Anybody fancy a super mutual ?

steady__eddie

http://www.britannia.co.uk/home/news/news_releases/2009_01/position_statement.html

Milarky

Details of the proposed merger are expected to be sent to Britannia members in March 2009, and they will be asked to endorse the proposals at a general meeting, expected to be held on 29 April 2009.

No windfall (i.e. bonus payment) offered. It will be interesting to see how many people vote for it. They won't understand it but will be 'grateful'

Old_Slaphead

Milarky wrote: »

No windfall (i.e. bonus payment) offered. It will be interesting to see how many people vote for it. They won't understand it but will be 'grateful'

Of course there will be a windfall.......but only for Directors

Cozworth806

Wondering if there is any point in my wife keeping her old britannia account anymore if this goes through, as she is getting a pittance of a rate and unsure of the membership qualifying status of the new merged company as I am already a member of the co-op with my divi card and don't think that a savings account will count for owt anymore?

RayWolfe

Old_Slaphead wrote: »

Of course there will be a windfall.......but only for Directors

Ooooooh, you old cynic!
I bet that was the very LAST thing on the directors minds.

RayWolfe

Cozworth806 wrote: »

Wondering if there is any point in my wife keeping her old britannia account anymore if this goes through, as she is getting a pittance of a rate and unsure of the membership qualifying status of the new merged company as I am already a member of the co-op with my divi card and don't think that a savings account will count for owt anymore?

I don't think there will ever again be a benefit of loyalty..

Stuart_W

As a member of the Co-Operative Group, each and every year the following dividend is earned with Co-operative Financial Services:

1 point for every £5 held or borrowed on average in
Co-operative Bank current or credit card accounts
1 point for every £5 outstanding on a Co-operative Bank loan
1 point for every £10 held on average in a Co-operative Bank savings account
1 point for every £20 outstanding on a Co-operative Bank mortgage
1 point for every £5 borrowed on average in Co-operative Bank flexible loan accounts
500 points for holding a Co-operative Insurance (CIS) home or motor insurance policy
For the trading year 2007, 1 point = 2.63p dividend
So a £100,000 mortgage paid £131.50 cash dividend for 2007
Profit for 2008 will be paid to members in May/June 2009. (interim of 1p per point for first six months trading paid in Nov/Dec 2008)
Points can of course also be earned at food/pharmacy/travel/funeralcare/certain department stores and the online store, too.

Remember, dividend is a recurring annual payment, a share of profit, not a one-off windfall. There will be no windfall payment as Britannia is not being "bought-out" but remaining under mutual ownership - as long as members agree to transfer their ownership to the larger Co-operative Group.