The governments mate, the FSA

[rick derris]

The derbyshire BS and Cheshire BS are being bought out by the Nationwide. No vote by its members, no windfall payment to members (which is usual as their society is being bought).

[urlhttp://www.fool.co.uk/news/your-money/2008/09/08/nationwide-takes-over-cheshire-and-derbyshire.aspx][/url]

The whole thing does go back to NR, like in the states, governments interfering in the market when it comes to housing and loans due to the 'seen to be doing something' syndrome. Both societies had a few dodgy dealings on the books, but who hasn't?

Yes, I have a few hundred quid in both societies and so don't get a windfall but that’s not the point

building societies are a british institution like funny flavoured crisps and weird pub names and they shouldn’t be allowed to just be taken over by a mega building society on the nod of the FSA. Now without a decent payout at least

[NHH]

The governments mate, the FSA

Are they insolvent? When an IPS is insolvent, it can either be liwuidated or be amalgamated with another IPS. because it's one members, one share, one vote, the members of the societies being taken over just have shares in a new entity, but are free of the debt they were carrying, hence the lack of windfall.

Even so, they still should vote to merge, which is usually only ever dispensed with if the alternative to amalgamation is liquidation (ie, the shit is about the hit the fan big time and the society is insolvent.