Looks like West Brom Building Society is going UNDER

bristolleedsfan

baby_boomer wrote: »

Now where exactly are those West Brom annual results?

QUOTE]


http://www.moneymarketing.co.uk/cgi-....cgi?id=187469

baby_boomer

Ah yes. That figures.

:eek: Delayed because the auditors can't sign them off in case they're not a "going concern" .

Similarities with Dunfermline, here? Or is the FSA going to play the good fairy and give West Brom the thumbs up :rolleyes: ?

What did Bob Sharpe negotiate for his severance pay in the event of the society ceasing to trade? 12 months?

And will West Brom survive long enough to get the apology from Which? following the criticism of its Bond terms & conditions? - FT Adviser

Steve_xx

baby_boomer wrote: »

Ah yes. That figures.

:eek: Delayed because the auditors can't sign them off in case they're not a "going concern" .

Similarities with Dunfermline, here? Or is the FSA going to play the good fairy and give West Brom the thumbs up :rolleyes: ?

What did Bob Sharpe negotiate for his severance pay in the event of the society ceasing to trade? 12 months?

And will West Brom survive long enough to get the apology from Which? following the criticism of its Bond terms & conditions? - FT Adviser

You seem like you can hardly contain your glee, almost wishing that this building society will collapse. Why is that?

baby_boomer

Well I still have £12K with them in a 7.12% fixed rate bond, so glee does not exactly describe my feelings.

Why were you so keen to encourage people on this site to invest £50K with them when they were looking wobbly?

bristolleedsfan

Steve_xx wrote: »

You seem like you can hardly contain your glee, almost wishing that this building society will collapse. Why is that?

Might be due to apparent obsession that Building Societies have had over the years to remain independent thus avoiding apparent loss of Chief Executive positions. Now the chickens are coming home to roost.

Steve_xx

baby_boomer wrote: »

Well I still have £12K with them in a 7.12% fixed rate bond, so glee does not exactly describe my feelings.

Why were you so keen to encourage people on this site to invest £50K with them when they were looking wobbly?

I'm sure that your bond will be absolutely safe. Your 12k will be fully protected under the FSCS. There is no need for you to worry.

I have no reason to be keen to encourage people to invest with them or otherwise.

It just seems from reading your posts on the subject that you're almost bursting to see this company fail and I wondered if there was some reason for that?

scott_lithgows

opinions4u wrote: »

Yup. Withdraw it from another British instituion and let them go under instead!

Nice idea, but there is not enough liquid savings in the market place to keep on doing this.

Good thinking but how about we move everything from the Spanish Abbey,A+L and B+B and the Australian Clydesdale and Yorkshire bank then?

Trollfever

West Bromwich Building Society has refused to deny speculation that Treasury advisers were on standby for a Government-backed rescue following the alleged failure of merger talks with its counterpart in Coventry.
The Black Country society issued a terse statement distancing itself from weekend reports that a Dunfermline Building Society-style state-endorsed salvage operation was planned for the West Bromwich.
Reports claimed that the West Bromwich was close to breaching regulatory capital requirements, with auditors yet to sign off the group’s accounts ahead of next month’s annual general meeting.

http://www.birminghampost.net/birmingham-business/birmingham-business-news/financial-business-news/2009/06/08/west-bromwich-building-society-linked-to-rescue-deal-65233-23811972/



.

lemonjelly

In addition to the above post: http://www.expressandstar.com/2009/06/08/west-brom-building-society-threatened/

I took out 2 of their recent bond offers. I'm not (currently) too concerned, and I am below the £50k limit.

I'd aniticipate they've recouped a bit of capital with these recent bond offers...

azureblue_2

<<Gulp>>

Are we facing a here-we-go-again-Iceberg scenario?