Looks like West Brom Building Society is going UNDER

baby_boomer

lemonjelly wrote: »

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

It doesn't work like that.

You're confusing capital with liquid assets.

Taking more in savings doesn't change the society's capital position which is what, along with potential mortgage bad debts, the FSA will be concentrating on

But the West Brom is adamant there have been no talks with either the FSA or the Treasury about any takeover or rescue.

That's just a meaningless form of words.

It doesn't mean that the Treasury won't act without informing the West Brom. Didn't Dunfermline learn their fate from the press?

cvd

See here - another Peston scoop:

http://news.bbc.co.uk/1/hi/world/8095581.stm

and here:

http://www.bbc.co.uk/blogs/thereporters/robertpeston/

"Rescue Plan for West Bromwich BS"

Ifts

Just seen it on Sky news, Breaking news

Financial rescue of West Bromwich building society to take place by Monday next week.

bradc

Yes, I've just read this on BBC News website. I have my savings with them but am not panicking, here is hoping anyway!

mighty_hammers

I only opened my 1 year bond with them last week. Saw it on the top bond list on this site. I know it could have been a big company secret, but i thought this site was in the know about such things. I know my money is safe but the hassle i had with Bradford & Bingley last month with the new Abbey account numbers I too would have gone else where.

opinions4u

mighty_hammers wrote: »

I only opened my 1 year bond with them last week. Saw it on the top bond list on this site. I know it could have been a big company secret, but i thought this site was in the know about such things. I know my money is safe but the hassle i had with Bradford & Bingley last month with the new Abbey account numbers I too would have gone else where.

This thread was started on 17th May.

The site clearly states that it is only highlighting price. Do you think he should have said "they might go bust, so I'm going to start a run on the building society by saying this"?

The BBC report starts off with "Savers with the West Bromwich will not lose a penny" so there's no need to get excited and blame Martin Lewis.

flyingflea

I know my money is safe (under £50K and all that) but what I want to know is whether I will still be paid interest on my savings if the worst came to worst?

scott_lithgows

mighty_hammers wrote: »

I only opened my 1 year bond with them last week. Saw it on the top bond list on this site. I know it could have been a big company secret, but i thought this site was in the know about such things. I know my money is safe but the hassle i had with Bradford & Bingley last month with the new Abbey account numbers I too would have gone else where.

Problems with Abbey,cant believe that !:rolleyes:

steady__eddie

It's reassuring to discover that The West Brom seemed to believe that everything was under control today. :rolleyes:

http://www.westbrom.co.uk/westbrom/news?id=2155

I seem to recall that the Albion manager exhibited the same characteristics just before they encountered an iceberg. (Must be something in the water).

painterscastle

My savings are with the West Brom but well under 50k. But what is likely to happen to morgages. I cant move anywhere else as my partner was made redundant not long ago and I dont earn enough to take one on my own?