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The Peculiarity of the UK Case: Mutual Building Societies

In: Cooperative Banking in Europe

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  • Valeria Stefanelli

Abstract

In regards to European cooperative credit, the English situation is the most diverse when considering the prevailing cooperative model that is on the market and the resulting competitive solutions it has implemented. The cooperative sector in the UK is that of mutual building societies, a particular category of reciprocal financial enterprises specialized in lending mortgages and subject to the “one man — one vote” principle. These building societies are governed by a special single text, even if they have substantially the same functions as banks. In recent years, the greater competitiveness of the financial markets and the changes in the regulatory framework have led to the demutualization of the majority of the mutual building societies, which resulted in a change in their structure.

Suggested Citation

  • Valeria Stefanelli, 2010. "The Peculiarity of the UK Case: Mutual Building Societies," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Vittorio Boscia & Alessandro Carretta & Paola Schwizer (ed.), Cooperative Banking in Europe, chapter 5, pages 95-106, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-24860-1_5
    DOI: 10.1057/9780230248601_5
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