Dunfermline boss talks of 'scandal'

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Jim Faulds, chairman of the Dunfermline Building Society, said the institution's imminent takeover was both unnecessary and a "scandal".

Mr Faulds insisted the Dunfermline had a viable long-term future, claimed its problems were not as bad as portrayed, and accused Chancellor Alistair Darling of being badly briefed.

The 130-year-old mutual is expected to announce losses this week of £26 million.

The Government confirmed that it is considering separating out the society's "toxic" assets while selling on the profitable parts to other institutions.

"We imagine that the society will be taken over tomorrow by one of four bidders," Mr Faulds told the Scottish edition of BBC TV's The Politics Show. "We believe there are two building societies and two banks interested but we don't know the details."

But asked if he regarded the Treasury as saving or sacrificing the Dunfermline, Mr Faulds replied: "Sacrificing it."

His comments triggered an immediate political row.

Willie Rennie, Liberal Democrat MP for Dunfermline and West Fife, said a forced sale would be "financial vandalism".

"There is an offer from the building society in the UK to keep the Dunfermline as an independent Scottish mutual and the Government must take up this offer," said Mr Rennie. "Protecting Scotland's biggest mutual must be worth it. It is Gordon Brown's building society, he must step in to save it."