Graham Beale, chief executive of Nationwide, comments: "Nationwide is a strong and well funded organisation with a robust and well capitalised balance sheet. We have managed our business prudently and will continue to do so.
"Clearly, in view of unprecedented market developments, radical action was needed to provide reassurance for the nation's savers, depositors, businesses and borrowers.
"The Government's intention is to facilitate market stability and further stimulate the long-term wholesale funding market. We welcome and support these measures and will consider any initiative that will open up market conditions. The Society is not under any capital pressure and already has a tier one capital ratio of 9.7% as at 4 April 2008 coupled with a high quality balance sheet.
"We are pleased that these initiatives extend to the whole of the building society sector, in addition to eligible banks in the UK, as this provides a fair and equitable arrangement for all."
