Thursday, Jun 11, 2009
West Bromwich is next to fail
BBC News: Rescue plan for West Bromwich BS
Treasury spokesman Robert Peston has announced that a rescue plan for West Bromwich will be put together in the next few days. They are due to publish their accounts on Monday, so I expect it will be before, or at the same time as that.
Posted by jonb @ 03:02 PM (752 views) Add Comment
7 Comments
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1. denzil said...
"Treasury spokesman Robert Peston has announced "
Nice one Jon, that really did make me smile.
2. devo said...
Our correspondent said the society had "pushed the boat out a bit too much" on commercial property and buy-to-let lending.
Yes, and now they're going to drown 'a bit'.
3. alan said...
Meanwhile, other building societies are now doing their best to "make money" in the current climate.
For example, the Nationwide are putting up loan rates by around 0.6% for some 5 year fixes and they are introducing a wopping £2499 charge to negotiate a 95% LTV loan!
Precise details will be in the news tomorow. I suspect other lenders will be under pressure to follow on shortly.
4. peeping tom said...
BBC Midlands Today, 30 September 2008
The chief executive of West Bromwich Building Society, Stephen Karle, has spoken about the future of the company:
http://news.bbc.co.uk/1/hi/england/7645055.stm
He reminds me of Jack Straw, both in looks, body language and the ability not to convince that he is lying.
5. peeping tom said...
Whoops, that should say not to convince that he is telling the truth.
6. nomad said...
Can I just say that this society deserves concern and all the bail-out money it asks for, perhaps a bonus or two for the execs as well.
Yep! I jumped in on the 4.3% 12 months fixed.
7. p. doff said...
6. nomad said..''.I jumped in on the 4.3% 12 months fixed.''
Me too Nomad. Less than £50K I hasten to add.