The Administration follows the transfer of a substantial part of the business of Dunfermline Building Society to Nationwide Building Society by the Bank of England under the Special Resolution Regime provisions of the Banking Act 2009. The social housing business been transferred to DBS Bridge Bank Limited set up by the Bank of England.
On behalf of the Joint Administrators, Richard Heis said “We would like to emphasise that all retail deposit accounts have been transferred to the Nationwide Building Society and the social housing business to the DBS Bridge Bank, and all their accounts will operate normally. The Society’s core residential mortgage business and branch network is also included in the Transfer. The administrators will work with the Nationwide Building Society and DBS Bridge Bank Limited to support an orderly transition of systems and data, and to allow them to maintain business as usual to transferred depositors and customers”.
The Administrators will realise the remaining assets of the Society, chiefly various commercial loans, some acquired mortgage assets, and certain treasury assets with the assistance of Nationwide Building Society, in order to maximise recovery for creditors, including the Treasury. All staff will be transferring to and working for Nationwide Building Society.