Despite the description by John Carrier, Chief Executive of Scarborough Building Society, of the proposed merger, a merger it does not appear to be.

It is a takeover; unless Mr Carrier may be of the opinion that it is a reverse takeover, backing a society in financial difficulties into financially sound Skipton, the sixth largest society.

Following the takeover, the Skipton will leap an unimpressive one notch up the league table, to fifth place.

I have always had the greatest respect for John Goodfellow, Chief Executive of the Skipton, who will retire at the end of the year, with a feather in his cap, with the satisfaction of knowing that as captain of his ship, he has steered his ship to success. But Mr Carrier, on retirement at the end of the year, will be off the ship, before crew and passengers, with presumably a full and substantial benefits package.

The passengers will undoubtedly survive, but I do not share the same optimism for the crew who will remain on the bridge.

I believe that there may be many casualties, despite the assurance that there will be none.

The two organisations do have a lot in common and have many similar areas of operations, particularly subsidiary operations. History suggests that in this situation it is not economical for two entities to carry on performing the same function.

History also suggests that job losses are a certainty and that takeovers and/or mergers do not create employment.

It is a real pity for the people of Scarborough that they will lose a piece of history.

I cannot agree that takeover of the Scarborough Building Society is as a result of turmoil of the markets. A captain should be both accountable and responsible and it is a real pity that, in my opinion, he may be best remembered for ending 162 years of history.

Andrew J Sizer

Director

The Foremost Group

Victoria Road, Scarborough