SHY GIANTS ENTER THE EUROMARKETS
When 25 million people are willing to lend you their money at less than market rates, there’s really no need to trouble about commercial borrowing. Until the beginning of the 1980s, Britain’s building societies were in that happy position.
The 273 societies active at the time conducted a 50 billion circle of savings and home purchase loans isolated from the rest of the financial world by interest rates two, three and, for a brief stretch in the mid-1970s, six points below the rest of the market.
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