Barnsley B. Soc. to be part of Yorks

bristolleedsfan

baby_boomer wrote: »

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?

Pretty much all answered.

http://www.rpoints.com/bb/viewtopic.php?t=1181068


All we need now is for Milarky to work out how many pennies the Iceland recovery funds might be per member based on a equal shareout. :rotfl:

Reaper

bristolleedsfan wrote: »

All we need now is for Milarky to work out how many pennies the Iceland recovery funds might be per member based on a equal shareout.

Tell you what - I'll do it for you. £10m owed and 60,000 members
= £166.67 per person.

Now the liquidators have been mentioning a figure of 30p in the £1. If that turns out to be all that is recoverable then it becomes:
£50 per person before taxes, charges etc.

Not quite enough to retire on.

Markyt

cheggers wrote: »

As a member of both I'm not happy.

Not happy that Yorkshire are wasting money bailing someone out.

do you think YBS had a choice when the FSA called them in for a chat over tea and cakes, and said the Barnsley was in bother?

Milarky

Wouldn't it become embarrassing if the money was actually paid to creditors before 31 December - before YBS could actually begain taking any steps to recovery as the new 'owners' - in other words?

bristolleedsfan

Reaper wrote: »

Not quite enough to retire on.

Worth keeping my 100.00 Flexisave account open until the new year for. :think:

Old_Slaphead

bristolleedsfan wrote: »

Worth keeping my 100.00 Flexisave account open until the new year for. :think:

Ditto

If there's any payout I'll go down to my local and order the Barnsley Chop 'in memoriam'

altocumulus

funny this, last time I looked, Barnsley was in Yorkshire :scrapestongueoffofcheek:

bristolleedsfan

http://www.thisisretford.co.uk/personalfinance/Barnsley-BS-merge-Yorkshire/article-419926-detail/article.html


"All Barnsley members will receive notification of the merger by the end of November, notifying them that they will not receive a windfall as part of the agreement."


"Yorkshire will consider an ex-gratia cash payment from the proceeds of any recovery, net of recovery costs and taxation"

"However, only those members who stay on as members of the new merged Yorkshire Building Society. The size of members' account balances may also be taken into account."

Milarky

bristolleedsfan wrote: »

"All Barnsley members will receive notification of the merger by the end of November, notifying them that they will not receive a windfall as part of the agreement."

Meanwhile, Cheshire still has not produced a Notification for its members - two months after the announcement. Is there special reason why they had to take so much longer than Derbyshire did?

http://www.thecheshire.co.uk/legal/inv-t-and-c.pdf

29.2 WHAT IS A MUTUAL BUILDING SOCIETY?
Cheshire Building Society is a mutual institution whose members
are its customers. Mutual status means that, unlike a limited
company, the Cheshire is responsible to its own customers/
members, who can influence the Society’s affairs by exercising their
voting rights. There is no other group of “owners” (such as equity
share holders) to influence or direct your Society’s business.
[Not Nationwide's Board then?]
29.11 Occasionally a Society will organise a Special General Meeting to
discuss a specific topic. Members can ask the Society to organise
such a meeting. Normally 500 or more members, who have been
members for two years or more, can require the board to hold
such a meeting (as long as the subject matter is not frivolous or
offensive). In certain circumstances members can apply to the
Financial Services Authority to call a Special General Meeting.
[Fat chance of them saying 'yes' to that!]
29.14 The rules of the Society govern its relationship with the members.
They can be amended only by a decision of the members at a
general meeting.
[But there won't be any more general meetings - bye, bye old 'rulebook']

bristolleedsfan

Milarky wrote: »

Meanwhile, Cheshire still has not produced a Notification for its members - two months after the announcement. Is there special reason why they had to take so much longer than Derbyshire did?

quote]


Any idea when Cheshires FSA confirmation hearing is. ????????????

Derbyshire had its FSA confirmation hearing today.


http://www.ftadviser.com/FTAdviser/Mortgages/News/article/20081022/391e3e96-a045-11dd-ad78-00144f2af8e8/FSA-to-decide-on-Derbyshire--Nationwide-merger-next-month.jsp