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| Scots bid for Dunfermline failed | Scots bid for Dunfermline failed |
| (about 11 hours later) | |
| A Scottish-led consortium was interested in a merger with the troubled Dunfermline Building Society, BBC Scotland has learned. | A Scottish-led consortium was interested in a merger with the troubled Dunfermline Building Society, BBC Scotland has learned. |
| The Dunfermline was taken over by the Nationwide on Monday after the UK Government announced Scotland's largest society was to be put on the market. | The Dunfermline was taken over by the Nationwide on Monday after the UK Government announced Scotland's largest society was to be put on the market. |
| A statement from Scottish Friendly Assurance said a consortium approached the Dunfermline in the middle of March. | A statement from Scottish Friendly Assurance said a consortium approached the Dunfermline in the middle of March. |
| But they were not allowed to speak to the mutual until Sunday. | But they were not allowed to speak to the mutual until Sunday. |
| The Dunfermline, founded in 1869, has 34 branches and a headquarters in Fife, employing 530 people in total. | |
| They were perfectly serious Independent MSP Margo MacDonald class="" href="http://www.bbc.co.uk/blogs/thereporters/douglasfraser/2009/03/faulds_bites_back.html"> Douglas Fraser: Chairman's fury class="" href="/1/hi/business/7971720.stm"> Building societies' health class="" href="/1/hi/business/7971518.stm"> Q&A: Dunfermline building society | |
| It is expected the mutual will announce £26m of losses for last year. | It is expected the mutual will announce £26m of losses for last year. |
| The Treasury ruled out a UK Government bailout of up to £100m after regulators said the move was not viable. | The Treasury ruled out a UK Government bailout of up to £100m after regulators said the move was not viable. |
| A statement from Scottish Friendly Assurance said: "Initial approaches were made in the middle of March to the Dunfermline Building Society, with Scottish Friendly joining the consortium shortly thereafter. | A statement from Scottish Friendly Assurance said: "Initial approaches were made in the middle of March to the Dunfermline Building Society, with Scottish Friendly joining the consortium shortly thereafter. |
| "Although numerous attempts were made to open exploratory negotiations with DBS, we were not given an opportunity to meet with them until Sunday 29 March, less than 24 hours before a deal was announced. | "Although numerous attempts were made to open exploratory negotiations with DBS, we were not given an opportunity to meet with them until Sunday 29 March, less than 24 hours before a deal was announced. |
| "While we are of course pleased that the position of DBS members has been secured, the announcement of today's deal with the Nationwide precludes a Scottish-led solution that may have been a possibility if talks had been agreed between the consortium and DBS at an earlier stage in the process." | "While we are of course pleased that the position of DBS members has been secured, the announcement of today's deal with the Nationwide precludes a Scottish-led solution that may have been a possibility if talks had been agreed between the consortium and DBS at an earlier stage in the process." |
| Chairman Jim Faulds said he had not been aware of the interest | Chairman Jim Faulds said he had not been aware of the interest |
| Dunfermline's board - including chief executive Jim Willens, who is a former board director of Nationwide - will resign after the deal. | Dunfermline's board - including chief executive Jim Willens, who is a former board director of Nationwide - will resign after the deal. |
| Mr Willens said: "I am not in a position to comment on any individual approaches. | Mr Willens said: "I am not in a position to comment on any individual approaches. |
| "What I can say absolutely 100% is that any proposition or proposal put to the society was looked at thoroughly and immediately." | "What I can say absolutely 100% is that any proposition or proposal put to the society was looked at thoroughly and immediately." |
| Outgoing chairman Jim Faulds confirmed to BBC Scotland that he had been unaware of the approach by a Scottish-led consortium until Thursday of last week. | Outgoing chairman Jim Faulds confirmed to BBC Scotland that he had been unaware of the approach by a Scottish-led consortium until Thursday of last week. |
| The Nationwide is to buy all the Dunfermline's branches, good loans and deposits, although the brand name will remain. | The Nationwide is to buy all the Dunfermline's branches, good loans and deposits, although the brand name will remain. |
| The Treasury will take on about £1.6bn of commercial property lending and acquired mortgage debt under the deal. | The Treasury will take on about £1.6bn of commercial property lending and acquired mortgage debt under the deal. |
| Independent MSP Margo MacDonald said: "I have been given in confidence some record of the exchanges that took place and they were perfectly serious. | Independent MSP Margo MacDonald said: "I have been given in confidence some record of the exchanges that took place and they were perfectly serious. |
| "They wanted to explore the possibility. | "They wanted to explore the possibility. |
| "No-one is saying that it would definitely have come off, but who knew about that offer being made? Did the chief executive tell everybody?" | "No-one is saying that it would definitely have come off, but who knew about that offer being made? Did the chief executive tell everybody?" |