Treasury has published a discussion paper on the building society business model, capital and other issues. The paper looks at how the sector has evolved, the challenges the financial crisis brought to it, and how societies adapted to deal with them. It looks at how building societies typically hold capital (specifically in Permanent Interest Bearing Shares (PIBS)) and the governance implications of the ownership structure and legislative framework. Treasury assesses how other countries deal with similar entities and how international developments on capital will affect the sector. It then moves on to instruments recently created by mutuals to respond to changes in capital requirements. It wants views on instruments societies do and could use and on legislative changes that could help them develop and use new instruments or otherwise ensure their members’ rights are safeguarded. It wants comments by 22 June.