Barnsley Building Society

[Geordie]

[LinoSack]

Hey welcome back Geordie! Great to see you.

[carpetmuncher]

[planteria]

got a reply from YBSs solicitor this morning.

in essence:

* theyve managed to receive two payments towards the amount 'invested' with the Icelandic banks
* continuing to try to recover more
* not confident they'll recover the full £10m
* will consider any possible ex-gratia cash payment when they have a clearer idea on the total amount of money that is likely to be recovered
* any payment will be made to anyone that was a member of BBS on 21.20.08 and who has remained a continuous member of YBS (through either the BBS or YBS brand) to the time any payment is made.

so we can close our BBS accounts if we're already members of the YBS

[EarthBoy]

They still only said they would "consider" a payment. They didn't promise you that one would be forthcoming, even if they did recover the full £10m.

I could "consider" sending you a cheque for £100 myself if I wanted, but I bet you can guess that I will decide not to do so!

[rufushunt]

I hope these solicitors are on a 'no-win no-fee' basis.

[HB]

[planteria]

unfortunately not HB, but made clear that it was only a small portion of the 10m

[fanny]

In these economically stretched times, anything is better than nowt. Is it now five mergers that have come and gone without a bean?

[HB]

[MRMX9]

Looks like there may (just may) be '£200' windfalls in offing for Barnsley members now that they are going to recover some of the Icelandic bank losses. Sounds positive - why else would Yorkshire raise this as an issue now in the media if there were no plans to do so. I have always liked YBS - the most honourable of the big BSs!

http://www.ft.com/cms/s/2/2e144998-0d02-11df-a2dc-00144feabdc0.html

Windfalls expected at building society
By Steve Lodge

Published: January 29 2010 18:25 | Last updated: January 29 2010 18:25

Up to 32,000 members of the former Barnsley Building Society, which was taken over in the financial crisis by fellow mutual Yorkshire, could receive windfalls averaging about £200 each following the recovery of millions of pounds of funds held with collapsed Icelandic banks.

Andy Caton, corporate development director at Yorkshire, said that because the society had stated at the time of the takeover in 2008 that it intended to make a payment of recovered funds to Barnsley members, it was “obviously pretty morally committed”.

However, there is no guarantee of a windfall, he said, and a distribution would need to be “prudent, capital-wise”.

To be eligible for any payout, savers and borrowers will need to have been Barnsley members when the merger was announced in October 2008 and remain members of the Barnsley or Yorkshire up to the date of the payout.

[Ord]

What an interesting concept:

[richard@Rpoints]

Make it seem even more absurd that the once-mighty Chelsea BS has just been given away for nothing!


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Normality has been restored!!

[rufushunt]

Not much to stop a pattern of ill-judged ventures resulting in 'rescues'. Only Directors benefit greatly.

[EarthBoy]