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Building society 'won't go down' Building society 'won't go down'
(about 1 hour later)
The audit committee of the Dunfermline Building Society will meet later to sign off this year's accounts.The audit committee of the Dunfermline Building Society will meet later to sign off this year's accounts.
It is expected their contents will be revealed next Wednesday, amid concerns from the financial services watchdog.It is expected their contents will be revealed next Wednesday, amid concerns from the financial services watchdog.
The FSA is worried that the society may have to make additional writedowns, which would leave it unable to fund future liabilities.The FSA is worried that the society may have to make additional writedowns, which would leave it unable to fund future liabilities.
The chair of the Treasury select committee, John McFall, said the mutual would not be allowed to go down.The chair of the Treasury select committee, John McFall, said the mutual would not be allowed to go down.
The Labour MP for West Dunbartonshire told the BBC's Newsnight Scotland programme: "The government can't afford to let the Dunfermline Building Society go, if for no other reason than confidence in the financial system.The Labour MP for West Dunbartonshire told the BBC's Newsnight Scotland programme: "The government can't afford to let the Dunfermline Building Society go, if for no other reason than confidence in the financial system.
"Confidence is at an all-time low at the moment and it would just be shattering if that happened. So the government will stand behind this building society.""Confidence is at an all-time low at the moment and it would just be shattering if that happened. So the government will stand behind this building society."
He said a merger with a larger building society was an option.
"But if that does not happen I think the government will stand behind it," Mr McFall said.
"It will do so with a considerable injection of money."
It emerged at the end of last week that the Dunfermline, Scotland's biggest building society, was in serious trouble and facing multi-million pound losses.It emerged at the end of last week that the Dunfermline, Scotland's biggest building society, was in serious trouble and facing multi-million pound losses.
The society, which has 34 branches across the country and almost 500 employees, was founded 140 years ago.The society, which has 34 branches across the country and almost 500 employees, was founded 140 years ago.
It made £2m profit in 2007 but it is now understood that the mutual is having problems with its cash flow.It made £2m profit in 2007 but it is now understood that the mutual is having problems with its cash flow.
There has been speculation that it could announce losses of up to £26m.There has been speculation that it could announce losses of up to £26m.
It is understood many of Dunfermline's woes stem from its exposure to bad loans in the commercial property market.It is understood many of Dunfermline's woes stem from its exposure to bad loans in the commercial property market.