The Nationwide is now the only sizeable building society left in the UK, due to the actions of “carpetbaggers” turning others into banks to make a “fast buck”. However, the interest rates of Nationwide accounts and mortgages do not seem noticeably better at present than those of banks and whereas there are some good conditions on Nationwide accounts and mortgages, these are not advertised on TV or in the press.

As well as distributing leaflets to customers and staff, I will be handing out leaflets outside the AGM (at the International Convention Centre in Birmingham on Thursday the 21st of July, starting at 11am) with the aim of putting forward candidates for every position on the board in 2006. I suggest organising via this discussion group at first, and having a conference/meetings at some point – feel free to discuss our strategy and demands here, but some possible demands are listed below:

• Have all the board up for election every year, instead of just one third.

• Also have representatives of Nationwide workers on the board.

• The right of ordinary members to call an Extraordinary General Meeting.

• The right of any recognised trade union to call an Extraordinary General Meeting.

• Increase communication between members, staff and the board using the internet.

• All board members to receive the average wage of a Nationwide worker.

A much more democratic Nationwide Building Society could be the blueprint for a socialist bank. All banks should be nationalised and run democratically in such a way, compensating shareholders on the basis of proven need.

For further information, visit the Campaign for Nationwide Democracy’s website.