Cash is safe says boss of West Brom

The boss of the West Bromwich Building Society today dismissed reports of a takeover for the business and reassured savers their money was safe.

And he hit out at weekend reports of a rescue plan for the society, calling them "mischievous".

Robert Sharpe, chief executive of the UK's ninth largest building society, was responding to claims that the Financial Services Authority (FSA) is sounding out potential buyers amid worries over its health.

He has repeatedly declared his aim is to maintain the West Bromwich as an independent building society since he was brought in as chief executive in October. He said today: "All I can say is that to the best of my belief the future of the West Brom is safe and certainly people's money is safe."

In a formal statement the society said: "The board of West Bromwich building society believes that the society is well capitalised, able to meet all its obligations in full and has a long-term future as an independent mutual society, providing a safe and secure home for its members savings and serving the local community."

The FSA was said to be concerned over significant losses made by the building society on commercial property loans, but has declined to comment on the weekend speculation.