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Farron calls on banks to repay trust shown by depositors

November 19, 2008 11:17 AM
Tim speaking to local residents outside a bank

Tim Farron is calling on local building societies to invest funds into the local community to stimulate the economy

Following the news that Cumbrian building societies have received record levels of deposits during October, MP Tim Farron has called for the funds to be invested into the local community to stimulate the economy.

The Cumberland Building Society announced its best ever month for savings in its 158 year history, whilst the Furness Building society recording similarly high levels of deposits. The good news was even extended to the smaller Penrith Building Society which took a record £1.3 million in deposits in October.

Commenting Mr Farron said:

"At a time when the banking sector is experiencing so much turmoil, it's a real credit to our local banks that people feel confident enough to entrust them with record levels of deposits.

"Banks which have based their lending policy on saving levels now have record amounts at their disposal. It's critical that they use these funds to lend to responsible local businesses and by doing so help stimulate the economy.

"Local building societies have a responsibility to support home owners by passing on the 1.5% interest rate cut on to hard-pressed families. The residents of south Lakeland have shown their faith in our local banks; now its time for the banks to repay their trust."