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Page last updated at 14:42 GMT, Saturday, 13 June 2009 15:42 UK

West Bromwich debt deal

The West Bromwich Building Society has reached an agreement with debt holders after weeks of speculation about its future.

The society had announced an annual pre tax loss of £48.8m due to its involvement in the poorly-performing commercial property and buy-to-let markets.

There were fears this would lead to the society being broken up or taken over.

But the institutions it owes money to have now effectively been made shareholders in a controversial debt-for-equity deal.

We speak to West Bromwich Chief Executive Robert Sharpe about the agreement.

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