A report by The Guardian Newspaper on 11th October shows a comparison of solvency and the degree of exposure to wholesale funding for 53 of the 59 UK Building Societies.

The Hanley Economic Building Society, a Stoke-on-Trent based mutual was ranked in the top 15 by coming 14th out of 53 for solvency and demonstrated it’s none reliance on wholesale money markets funding by appearing 17th lowest in terms of wholesale funding.

David Lownds, Head of Business Support at The Hanley commented

“I’m pleased The Guardian report shows The Hanley’s continued stability during the current turmoil in the financial markets. These figures demonstrate to our members the security and stability of their society. We have no exposure to subprime mortgages and will continue our cautious, prudent lending policy, built on a reputation for financial security. While recent years have seen the building society sector face criticism for a lack of 'adventurous' lending, it is very clear now that values such as reliability and trust are far more vital to our members."

Rob Hassall, Marketing & E-Commerce Manager at The Hanley commented

“The last three weeks has seen a significantly high number of new accounts opened by people from across North Staffordshire. I believe this is because reliability, trust and building society virtues are now far more vital to our members and new savers than ever before. For example, ‘Best Buy’ rates does not equal security”

The Stoke-on-Trent mutual has just announced plans to relocate it’s Head Office to it’s new Headquarters on Festival Park in July 2009.