Manchester BS admits 'uncertainty' over future
The Directors of Manchester Building Society have admitted a "material uncertainty" surrounding the long-term future of the Society due to the continuing decline in the scale of operations.
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In a statement, the Society confirmed that it has 'no plans to re-enter the mortgage market in the immediate future'.
The Society has not been active in the lending market since 2013 and its mortgage assets have reduced by approximately 40% over the last three years.
The Directors said they "will be giving further consideration to the future strategy of the Society over the coming months".
The Society is in the process of finalising its accounts for the year ending 31 December 2015 and plan to issue them before the end of March.
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