Derbyshire and Cheshire Merger Notification Statements

Milarky

(Did you get yours?)

Under 'Reasons for the Merger' (page 2) there seems to be a contradictory statement (I'm sure it's been cleared with the NW-carpetbagger lawyers) to the effect that:

In the light of these developments, the directors of the Derbyshire undertook a rigourous review of the financial position and future prospects of the Society, including seeking professional advice in considering the Derbyshire's strategic options. In the course of that review, the directors satisfied themselves that the funding liquidity position of the Society is strong with a robust solvenct ratio. However, the directors also conlcuded that there is a risk that the UK housing market and UK economy will continue to deteriorate for some time ot come, with further negative impact on the Socieity's financial position.

Something else (a bit more relevant to people) will be the statement (on page 12) about the FSCS

Financial Services Compensation Scheme (FSCS)
Individuals who have share or deposit accounts with the Derbyshire which become share or deposit accounts with Nationwide on the Effective Date will continue to enjoy the protection of the FSCS. The FSCS gives protection to depositors with deposit taking institutions in the event of insolvency to recover a proportion of their savings, and share and deposit account holders of a building society are treated as depositors for the purposes of the FSCS. Broadly, (he FSCS will pay out to an affected depositor 100% of the first £35,000 held with an insolvent deposit taking institution. This financial 'imit applies to the aggregate value of deposits held by an affected depositor with a single deposit taking institution, rather than to each individual deposit held. Given the financial limit applicable to the aggregate amount of deposits held with a single deposit taking institution, the total maximum payment for individuals who have share or deposit accounts with the Derbyshire who also hold share or deposit accounts with Nationwide prior to the Merger will still be £35.000. Therefore if an individual had a share or deposit account with both the Derbyshire and Nationwide before the Merger and retained such accounts with Nationwide after the Merger, the combined balances on these share or deposit accounts (and on any new share or deposit accounts opened with Nationwide) would be added together for the purpose of the FSCS limits and only the first £35,000 of the combined balances would be covered by the FSCS. The Tripartite Authorities (comprising HM Treasury, the Bank of England and the FSA) are consulting on a proposal to increase the maximum protection from £35.000 to £50,000.

Milarky

Can any of you legal weavels tell me, if the Cheshire hasn't sent out the equivalent Notification letter within 12 days of the merger announcment on the 9 September (the Derbyshire statement arriving on the thirteenth day in my case) because of a printers' strike or somesuch - whether this invalidates the legal process of Nationwide successful carpetbagging?

Has anyone had a Cheshire document in the post - either today or yesterday?

Remember folks this is a fait accompli as far as the authorities are concerned - they are only giving until 6 October to make representations - but you can't make representations until to get sight of the Merger (yann!) document and they give - as an email reference:

[EMAIL="eric.enstrom@fsa.gov.uk"]eric.enstrom@fsa.gov.uk[/EMAIL] (aka Eric the Viking)

[Just found this]

What happens next? Members need take no action at this stage. Eligible members of The Derbyshire will be sent a Merger Notification Statement within the next 12 days. Eligible members of The Cheshire will be sent a Merger Notification Statement within 14 days of the instrument of transfer being entered into.

http://www.moneymadeclear.fsa.gov.uk/news/firm/merger.html

..so they've got two more days, and the paperwork should reach customers by tommorrow....

Milarky

[strike]Today is the 26 September - making the Cheshire's statement (due to be sent by 22nd) 3 days late....

(Anyone had a document from Cheshire?)[/strike]

Sorry. According the the Cheshire its 'mid to late October' but you-know-who didn't read the statement closely enough:

members of The Cheshire will be sent a Merger Notification Statement within 14 days of the instrument of transfer being entered into

Which clearly hadn't taken place on the date of the announcement ....

tubbee2

No - not yet, but here in rural Cheshire the post is a little slow...

Milarky

Cheshire Notification statement recieved today. 10 November has been set as the cut off date for making representations to: eric.engstrom@fsa.gov.uk

baby_boomer

And just so that people can't plan to be there with any certainty, the FSA hearing is

"provisionally set"

for 20 November.

And they don't even say what time of day!

But it went so well at the Derbyshire hearing - no-one from the UK was allowed to speak :eek: - that I guess they're looking forward to a glorious repeat performance of mutual democracy in action

Milarky

baby_boomer wrote: »

And just so that people can't plan to be there with any certainty, the FSA hearing is

"provisionally set"

for 20 November.

And they don't even say what time of day!

But it went so well at the Derbyshire hearing - no-one from the UK was allowed to speak :eek: - that I guess they're looking forward to a glorious repeat performance of mutual democracy in action

Where is that information posted please?

I did think is that it is such a farce of a foregone conclusion that a 'boycott' would be a better idea than taking part and giving the them the satisfaction. I suppose you could always forward the viagra emails in your spam box to Eric the Viking. But do you think there really is such a person, or the FSA simply allows staff to chose work email addresses from a list of comic book characters for anonymity?

baby_boomer

Milarky wrote: »

Where is that information posted please?

MSE - 3 Derbyshire members attend the FSA hearing but only the one from Ireland was allowed to open his mouth

Apparently the Derbyshire BS were also giving the wrong directions to the hearing :rotfl:

You couldn't make it up!

MacBiggles

This is Money 27/10/08 reports a possible legal challenge to the merger of Nationwide, Cheshire and Derbyshire Bldg Socs because Nationwide's Tier One Capital is lower proportionately than that of the Cheshire and Deryshire BS. http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=456182&in_page_id=7

fullstop

Milarky wrote: »

Can any of you legal weavels tell me, if the Cheshire hasn't sent out the equivalent Notification letter within 12 days of the merger announcment on the 9 September (the Derbyshire statement arriving on the thirteenth day in my case) because of a printers' strike or somesuch - whether this invalidates the legal process of Nationwide successful carpetbagging?

Has anyone had a Cheshire document in the post - either today or yesterday?

Remember folks this is a fait accompli as far as the authorities are concerned - they are only giving until 6 October to make representations - but you can't make representations until to get sight of the Merger (yann!) document and they give - as an email reference:

[EMAIL="eric.enstrom@fsa.gov.uk"]eric.enstrom@fsa.gov.uk[/EMAIL] (aka Eric the Viking)

[Just found this]

..so they've got two more days, and the paperwork should reach customers by tommorrow....

Cheshire documents arrived yesterday ( Monday 27th )

juicyjude

Yes I got a booklet thing and a letter yesterday