Nationwide distancing itself....

  • Codpeace
  • 23/10/08 30/11/12
  • unspecified
  • Offline
Posted: Fri, 13/02/2009 - 21:51

Response received from Nationwide shows that they do not want to get involved:

By E-Mail
Legal Department

Nationwide Building Society

Nationwide House

Pipers Way

Swindon SN38 1SN

DX 83653 Swindon Hawksworth

Direct Line: (01793) 655668

Fax: (01793) 657660

E-mail: liz [dot] kelly(?)nationwide [dot] co [dot] uk

13 February 2009

Dear Mr xxxxxxxx

Thank you for your e-mail dated 9 February 2009 addressed to Nationwide’s directors. The directors have considered your correspondence and have asked me to respond on their behalf.

The current situation in respect of Kaupthing is regrettable and we are sorry that you have been affected.

In December 2007, Derbyshire Building Society (“DBS”) made a considered decision in good faith to sell The Derbyshire (Isle of Man) Limited (the “Company”) to Kaupthing. This transaction received the requisite regulatory approvals from the Icelandic and Isle of Man authorities. On the completion of the sale to Kaupthing, the guarantee provided by DBS in respect of the Company’s liabilities terminated and therefore Nationwide, as DBS’s successor, has no further responsibility for the Company (which currently exists as Kaupthing in the Isle of Man) or its liabilities.

Yours sincerely

Liz Kelly

Head of Legal

Your rating: None Average: 5 (1 vote)

Comment viewing options
Select your preferred way to display the comments and click "Save settings" to activate your changes.

They would say that wouldn't

  • nivit
  • 19/10/08 31/05/09
  • a depositor
  • Offline
  • Sat, 14/02/2009 - 14:14

They would say that wouldn't they!

Reply asking them if this is their final reply on the subject, and if so why they have not informed you of your rights under the financial ombudsman service as they are required to do so. I know of at least one ex-Derbyshire depositor who's case is being considered by the Financial Ombudsman and it took pressure from the FO service to extract a final letter in that case. Don't give up they know they have a problem, keep up the pressure, Nationwide has the potential to be a powerful if unwilling lobbyist on our behalf.

more info at;

Derbyshire were in trouble.

  • arny
  • 15/10/08 31/05/09
  • unspecified
  • Offline
  • Sat, 14/02/2009 - 17:00

Do we have concrete evidence that DBS were obliged to sell out to KSFIoM & Nationwide?


  • bellyup
  • 10/10/08 09/01/10
  • a depositor
  • Offline
  • Sun, 15/02/2009 - 11:05

The worrying thing - sorry to be negative - if we go after all and sundry is the cost of litigation it will run into millions and that surely is what the perpetrators of this fraudulent behaviour are aware of and depending on
They know we are strapped for cash - by their actions so will feel secure that at the end of the day we will not have the wherewith all to carry out these legal actions.

Strapped for cash!!!!

  • Hampnew
  • 22/01/09 31/05/09
  • not prepared to answer
  • Offline
  • Sun, 15/02/2009 - 11:29

I think this is an uninformed assumption. My understanding is that DAG are building up the war chest successfully day by day, as any party would be in our situation. Of course they want more £, investors should be contributing what they can as it appears to me that DAG are in this for the long haul and for many investors it is the only affordable route.

May I ask

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
  • Offline
  • Sun, 15/02/2009 - 12:21

As you are not a depositor may I ask what your interest is in the DAG?

There's more but this is a

  • nivit
  • 19/10/08 31/05/09
  • a depositor
  • Offline
  • Sun, 15/02/2009 - 10:44


  • Alastair
  • 10/10/08 30/09/09
  • a depositor
  • Offline
  • Fri, 13/02/2009 - 22:38

No surprise. We'll have to leave it to the lawyers and perhaps the TSC to determine if the Derbyshire (now Nationwide) have any legal responsibility. However, their moral responsiblity is clear - they sold us out to a bunch of crooks. Tony Shearer was aware of that two years before.

The Nationwide prides itself, almost brands itself, on its ethical tag and they will be extremely susceptible to a PR campaign aimed at them.

They should be on our list in the event of a failure to receive 100% of deposits along with the FSC, FSA, Directors of the Bank and Iceland Inc. amongst others.