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Thread: Newcastle loss

  1. #1
    Ord
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    Newcastle loss

    The silly moos have lost a pile in Iceland and are going to post a loss in 2008.

    And just when people in the NE were thinking that they could at least depend on a mutual organisation!

    They've squared it with the FSA, so no Nationwide merger..........yet.

  2. #2
    Contributor Macl1uk is an unknown quantity at this point
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    Newcastle loss

    Newcastle Building Society today announces it has boosted its capital through the issue of £10m of Permanent Interest Bearing Shares (PIBS). The PIBS have been issued on a private basis.
    The issue of the PIBS was made given the expectation of the Society experiencing exceptional write-offs resulting from its exposures to Icelandic banks. The Society’s gross exposure to these banks, before set-off positions and recoveries, is £43m.

    http://www.newcastle.co.uk/content/d...19-12-2008.pdf

  3. #3
    Enthusiast Trustee
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    It begs the question why the FSA were unable to see the Cheshire and Derbyshire make a loss instead of Nationwide being allowed to hoover them up for a nil premium.

  4. #4
    Junior Member f_xiii
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    Does anybody know what rate the PIBs were issued at?

    I know it is private but as member it would be nice to know what "our" board has agreed to with regards to the funding cost for their errors in judgement

  5. #5
    HB
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    Quick fix, f*k the members, Trustee.
    Sterling Forever.

  6. #6
    Moderator LinoSack
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    Maybe I'm wrong but it seems to me this loss must have been made some weeks ago. I can't check right now but didn't the Icelandic banks melt around October? Why have they been allowed to keep this significant event from members for so long?

  7. #7
    Contributor Macl1uk is an unknown quantity at this point
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    Newcastle Building Society

    Quote Originally Posted by f_xiii
    Does anybody know what rate the PIBs were issued at?

    I know it is private but as member it would be nice to know what "our" board has agreed to with regards to the funding cost for their errors in judgement
    Proberbly near zero percent!



 

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