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Nationwide takes over Dunfermline

The government and the Bank of England approved Nationwide’s takeover of Dunfermline Building Society, saying it protected depositors and provided a more stable and secure future for the society's members.

Dunfermline is operating as usual following the takeover:

• branches and telephone banking will continue to open during their normal hours
  
• customers can deposit and withdraw their money in the usual ways
  
• savers’ money is protected
  
• loan and mortgage customers can continue to contact Dunfermline in the usual way and should continue to make repayments as normal

All of Dunfermline's staff have been transferred to Nationwide.

The Secretary of State for Scotland, Jim Murphy, said: "The fact it (Nationwide) has taken over core parts of the Dunfermline business including branches, the head office, retail and wholesale deposits and most of the residential mortgages brings a practical solution to a situation everyone would have preferred not to see happen.

"The government has acted in the interests of those who work at the Dunfermline, in the interests of maintaining confidence in the financial system and in the interest of the taxpayer. This course of action protects savers and workers and means it is business as usual today."