The building societies
, Coventry Building Society (CBS; A/Stable/F1), Yorkshire Building Society (YBS; A-/Stable/F1), Skipton Building Society (SBS; A-/Stable/F1), Leeds Building Society (LBS; A-/Stable/F1) and Principality Building Society (PBS; BBB+/Stable/F2), together accounted for over 10% of gross mortgage lending in the UK in 2017.
This allows building societies
to plan for the long term rather than having to focus on the next dividend payment to shareholders and means that they can operate at lower margins - this allows them to offer lower mortgage rates and higher savings rates.
It is one of only three remaining mutual building societies
in Wales and the only one with its headquarters in South-West Wales.
Stephen Williams, head of the building societies
practice at Deloitte in West Yorkshire, said the current climate showed that building societies
- with their proud heritage and strong links to local communities - had a crucial role to play in the future of UK financial services.
Yorkshire, the UK's second largest building society, believes that building societies
and similar mutual organisations make a crucial contribution to the competition and diversity of the retail financial services market.
He was awarded an OBE for services to Building Societies
According to the Building Societies
Association, savers have removed more than pounds 4bn from building society accounts since July.
A number of other mutuals have reportedly been lined up as possible buyers, with the Coventry and Yorkshire building societies
said to have been in the frame.
Bradford & Bingley completed a merger in 1964 to become one of the UK's largest building societies
The flight to building societies
looks set to accelerate as more people look to find their cash a home they can trust.
FURTHER consolidation of building societies
is "almost inevitable" in the current market conditions, an industry analyst said yesterday.
are turning away savers trying to deposit bags of change -because it is too time-consuming for staff.
"The banks don't seem to do nearly as much for their customers as the building societies
, so we will definitely be staying put."
Terminating building societies
appear like phantoms in the history of the Canadian financial system.
London: Fitch Ratings has affirmed the ratings of five UK building societies
following a periodic review.