The auditor of the loss-making Manchester Building Society has said that its ability to continue as a going concern is now reliant on the Bank of England.
The mutual disclosed that the Bank’s Prudential Regulation Authority (PRA) is monitoring whether it is sticking to a strategic plan it drew up last year after the group fell short of capital requirements.
The society reported yesterday that pre-tax losses last year rose to £937,000 from £780,000 a year earlier.
