I agree with what the hon. Gentleman is saying. Is it not significant that the building societies that demutualised, many of which are now banks, have got into deep trouble, whereas most of the mutuals in the building society sector have survived relatively well? Perhaps we were mistaken in allowing the building societies to demutualise in the first place. Indeed, when I came here I tried very hard to persuade the Government to stop demutualisation.
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