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Richmond upon Thames Liberal Democrats:Covering the constituencies of Twickenham and Richmond Park |
Kramer quizzes de Mauley on demutualisation
March 6, 2011 10:53 AM
• [Mar 02] Baroness Kramer (Liberal Democrat): MY Lords, the noble Lord will be aware of the excellent report in 2006 by the All-Party Parliamentary Group on Building Societies and Financial Mutuals that identified the beneficiaries of demutualisation as essentially the directors, who saw their remuneration go up. Among the biggest losers were those who live more to the financial margins, require basic bank accounts and are at risk of financial inclusion. Will he ask that when a future is considered for Northern Rock and others that this test of serving the financially excluded is part of the specification and that the work that mutuals do in this area is recognised?
1053)
Lord de Mauley (Whip, House of Lords; (Conservative): My Lords, I will certainly take my noble friend's comments back to the department.
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