The Pyramid Building Society, the Geelong Building Society and the Countrywide Building Society together made up the Farrow Group of building societies, based in Geelong, Australia. They collapsed in 1990 with debts in excess of $2 billion. The cost of the collapse to the Victoria taxpayers was estimated at over $900 million, causing a fuel levy of 3c-per-litre to be introduced by the Victorian Government to recover funds. The levy remained in force for five years.
Read more about Pyramid Building Society: Origins, Collapse, Regulation, Bad Loans, Non-withdrawable Shareholders, Subsequently, References
Famous quotes containing the words pyramid, building and/or society:
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