Today: Last Update:











Poll

Do you expect to see less or more second charge mortgage lenders in 2018?



Building Society cancels interest on Pibs after losses


Building Society cancels interest on PIBS after losses

Manchester Building Society is still looking at ways to secure its future after announcing H1 losses.

The building society expressed concerns about its long-term future in March this year and revealed in April that it was considering a merger after reporting a £4.9m post-tax loss during 2015, which meant it had insufficient regulatory capital to return to lending.

Manchester Building Society has now revealed that its losses for the first half of 2016 stood at £1.4m, with a drop in its reserves by £1.7m, however stated it still had a strong liquidity position.

Despite meeting its individual capital guidance, the loss means that Manchester Building Society has a regulatory capital shortfall against its combined buffer requirement.

Manchester Building Society is preparing to submit a capital conservation plan to the Prudential Regulation Authority, which will consider potential measures to address the shortfall.

The building society’s board admitted that the outcome and timing of the regulatory capital process was uncertain.

Manchester Building Society also confirmed that it would not be paying the October 2016 coupon on the two tranches of Permanent Interest Bearing Share (Pibs) in issue.

It also admitted that subject to the actual financial performance of the Society, it expected that April 2017’s Pibs coupons would not be paid and warned about uncertainty over future Pibs coupon payments.

“Any further non-payment of Pibs coupons will be announced to the market,” the announcement stated.

However, Manchester Building Society has confirmed it is looking at options to secure its future.

“The continued run-off of the society’s assets, certain specific legacy loan exposures and costs incurred in the development of strategic options with a view to securing the society’s future have impacted financial performance and profitability in the first half [of the year],” said David Harding, chairman of Manchester Building Society. 

“The board is continuing to explore a number of options which individually or in combination aim to secure the future of the society, enable it to continue to meet capital requirements and improve the quality of its regulatory capital.”

In June, the interim CEO of Manchester Building Society stood down.




I well omega replica watches removed them, in I below. Those companions call fake rolex watches sounded like a bird chirp. Squeezed between the fragmentation omega replica of the basalt is cold crunching sound rolex replica watches of quicksand. Flat slopes gradually, I came to the edge of breitling replica watches the crater, a cement embankment covered with dark brown on top. I ran over to cartier replica watches see the cement, the steel roof covering the top: This is the beginning of replica watches the 22 century dome structure. It would appear that we have longines replica watches come to the right place. From my u boat replica watches current position.