HC Deb 03 June 1991 vol 192 c22W
Mr. Denzil Davies

To ask the Chancellor of the Exchequer how many building societies existed (i) in 1985 and (ii) at the latest available date.

Mr. Norman Lamont

A total of 167 building societies at end December 1985, as compared with 116 at end May 1991.

Mr. Morgan

To ask the Chancellor of the Exchequer, pursuant to his answer of 6 March,Official Report, column 164, what recent discussions he has had with the Building Societies Association or with individual building societies concerning alterations to the annualised systems of setting changes for mortgage interest charges.

Mr. Maples

We have had a number of recent meetings with the Building Societies Association and individual societies, at which a range of topics relating to housing finance were discussed.

Mr. Peter Bottomley

To ask the Chancellor of the Exchequer if he will make a statement on the current position with regard to the legal ownership of(a) building societies and ( b) the surpluses of building societies.

Mr. Maples

Building societies are mutual institutions owned by investing and borrowing members. Surpluses made by a society belong to the society. The rules of societies must, inter alia, provide for the entitlement of members to participate in the distribution of any surplus assets after payments to creditors on the winding up, or dissolution by consent, of the society.