It looks like the Cheshire and Derbyshire Building Societies are about to be taken over by the Nationwide Building Society. The Derbyshire is the 9th and the Derbyshire the 11th biggest societies with about 1 million customers between them.
The Derbyshire has been hit because it could not raise money on the money markets...the credit crunch again. Whilst the Cheshire had encountered some problems with its commercial property lending.
The Financial Services Authority has had a hand in recommending the deals to the 2 societies and the speedy negotiations which have taken place
Will there be any windfall payments?
Borrowers & savers with the Derbyshire or Cheshire should not expect any windfall payments owing to the problems they have encountered.