Unexpected interest rate reduction

IanManc

Broadwood wrote: »

Your maths is suspect tbh. We're probably talking about many millions if not 10s of millions of £s.

There are 1.7 million forumites registered on here.
Probably quite a few thousands of them with money saved in The Coventry.
Maybe a few hundred maxed out for safety at £85k.
That's just a wild guess.

There might be many more than that.

You're telling ValiantSon that his maths is suspect when your opinion is based on "probably", "maybe", "might" and "a wild guess"!

:rotfl::rotfl::rotfl::rotfl:

Broadwood

ValiantSon wrote: »

Really? My maths is wrong? Please provide accurate equations to prove this point.

Number of registered users doesn't equal number of active users.

Even if quite a few thousand have savings with Coventry BS it is still unlikely that it would equate to more than hundreds of thousands of pounds. Even if 10,000 people had the maximum £85,000 saved with them the sum would still be below £1 million (and I suspect that isn't the case, anyway).

The society has 1.5 million saver members. I doubt very much that all of them use this forum. Also, given that a large number of forum users (based on their posts) are not high worth individuals the chance of them all having many tens of thousands of pounds saved with Coventry is pretty small. Furthermore, Coventry BS has assets of more than £42.5 billion and a net income of £243 million. Your plan would not cause a run leading to their financial downfall!

£85k times 10,000 is £850,000,000

If only 100 savers have £85k that's a total of £8.5 million.

Broadwood

IanManc wrote: »

You're telling ValiantSon that his maths is suspect when your opinion is based on "probably", "maybe", "might" and "a wild guess"!

:rotfl::rotfl::rotfl::rotfl:

See post #33.

:rotfl::rotfl::rotfl::rotfl:

ValiantSon

Broadwood wrote: »

£85k times 10,000 is £850,000,000

If only 100 savers have £85k that's a total of £8.5 million.

Thanks for that! Funnily enough I can do multiplication.

Your comments are based on speculation and wild guesses. How likely is it that there are 100 people on this forum who hold £85,000 just with Coventry BS? Even if there are £8.5 million is still within their scope to bear the withdrawal of.

Most of us with significant wealth diversify that into investments and don't hold the best part of £100,000 in cash. Holding so much in cash is pointless as you won't need instant access to it and the value will be eroded. I suspect that I actually hold more cash than most affluent and financially savvy people on this forum, but even I don't have that much, and certainly not with one institution.

Broadwood

ValiantSon wrote: »

Thanks for that! Funnily enough I can do multiplication.

Your comments are based on speculation and wild guesses. How likely is it that there are 100 people on this forum who hold £85,000 just with Coventry BS?

I'd say it's highly likely.

You said "Even if 10,000 people had the maximum £85,000 saved with them the sum would still be below £1 million."

Loanranger

The Coventry is the third largest building society. Unlikely that there will be a run on it because one or two are in a rage about them daring to run the thing properly.
Look back over their annual reports over the last few years and especially since the crash of 2008. You will find it's extremely well run and well trusted.

ValiantSon

Broadwood wrote: »

I'd say it's highly likely.

You said "Even if 10,000 people had the maximum £85,000 saved with them the sum would still be below £1 million."

Yes, you're quite right. I mistyped. I meant to write, "Even if 100 people had £85,000 that would still be less than £10,000,000 Thanks for pointing it out.

Your wild speculation is still wild speculation, however, and it is extremely unlikely.

IanManc

Broadwood wrote: »

I'd say it's highly likely.

More guessing based on absolutely no evidence whatsoever. :T

Broadwood

Loanranger wrote: »

You will find it's extremely well run and well trusted.

I've no doubt that from a business point of view The Coventry is well run.

However NO financial institution should ever be "well trusted".

I don't even trust the Bank of England.

"Quantitave Easing" :rotfl:

Broadwood

IanManc wrote: »

More guessing based on absolutely no evidence whatsoever. :T

Here's a suggestion and I'll do the same.

Ask half a dozen friends or relatives (who are similarly interested in finances like we are to be on here in the first place) the following question :-

"Out of the 1.7 million people on these forums.....How likely is it that at least 100 people have £85k or more deposited with Coventry BS ?"

We'll compare results in a few days time?