West.brom 6.15% Regulatory News (WBS)

18 May 2009 07:00



Issued: 17TH May 2009

PRESS STATEMENT

WEST BROM RESPONDS TO FSA MERGER SPECULATION

West Bromwich Building Society notes the recent media speculation over the position of the Society.

In common with other financial institutions, the West Brom has been working closely with the FSA in relation to its funding and capital position, including the current stress-testing exercise being conducted on a number of the larger Building Societies. 

The Society has not received any indications from the FSA in relation to the results of this exercise, which commenced only recently. Furthermore, the West Brom has no knowledge of the FSA holding merger discussions relating to the Society.

Over 12 months ago, the West Brom exited commercial lending and is no longer active in new Buy-to-Let or non-prime residential lending. The Society has not acquired mortgage books from other lenders since 2006.

The Board of West Bromwich Building Society believes that the Society is well capitalised, able to meet all its obligations in full and has a long-term future as an independent mutual society, providing a safe and secure home for its members savings and serving the local community.

The West Brom is due to announce its results for the year to 31 March 2009 in mid June.

END

For further information, please contact:

Brian Seymour-Smith, Senior PR Manager, West Bromwich Building Society

Tel: 0870 220 7786 (Mobile: 07970 130 250)

Or

College Hill Associates

Tony Friend 

Tel: 07798864995 for out of hour enquiries

Tel: 020 7457 2020

Gareth DavidTel: 01428 643617 for out of hour enquiriesTel: 020 7457 2020