Barnsley B. Soc. to be part of Yorks

edda

See this news item:

http://news.bbc.co.uk/1/hi/business/7683576.stm

More from the Iceland fallout (and no voting or windfall)

Oblivion

It's probably a shrewd move in the light of Barnsley's exposure to the Iceland collapse. I do think it's naughty though that mergers like these are just being forced through without even giving the members a chance to vote. So much for mutuality.

Dave.

savetilibleed

edda wrote: »

See this news item:

http://news.bbc.co.uk/1/hi/business/7683576.stm

More from the Iceland fallout (and no voting or windfall)

Yes I'm not happy about that. YBS, in which I have considerable savings (too much actually) claim on their website that they have no exposure to Icelandic banks. Well they do now!

Reaper

It strikes me as odd that a building society could think of nothing better to do with their short terms funds than stick it in a savings account with a rival.

Milarky

There is a 'silver lining' (of sorts)

The Yorkshire says it will now try to recover the Barnsley's money from the Icelandic banks.

If it is successful, it may hand this cash back to the former Barnsley savers and borrowers as an "ex-gratia" bonus payment, minus any legal expenses and tax.

A Yorkshire spokesman described this as a "friendly gesture", but stressed that it was not guaranteed.

Old_Slaphead

Milarky wrote: »

There is a 'silver lining' (of sorts)

Presumably if they don't make this ex-gratia payment then YBS will have picked up a small but viable BBS for free.

Hope the BBS members are comfortable with this.

bristolleedsfan

Old_Slaphead wrote: »

Hope the BBS members are comfortable with this.

They kinda dont have a choice do they? :think:

It had often been wondered what the point of Barnsley BS actually was judging from its savings rates.


http://www.barnsley-bs.co.uk/savings/interestrates.htm

Inactive

Indeed they don't, strange thing, I always thought that the members owned the Building Societies, silly me.:rolleyes:

Old_Slaphead

bristolleedsfan wrote: »

They kinda dont have a choice do they? :think:

Apparently not - membership obviously counts for nothing.

bristolleedsfan wrote: »

It had often been wondered what the point of Barnsley BS actually was judging from its savings rates.

Unfortunately the same could be said about a significant number of the other small/medium sized BSocs

baby_boomer

Milarky wrote:

The Yorkshire says it will now try to recover the Barnsley's money from the Icelandic banks.

If it is successful, it may hand this cash back to the former Barnsley savers and borrowers as an "ex-gratia" bonus payment, minus any legal expenses and tax.

A Yorkshire spokesman described this as a "friendly gesture", but stressed that it was not guaranteed.

Is this a "keep quiet" bribe or a con trick?

Will Yorkshire be as successful in recovering this money as the £10millions they have lost in US SIVs ?

And if they are successful, doesn't it rather undermine the whole alleged reason for the merger?

Stupid Barnsley. Why didn't they take this action when it could have done members some good?

Can we trust a word that the BSs tell us at the moment?

cheggers

As a member of both I'm not happy.

Not happy that Yorkshire are wasting money bailing someone out.

Not happy that Barnsley could not run a p1ss up in a brewery. Not holding my breath for any windfall payment ex-gratia" bonus payment my Barnsley account will closed by the weekend.