Summary
NATIONWIDE is doing the right thing by reining in mortgage lending so loans can be funded with customer deposits. It has also been fattening up interest margins, no doubt preparing for tougher times and higher impairment charges.
So, despite Graham Beale's belief that size is crucial if a building society is to compete with a high street giant, he hasn't forgotten the importance of financial discipline.See the full content of this document
Extract
Society Takes Step Too Far ; Comment
In some areas at least.
When it comes to investing in risky mortgage-backed securities or the dreaded SIVs (Structured Investment Vehicles), Beale seems to have a major blind spot. Nor has the sudden appe...See the full content of this document
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