Chairman brands plans 'a scandal'

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Potential buyers are being sought for the Dunfermline Building Society, which is on the point of break-up after racking up millions of pounds in losses.

Scottish Secretary Jim Murphy announced that the Government was stepping in to protect depositors, ahead of this week's expected announcement of losses of £26 million.

He confirmed that the Government was considering separating out the society's so-called "toxic" assets, while selling on the profitable parts of the organisation to other financial institutions.

Mr Murphy blamed "reckless" decisions taken by the society's former management - including its involvement in the US sub-prime mortgage market - for its current plight.

But Dunfermline's chairman Jim Faulds hit out at the Treasury's handling of the situation.

He told the Sunday Herald: "We are extremely disappointed with HM Treasury's decision," he said.

"We've been in regular dialogue with the Financial Services Authority for six months now, but we are astounded by the behaviour of the Treasury, who haven't spoken to us since last October."

Mr Faulds, who took over from the previous board in 2007, also insisted the building society had no sub-prime lending.