Building Societies Act 1986 (Amendment) Bill

Anna Firth Excerpts

Committee stage
Wednesday 7th February 2024 Public Bill Committees

[Bim Afolami]

I was. I just realised that it is almost 38 years later.

[Anna Firth (Southend West) (Con)]

An auspicious year.

[Bim Afolami]

Exactly—an auspicious year for me.

The Bill amends section 7(3) of the 1986 Act to exclude three specified sources of funding from the 50% wholesale funding limit for building societies. By excluding these sources of funding from the wholesale funding limit, building societies will be able to raise additional wholesale capital, which strengthens their arms to compete with retail banks while promoting competition within the financial services sector.