or Headlinemoney www.headlinemoney.co.uk
