Problems for Manchester Building Society

[planteria]

Nationwide have pushed for a review of what has gone wrong..

http://www.moneymarketing.co.uk/news-an ... 80.article

[planteria]

are you still a MancPIBS man Oggy?

[Oggy]

Yup.

[planteria]

and what are your thoughts re. the current problems?
and how are PIBS doing?

[planteria]

the MBS problems continue..

http://mbsweb.blob.core.windows.net/mai ... counts.pdf

a merger to be announced soon?

[planteria]

"The long-term future of Manchester Building Society has been thrown into doubt after it reported a loss for 2015 and warned of “material uncertainty”.

David Harding, its chairman, said the board was doing all it could to save the building society."

http://www.theguardian.com/money/2016/a ... it-savings

http://www.telegraph.co.uk/personal-ban ... -survival/

http://mbsweb.blob.core.windows.net/mai ... s-2015.pdf

[patientperson]

I reckon the reserves will take a hit to keep the directors happy. When it is all depleted and they have moved on then there will be nothing left for the members.

[planteria]

perhaps pp, but it may be that pressure will force changes sooner.. i'm not expecting that to result in a windfall for members though. Grant Thornton have been fined £975,000 for shortcomings in it's audits of the society.

[planteria]

http://www.coppolacomment.com/2016/04/t ... y-its.html

[Trustee]

Oggy,
Did you just sell your holding. I didn't see the RNS
They are down 15% this morning, almost half issue price. Something is cooking ..or melting I should say :/
T.