and accounting (such as the annual balance sheet) was a huge task to compile, requiring a lot of overtime. The savings banks' administration was thus antiquated and time-consuming. They needed modernization and streamlining.

Amalgamation into a single entity

In 1970 there were 75 savings banks in a loose association, with £2,806 million in total assets. There was a wide variation in size: five of the banks each had over £100m in assets (together accounting for 25% of the total), 14 had between £50m and £100m (35%), 39 between

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