Wednesday, 5 March 2014

Will the City of Derry Building Society vote for its self destruction?


It will not be long before the borrowers and savers of the City of Derry Building Society are asked to vote for the demise of the Society and the disappearance of its assets and liabilities into the balance sheet of the much larger Progressive Building Society. A, "Merger Booklet," is to be sent out to qualifying members during the present month.


No doubt there will be the usual voters' apathy that pertains in these situations but wouldn't it show some spirit if the electorate of the City of Derry decided to vote for continued independence? According to the 2013/14 yearbook of the Building Society Association the City of Derry Building Society has 2020 savers and 441 borrowers. For a vote for self destruction to succeed more than 75% of the savers who vote and more than 50% of the borrowing members who vote must be in favour of the merger. Considering the number of members who normally take the effort to register their votes at the AGM of the Society a no vote by as few as 150 savers might well extend its life. Will this happen or will apathy rule yet again? I suspect that come the autumn that the City of Derry Building Society will be nothing but a footnote in the history of the Building Society industry.


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