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| Rescue plan for West Bromwich BS | Rescue plan for West Bromwich BS |
| (10 minutes later) | |
| The West Bromwich Building Society is to be rescued within the next few days, the BBC's business editor Robert Peston has learnt. | |
| Savers at West Brom will not lose a penny and it should be business as usual for the society's mortgage borrowers, our correspondent says. | Savers at West Brom will not lose a penny and it should be business as usual for the society's mortgage borrowers, our correspondent says. |
| There have been rumours for weeks about the West Bromwich Building Society being in trouble. | There have been rumours for weeks about the West Bromwich Building Society being in trouble. |
| The society operates 46 branches and has about 350,000 customers. | The society operates 46 branches and has about 350,000 customers. |
| Nobody from the society was immediately available for comment. | Nobody from the society was immediately available for comment. |
| Last month, the West Bromwich denied reports that it was on the verge of collapse. | Last month, the West Bromwich denied reports that it was on the verge of collapse. |
| Our correspondent said the society had "pushed the boat out a bit too much" on commercial property and buy-to-let lending. | |
| KEY FACTS Employs 850 staff and has 350,000 customersIt has 46 branches, primarily in the MidlandsIt is the eighth-largest building society in the UKHas been a mutual building society for 160 years | |
| There are two options available to the UK's eighth-largest building society. | |
| It may be broken up, with its savers transferred to another building society and its assets taken over by the Bank of England under the so-called Special Resolution Regime. | |
| This is what happened to the Dunfermline Building Society. It was taken over by the Nationwide in March after incurring losses of £26m. | |
| Or the Financial Services Authority and the Treasury may convert some of the debt provided by investors and financial institutions to West Brom into a new form of capital. | |
| This could allow West Brom to keep its independence or to merge with another society. | |
| Are you a West Bromwich Building Society employee or customer? Send us your comments using the form below. | Are you a West Bromwich Building Society employee or customer? Send us your comments using the form below. |
| The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions | The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions |