Financial Mutuals Arrangements Bill

Part of Orders of the Day – in the House of Commons at 9:47 am on 23 March 2007.

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Photo of Andrew Love Andrew Love Labour, Edmonton 9:47, 23 March 2007

The hon. Gentleman will be aware of the Miles report of 2004, which investigated the movement into longer-term fixed rate mortgages and highlighted some of the real concerns for the funding of organisations, such as building societies, that are based on members' capital. The move to more wholesale funding would be one appropriate way in which that difficulty could be resolved should we move in that direction.