Best-ever for building society
Last updated 19:27, Thursday, 13 November 2008
THE Cumberland Building Society has just recorded its best-ever month for savings in its 158-year history. Savings balances in October increased by over £35 million.
John Leveson, deputy chief executive of the building society, said: “The recent issues surrounding banks such as Northern Rock, Halifax, Bradford & Bingley and the Icelandic banks have highlighted the strength of traditional building societies such as the Cumberland which have continued to thrive despite the difficult market conditions.”
He said the local building society did not face the difficulties of banks which were involved in sub prime and other riskier types of lending.
Mr Leveson added: “The Cumberland is a traditional building society – owned by its members – where we make decisions to ensure the long-term security of the business, rather than looking to maximise short-term profits, as some banks have done.
“This traditional, low-risk approach to business is the reason why the Cumberland has avoided the problems affecting many of the banks.”
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