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Building society advances down in December

Building society gross advances amounted to £2,037m in December 2000, down 14 per cent from November, although still up on the previous year&#39s figures.

Approvals of new loans fell by 33 per cent to £1,653m in December, down from £2,457m in November, although this reflects the removal of Bradford & Bingley from the sector following its demutualisation on December 4, 2000.

Building Societies Association director general Adrian Coles says: “Even without including B&B within the building society figures, net receipts for the sector were more than double those for December 1999.”

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