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| Version 2 | Version 3 |
|---|---|
| Building society 'won't go down' | Building society 'won't go down' |
| (10 minutes 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 write-downs, 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. | 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. | "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 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. |