Nationwide Building Society welcomes new government measures

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Nationwide Building Society welcomes new government measures

Mon 19th Jan 2009

Nationwide Building Society has voiced its support for the government's new economic rescue package, saying it will help UK banks return to normal lending patterns.

In a statement, the building society said that the proposals, which will see £100 billion being offered by the government to underwrite mortgages, would reinforce the stability of the financial system and help stimulate lending.

Graham Beale, chief executive of Nationwide, said his company looked forward to working closely with the tripartite authorities (the treasury, the Bank of England and the Financial Services Authority) to ensure that mortgage-lending is restarted.

Mr Beale added: "We are supportive of the government's suite of measures announced today and the society has long been a supporter of the aim of the Crosby recommendations."

The report, unveiled by Sir James Crosby last year, recommended that the government underwrite bank's lending to help the mortgage market get back on its feet.

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