"There are benefits to being dynamic, but being boring has its advantages"

"Our culture is very different, but whether it is a defining feature that makes a difference on whether it is a success or failure, I do not know.

"Building societies seem to have a similar culture, where it is about working together and getting stuck in."

This is true, as even as chief executive when a staff car park was built recently and the building next door needed to be emptied Mr Quinton rolled up his own sleeves to carry stuff back along with other staff members.

But with testing times ahead, Mr Quinton emphasised it was necessary to nip a lack of confidence in the bud and promote this similar family-based culture into business.

He said: "The crucial thing is confidence. Confidence in the retail inflow and our customers is absolutely important and if any organisation loses that, they lose the battle.

"We have all got a responsibility to keep the confidence going to be positive about the situation and lets try and limit the damage.

"We are trying to make sure that when the market turns, we are ready for business. Smirking away is the wrong approach. The cycle is on a downturn at the moment. It will come back, but it is just a matter of when to capitalise our position."

He concluded: "By sticking to our core principles and ensuring we continue to deliver consistently excellent personal service, I am sure we will get there."

Nigel Quinton CV

1988: Accountant, Derbyshire Building Society

2003: Finance director, Yorkshire Building Society

2005: Director of finance and IT, Mansfield Building Society

2007: Chief executive, Mansfield Building Society