Barnsley B. Soc. to be part of Yorks

qamwc1

bristolleedsfan wrote: »

Seems in the case of Cheshire, Derbyshire, and Barnsley, those whom you have named have exercised their "power" and shown evidence that they are "up to the task" in ensuring that in all three cases the 2008 accounts wont be published. :rolleyes:

Not made myself clear - I said before that BBS should have spread their investments more thinly - that isn't rocket science - I know building societies have to follow lots of rules. I'm fairly certain that the Society would have listed it's exposure to the Icelandic banks in the returns to the FSA (may even have had to ask for permission) - so either the FSA had the information or was no longer asking for the information as part of the drive for deregulation. If they knew - it's simply no good to have allowed the deposits to take place in the first place and if they didn't - why not! That is what I mean not up to the task. It's pre-emptive action we want, not when it is too late. BBS is down £10m and that should not have happened.

Milarky

Barnsley approached Yorkshire with the Financial Services Authority's approval on 9 October, the day Kaupthing and Landsbanki were seized by the Reykjavik government.

(Coincidence of timing or nifty footwook?)

Barnsley's reserves would have absorbed the write-offs but the news of the losses threatened mass withdrawals of deposits.

http://www.independent.co.uk/news/business/news/yorkshire-building-society-takes-over-its-tiny-barnsley-rival-969790.html

How likely was this really? Would not Barnsley depositors have trusted HMG to protect their deposits? Was it not commonly known/assumed that lots of corporate bodies had money in Icelandic banks? Does this now mean that 'lying' (by omission) to prevent a 'run on the bank' is now sanctioned by the financial authorities?

bristolleedsfan

Milarky wrote: »

(

http://www.independent.co.uk/news/business/news/yorkshire-building-society-takes-over-its-tiny-barnsley-rival-969790.html

quote]

"Britannia is in talks to sell itself to the Co-operative Bank. The FSA has been watching the mutuals closely after criticising the sector in May for sloppy risk controls."

"sell itself to ......".... is not the same as merely mutuals coming together that Britannia staff have been trying to portray, albeit singing from their paymasters hymn sheets, sounding more like a Britannia BS, lets get the hell out of independence before its results/accounts showing gets worse. :think:

Oblivion

All this business about mutuals forcing through unvoted mergers has a really nasty taste to it.

Picture the scene at the local Gentleman's Club when two mutual building society directors meet for lunch ... all in a Terry Thomas accent of course ...........

"Hello Carruthers"

"Hello Carstairs, how's life at the old Puddlington Mutual then?"

"Not too good Carruthers, and between you and me, I'm a bit concerned that the you-know-what is about to hit the fan when they find out I've been steering a rocky course."

"Yes, know what you mean old boy, I'm in the same sinking ship with the Duffington Mutual. Tell you what, I've got a wizard wheeze. How about we force through a merger of our two societies and bury our mistakes in the ensuing confusion eh?"

"But, aren't we obliged to put it to a vote with our members?"

"Good Lord no, we can ride on the back of the government's recent panic measures and noone will suspect a thing."

"I say, damn fine show, and we get to keep our overpaid jobs for a few more years or get a nice pay-off package in the bargain."

"I'll drink to that. Fancy another pink gin"

"Absolutely old boy, make mine a treble. Down the hatch."



Dave.

Newly_retired

Great script.
So which building societies are safest now????

bristolleedsfan

Newly_retired wrote: »

So which building societies are safest now????

The "Nationwide" Building Society IMO. Britannia hoping to get into bed with the Coop so as to avoid Nationwide BS clutches IMO.

Oblivion

Newly_retired wrote: »

Great script.
So which building societies are safest now????

Apart from Nationwide who seem to keep their hands clean, who the heck knows. I've still got Coventry high on my list of reliables ... unless someone knows better?

Dave.

T'Pau

FSA statement.

baby_boomer

Interesting that the FSA is more involved in taking the flak for this one.

"... Members do not need to take any action..."

Meaning.

"...We'd all rather members kept right out of our way and don't cause any trouble..."

Newly_retired wrote: »

So which building societies are safest now????

Cov's good as long as that huge pile of new lending completed in 2008 has been done at 75% LTV or less - which I think is likely to be the case.

T'Pau

Emergency powers are a wonderful thing. What price your 42 days now, eh?

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