Financial Mutuals Arrangements Bill

Indeed. The origins of the Co-operative Permanent building society lay with the employees of the co-operative movement. The society was set up specifically to help co-operative employees to become owner-occupiers. It grew, became independent, and through merger eventually became the Nationwide that we know today. I believe that the Nationwide is so widely trusted partly because of its history of representing its member-owners and trying to reflect not just their limited interest but the much wider interest of consumers generally, which lies at the heart of the consumer co-operative movement. I know that the subject of cash machines is close to the heart of the Economic Secretary, who has taken a leading role in this regard. The Nationwide has argued consistently that its members should have free access to cash machines, and that not just building societies and mutual organisations but all organisations in the financial services sector should offer that service. There are problems and dangers at present. Last year, for every free cash machine that opened 67 charging machines opened. I am very taken with the innovative scheme that my right hon. Friend the Member for West Dunbartonshire (John McFall)—the Chairman of the Treasury Committee, of which I am a member—has developed with the Economic Secretary to pilot 600 new free cash machines throughout the country. I say that as one whose constituency is likely to benefit from seven of them. I am consulting the organisation involved to decide where they would best be placed.