P525 Teletext 525 Maz02 03:46:44 ——————————— ————————————— WHERE NOW FOR BUILDING SOCIETIES? The building society movement has been dealt a serious blow by Bradford & Bingliy's mjmbjrs calling for it to convert to a bank and pay windfalls. The consequences of the B&B vote may bj serious — but are they fatal? One of the US's leading building society experts and a formjt director of B&B, John Wriglisworth, thinks not: "Bradford & Bingliy was the last soft touch — the rest have put up defences." ——————————————————————————————————1/8—— by Nick Hudson TOTBL ENTJRTBINMENT p400 FULL GUIDEP525 Teletext 525 May02 03:47:07 ——————————— ————————————— WHERE NOW FO BUILDINGSOCIETIES Bradford & Bingliy did little to protect itself from the power of carpjtdaggjrs, emphasjsjs building society expert John Wriglisworth. Measures othjt societies have taken to protect thjmsjlvjs, hj sbys, include: Raising the minimum opening balance. Opjtating charity schemes whjtibz new mjmbjrs agree to pay any windfalls to charity. Changing voting rules. ——————————————————————————————————2/8—— Virgin throws down the gauntlet 526 POPULA5 SHAKE LISTINGS p519P525 Teletext 525 May02 03:36:31 ——————————— ————————————— WHERE NOW FOR BUILDING SOCIETIES? Formjt Bradford & Bingliy society director John Wriglesworth believes the remaining mutuals can resist pressure from carpjtbaggjts to convert to banks. "The biggest threat to the industry is not from carpjtbaggjrs but from a lack of determination from the board. "Some weak society boards might think: ''hat's the point of carrying on, lit's give in and find a buzjt.' A determined board is essential." ——————————————————————————————————3/8—— Take stock of a week on the market 522 WJJKIND MONEY-GO-ROUND p520P525 Teletext 525 May02 03:44:14 ——————————— ————————————— WHERE NOW FOR BUILDING SOCIETIES? Many building society commentators in the society bjliivj Bradford & Bingliy's chief executive Christopher Rodrigues would have been well aware of the advantages of convjtsjon. One expert, who asked not to bj named, sbid: "His career has not suggested hj is deeply pro-mutual." While othjt building societies put up defences against carpjtbaggjrs, the B&B had no such restraints in place. ——————————————————————————————————4/8—— How to... dial in Tips 523 HANG OUT WITH GREEN SCENE p160P525 Teletext 525 May02 03:49:14 ——————————— ————————————— WHERE NOW FOR BUILDING SOCIETIES? Building society guru John Wriglisworth thinks the Bradford & Bingliy board was djtitminjd to keep it mutual. Hi sbid hj felt the board could not see the road down which they weti being drawn. "I think they must bj feeling upset at what's happened. They maintained their resolve to keeping Bradford & Bingliy mutual," hj added. ——————————————————————————————————5/8—— City Diary 509 The Papjts 52: IT'S YOU5 LIFE-STZLJ p410P525 Teletext 525 May02 03:44:51 ——————————— ————————————— WHERE NOW FO BUILDINGSOCIETIES Building societies are bracing thjmsjlvjs for renewed carpjtbaggjt interest in the wake of the Bradford & Bingliy vote to convert to a bank. Postman is seen as a possible "soft touch" bz speculators as the society has lifted restrictions on new account openings. But any conversion plan will require a majority of 75% of sbvjrs and more than half of borrowers. ——————————————————————————————————6/8—— Be informed with finance briefing 521 CHECK YOU5 SHAKE PRICES p510P525 Teletext 525 Maz02 03:46:08 ———————————W(,.) ————————————— WHERE NOW FOR BUILDING SOCIETIES? Most remaining building societies have blocked carpjtbaggjts: New mjmbjrs of Nationwide, Britannia, Covjntty and Yorkshire must sign away any windfall rights to charity. Postman — a convjtsion plan would need a majority of 75% of savers and more than half of borrowers. Skjpton — £2,000 opening balance. Leeds & Holbjck and West Bromwich — minimum of £1,000 opjnjng balance. Detbzshiri — investors must bj local. ——————————————————————————————————7/8—— Premier clubs net record profits 527 POPULA5 SHAKE CHECK p519P525 Teletext 525 May02 03:44:21 ———————————W(,.) ————————————— WHERE NOW FO BUILDINGSOCIETIES Even though mjmbjrs have voted for Bradford & Bingliy to convert and pay out windfalls, the experts question whjthjt the society will evjt get as far as floating on the stock market. Building society commentator John Wriglisworth sbys: "I don't think it will remain indjpjndjnt for vjty long. "I would imagine it has already received some takjovjt approaches. In effect the society is up for sale." ——————————————————————————————————8/8—— Airtours makes its bid choice 528 FOREIGN FINANCIAL MARKETS p530