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Thread: Manchester BS

  1. #21
    Contributor EarthBoy is an unknown quantity at this point
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    The Times reports that Nationwide has turned down a request to take over the Manchester Building Society.

    http://www.thetimes.co.uk/article/hu...ling-wqkbhxdv7

  2. #22
    Moderator LinoSack
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    Strange they've written to me a second time to remind me about the same rate cut. The letter says "We are writing again simply to provide a reminder of the rate reduction". In all the years I don't think I ever remember any society (or bank) sending multiple warnings of the same rate cut. It's almost as if they are trying to encourage members to leave. Now why would they do that?

  3. #23
    Contributor EarthBoy is an unknown quantity at this point
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    Quote Originally Posted by LinoSack View Post
    It's almost as if they are trying to encourage members to leave. Now why would they do that?
    Maybe because no other building society is willing to take them over so they want to wind down the business instead?

  4. #24
    Contributor pitbull
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    2016 Results - ?3.4m loss !

    Results for year ended 31st Dec 2016:
    http://www.londonstockexchange.com/e.../13157072.html

    Headline loss of 3.4m - and the whole thing is a sorry read.
    --
    Regards.

    PitBull

  5. #25
    Contributor EarthBoy is an unknown quantity at this point
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    Quote Originally Posted by pitbull View Post
    Headline loss of 3.4m - and the whole thing is a sorry read.
    The Society is not currently engaged in merger discussions with other mutual organisations.

    The Board continues to explore the possibility of entering into one or more transactions with non-mutual organisations.


    Nobody wants them and their future is all very vague. They're running out of options.

  6. #26
    HB
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    They currently have an extensive suite of savings options available. It comprises an Instant Access account paying 0.7%. That's it.
    Sterling Forever.

  7. #27
    Junior Member Steve15
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    More misery for Manchester Building Society Pibs holders

    from the Telegraph


    http://www.telegraph.co.uk/investing...-pibs-holders/


    Investors who own permanent interest-bearing shares or Pibs issued by Manchester Building Society are to miss out on another interest payment, the mutual has indicated.
    The embattled society, which has said there is “material uncertainty” over its survival, has two tranches of Pibs in issue: one that is supposed to pay 8pc annual interest and another with a 6.75pc “coupon”. Investors have already missed the interest payments due in April this year and October 2016.
    Announcing its half-year results on Thursday, when it said that losses had fallen to ?698,000 from ?1.4m for the same period last year, the mutual added: “On March 14 2017, the society announced that there was uncertainty over its ability to make coupon payments on its two tranches of Pibs after April 2017 given the risks facing the business.
    “This uncertainty continues and while no decision has been taken regarding the October 2017 coupon payments presently, its payment is unlikely at this time. Any further non-payment of Pibs coupons will be announced to the market.”
    The loss arose from a ?1.7m “impairment” charge on costs “related in the main to an increase in the insurance risk on the Spanish loan book”.
    Investors who decide to sell their Pibs in the market face crystallising severe losses. The 8pc issue was trading at 27.25p on Thursday after the latest announcement, while the 6.75pc Pibs were priced at 20.5p.




    The society said it was in “open dialogue” with regulators over its plans to strengthen its finances.

  8. #28
    Expert planteria will become famous soon enough
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    mm so PIBS being sold now would be at considerable loss. i suppose that those who have held at 8% for a good few years will, at least, have had their money back over time. but it really isn't how things ought to be progressing for any UK building society.

  9. #29
    HB
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    It's been many many years since this place acted like a building society (ie accept shares from savers to lend on mortgages)
    Seemed to be more of some kind of pyramid scheme, buying up non-residential loans.
    Sterling Forever.

  10. #30
    Expert planteria will become famous soon enough
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    if that's the case then it shouldn't be HB. the FSCS is in place to protect members of a 'Savings & Mortgages' Building Society, i'd have thought.


 

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