Nationwide Building Society saw a large influx of savings as a result of the Northern Rock crisis with new retail deposits almost doubling in the first half. Financial Times.
Nationwide saw net deposits rise 96% to £4.1bn in the six months to September 30. It took £1.8bn of new deposits in September.
'It is difficult to track, but I think you can assume safely that a large proportion came out of Northern Rock,” said Graham Beale, chief executive.
The high inflow of retail savings meant that Nationwide was able to fund all mortgage lending in the first half from retail deposits.
Nationwide uses the wholesale markets for just 29% of its funding, compared with Northern Rock’s level of 75%.