The Peculiarity of the UK Case: Mutual Building Societies

Valeria Stefanelli

Chapter 5 in Cooperative Banking in Europe, 2010, pp 95-106 from Palgrave Macmillan

Abstract: Abstract In regards to European cooperative credit, the English situation is the most diverse when considering the prevailing cooperative model that is on the market and the resulting competitive solutions it has implemented. The cooperative sector in the UK is that of mutual building societies, a particular category of reciprocal financial enterprises specialized in lending mortgages and subject to the “one man — one vote” principle. These building societies are governed by a special single text, even if they have substantially the same functions as banks. In recent years, the greater competitiveness of the financial markets and the changes in the regulatory framework have led to the demutualization of the majority of the mutual building societies, which resulted in a change in their structure.

Keywords: Credit Union; Real Estate Market; Building Society; Mortgage Lender; Financial Service Authority (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-24860-1_5

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DOI: 10.1057/9780230248601_5

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