What The Papers Say: B&B clients consider the costs of mutuality

Stephen Major, a potential carpet-bagger in the mould of Michael Hardern, has successfully brought the question of another building society’s mutual status to the forefront of press attention.

Stephen Major, a potential carpet-bagger in the mould of Michael

Hardern, has successfully brought the question of another building

society’s mutual status to the forefront of press attention.



His demand for Bradford and Bingley’s (B&B) conversion to plc status

has, conversely, promoted the launch of a pounds 5 million

communications programme by B&B aimed at persuading members of the

benefits of mutuality and at highlighting the long-term costs associated

with any windfall payments.



With voting forms recently distributed amid a flurry of media activity

from both sides, the media debate is currently in favour of maintaining

the society’s status.



Analysts suggested that the Nationwide’s close call last year combined

with a successful Bradford and Bingley challenge could lead to a

watershed in the industry’s commitment to hold out against the

carpet-baggers. But the question being put to members is a tough one:

’Is jam today better than jam tomorrow?’ (Financial Mail, 10/1/99).



Evaluation and analysis by CARMA International. Cuttings supplied by the

Broadcast Monitoring Company. ’What The Papers Say’ can be found at:

www.carma.com.



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