The Skipton Group reported a £22.5 million pre tax profit in 2008 but said that this was almost half what it would have been, had it not had to provide £16.3 million for its share towards the next three years' FSCS levy imposed in relation to the rescue of savers in Bradford & Bingley and other banks. "Whilst we acknowledge the importance of a national safety net for savers and the part it plays in giving them confidence in the UK's financial stability, we believe it unjust that the building society sector, which has an inherently safer business model, is bearing a disproportionate cost for the troubles of some banks which had far riskier models," said David Cutter, Skipton chief executive.
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