Banking Bill

Of course. I have opened accounts in building societies and in credit unions, too, so I am consistent on this topic. The Prime Minister was asked about the matter, and his foray into the debate was a triumph of equivocation:"““Only a society's board can propose conversion, which requires the support of 75 per cent. of saving members on a 50 per cent. turnout and 50 per cent. of borrowers who vote. Those are high thresholds, which have been reinforced by our action, but it is right that they are high. The current balance is correct””." It appears in retrospect, however, that those thresholds were not high enough, as the votes did not represent members' sentiments fairly, so the balance was not correct. We have seen a series of mergers, takeovers and part-nationalisations of former building societies in the past turbulent and unprecedented year, and they have largely taken place well after opportunistic investors have cashed in and moved on, carpetbags filled with windfall payments. Mutual organisations offer longevity, security and service in a manner that is completely alien to modern banking practices. I urge hon. Members on both sides of the House to support the new clause for the benefit of all those among us who have neither the time nor the voice to speak today. I commend the measure to the House, and I reserve the right to move it formally at the end of the debate.