Select Committee on Standards and Privileges Ninth Report


Britannia Building Society News Release

8 January 1999—10:00 hours

THE RT HON PETER MANDELSON MP

A statement by John Heaps, Chief Executive, Britannia Building Society

"Britannia's policy is to treat all relationships with our members as confidential. However, in light of the considerable publicity regarding his mortgage with the Society, Peter Mandelson has agreed to this statement being issued.

"Mr Mandelson applied for a mortgage with Britannia in respect of his home in Notting Hill, London. Based on the information provided by Mr Mandelson and the Society's standard lending criteria, an offer of a mortgage was made and the account was opened on 15 October 1996. Mr Mandelson's mortgage account has been maintained satisfactorily at all times since that date.

"Mr Mandelson has written to the Society clarifying his present personal financial position. We responded as we would in any case where a member brought new information to our attention, reviewing the mortgage arrangement in accordance with our normal procedures, and there have been no special courtesies extended to Mr Mandelson.

"Having completed this review, I am satisfied that the information given to us at the time of the mortgage application was accurate. There has been no undue financial risk to the Society, nor have the interests of the Society's members as a whole been prejudiced. The property concerned is more than adequate security for the loan advanced. Having regard to all the circumstances, I have therefore decided not to pursue the matter further with Mr Mandelson."

Ends


 
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