West Bromwich new fixed rate

Steve_xx

baby_boomer wrote: »

West Brom is in rescue talks according to the Sunday Times.

Quote:
Originally Posted by Steve_xx
I suggest that you are scaremongering here........

This is the sort of talk that causes runs on institutions and it really is not helpful.

The article also says:

"Although none of the societies involved is considered to be in imminent danger, the regulator is concerned about the impact of falling house prices."

baby_boomer

Steve_xx wrote: »

The article also says:

"Although none of the societies involved is considered to be in imminent danger, the regulator is concerned about the impact of falling house prices."

Financial Mail on Sunday

"...The 160-year-old West Bromwich Building Society is being secretly offered to potential bidders by the Financial Services Authority after an early draft of its full-year results seen by the City regulator showed it made sizeable losses last year because of bad debts on commercial property...."

Steve_xx

baby_boomer wrote: »

Financial Mail on Sunday

"...The 160-year-old West Bromwich Building Society is being secretly offered to potential bidders by the Financial Services Authority after an early draft of its full-year results seen by the City regulator showed it made sizeable losses last year because of bad debts on commercial property...."

Yes I saw that too.

It doesn't matter to savers who have less than the £50k FSCS amount invested. Those deposits are protected.

steady__eddie

According to Channel 4 http://www.channel4.com/news/articles/business_money/building+society+seeks+buyer/3151077
Robert Sharpe told the newspaper he had "no knowledge" of any attempts to find a buyer by the regulator.
Is my memory playing up (which would come as no surprise) or were words to this effect heard at Dunfermline a few months ago ?
If anybody does believe in coincidence, when Derby got relegated look what happened to The Derbyshire. A few momemts ago the Albion got relegated. I fear that this does not bode well for the West Brom.

opinions4u

steady__eddie wrote: »

According to Channel 4 http://www.channel4.com/news/articles/business_money/building+society+seeks+buyer/3151077
Robert Sharpe told the newspaper he had "no knowledge" of any attempts to find a buyer by the regulator.
Is my memory playing up (which would come as no surprise) or were words to this effect heard at Dunfermline a few months ago ?
If anybody does believe in coincidence, when Derby got relegated look what happened to The Derbyshire. A few momemts ago the Albion got relegated. I fear that this does not bode well for the West Brom.

I think Halifax Town went bust too! You are on to something.

Lord help the Darlington Building Society and the Vernon (Stockport) Building Society where both football clubs are currently in administation.

bristolleedsfan

opinions4u wrote: »

I think Halifax Town went bust too! You are on to something.

Lord help the Darlington Building Society and the Vernon (Stockport) Building Society where both football clubs are currently in administation.

Whats the odds on Newcastle FC and Newcastle BS both going bust sometime in 2009/2010. :think: ( Answers from Baby_Boomer:rotfl:)

ManAtHome

Leeds BS survived...

hotkee

opinions4u wrote: »

I think Halifax Town went bust too! You are on to something.

Lord help the Darlington Building Society and the Vernon (Stockport) Building Society where both football clubs are currently in administation.

Whilst I can see the need for FSA to intervene, its a very peculiar way for them to operate - "news" reports suddenly appear over a weekend - we had it with lloylds takeover of halifax, then dunfirmline and now its west bromwich.

Political meddling - and look what happened with lloylds / halifax - that was a great idea - someone ought to investigate that - how did that deal go through with Gordy's blessing with a weekend tea and biscuits.

Wait with intrepediation for the early morning announcements (if any).

baby_boomer

How should the FSA operate?

1) Tell the press and investors their every move?
2) Or keep their dealings as secret as possible for as long as possible?

It's got to be 2) - and at some stage information will leak.

C'est la vie. There's nothing they can change to make it any better.

It does highlight a conflict at the heart of the FSA, though. They are charged with looking after the interests of savers/investors - but also with upholding confidence in the financial system.

Often the second demands that they are less than candid with savers & investors.

bristolleedsfan

ManAtHome wrote: »

Leeds BS survived...

And so did Leeds United. They didnt actually go bust, it was merely one of Papa Smurfs tax dodges.