Barnsley Building Society today announced that it will be taken by the big neighbor to the Yorkshire Building Society when it emerged that £ 10 million with Icelandic banks collapsed. Barnacles company, which has 60,000 members, most of them in the Yorkshire region, deposits held Capturing Singer & Friendlier and hereditary banks UK subsidiaries of Icelandic companies that entered administration in early Barnsley Building Society. While investors banks were protected under the compensation of financial services, Barnacles may be forced to cancel the money.
The companies said the announcement followed a quick action plate preemptive approach in Barnacles Yorkshire to seek a merger after the identification of possible losses of deposits with Icelandic banks. The Acting Executive Director of Barnsley Building Society, Steve Mitchell, said that its reserves were large enough to absorb the possible loss of money, but he added: The Board believes that the reduced level limit its ability to provide members of the security and benefits associated with mutuality. In response, the Council took a very positive decision to lead society towards a more secure future as Barnsley Building Society part of a broader company through a merger with Yorkshire Building Society, which shares our values and commitment farm members, staff and local communities.
Yorkshire, which is based in Bradford, is the third largest building society in the UK with over 1.9 million members. After the merger, Barnsley Building Society which is expected to rise to 31 December, it was reported that continues over the assets of Icelandic banks with Barnacles, but it was not clear whether it will be successful or how long it would take. Meanwhile, he said there would be no payments to members of Barnacles. If the assets said it would consider an unexpected payment for Barnsley Building Society savers and borrowers recover, but this is done after the recovery costs and taxes have been taken into account.
