This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7683576.stm

The article has changed 7 times. There is an RSS feed of changes available.

Version 0 Version 1
Barnsley building society rescued Barnsley Building Society rescued
(10 minutes later)
The Yorkshire Building Society is to takeover its smaller rival, the Barnsley Building Society.The Yorkshire Building Society is to takeover its smaller rival, the Barnsley Building Society.
The Barnsley said it was protecting itself against the possible loss of up to £10m deposited with Icelandic banks.The Barnsley said it was protecting itself against the possible loss of up to £10m deposited with Icelandic banks.
The deal is the latest in the trend towards further consolidation among the UK's building societies.The deal is the latest in the trend towards further consolidation among the UK's building societies.
The deal is expected to be completed by the end of the year and there will be no windfall for Barnsley savers, nor will there be a vote of members.The deal is expected to be completed by the end of the year and there will be no windfall for Barnsley savers, nor will there be a vote of members.
Earlier this month, the Britannia Building Society said it was talking about a merger with Co-operative Financial Services. "The proposal follows swift, pre-emptive action from the board of the Barnsley in approaching the Yorkshire to seek a merger after the identification of possible losses of deposits with Icelandic banks," the two societies said in a joint statement.
And in September, the UK's biggest building society, the Nationwide, agreed to stage a rescue takeover of two small societies, the Cheshire and the Derbyshire, which have fallen into the red this year because of poor lending decisions. In September, the UK's biggest building society, the Nationwide, agreed to stage a rescue takeover of two small societies, the Cheshire and the Derbyshire.
Protection
The Barnsley is the latest victim of the implosion of the Icelandic banking system, which has seen hundreds of thousands of UK savers losing access, for the time being, to their money held in accounts of the Icesave internet bank and other Icelandic banking operations.
The Yorkshire is the UK's third-largest building society with 136 branches and 1.9 million members.
The Barnsley has only 8 branches and 60,000 members and is the 34th largest society in the UK.
It said that while it had the reserves large enough to absorb the loss of its £10m deposits it had decided that being taken over by a larger society would be in the best "long term interests of its members".