Dunfermline Building Society: KPMG

Treasury written question – answered on 24th November 2010.

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Photo of Sheila Gilmore Sheila Gilmore Labour, Edinburgh East

To ask the Chancellor of the Exchequer what instructions were given to KPMG as administrators on the sale of those elements of the Dunfermline Building Society business not transferred to Nationwide.

Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury

On the application of the Bank of England, KPMG were appointed as the building society special administrators of Dunfermline Building Society (DBS) by virtue of an order of the Court of Session dated 30 March 2009.

The objectives of KPMG, are set out in the Banking Act 2009 sections 137 to 140 as applied by the order made under section 158 of the Act (S.I. 2009/805).

The objectives are to provide support to the acquirer of assets and liabilities by virtue of an exercise of the resolution powers, and, once that objective has been fulfilled, to achieve a better result for the building society's creditors (including all holders of shares in the society) as a whole.

No directions have been issued to KPMG by the Treasury.

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