rainbow Report post Posted October 7, 2005 Am I reading it right, on Teletext? Sainsbury's released their trading figures today, their bank profits were completely wiped out by bad debt, having to set more aside for next year! Quote Share this post Link to post Share on other sites
Blue Peter Report post Posted October 7, 2005 Am I reading it right, on Teletext?Sainsbury's released their trading figures today, their bank profits were completely wiped out by bad debt, having to set more aside for next year! Oh dear, I have some money there, Peter. Quote Share this post Link to post Share on other sites
Card Report post Posted October 7, 2005 Am I reading it right, on Teletext?Sainsbury's released their trading figures today, their bank profits were completely wiped out by bad debt, having to set more aside for next year! Serves the greedy ***** right in my opinion. They jumped on the gravy train lending bandwagon. I hope they go to the wall. Quote Share this post Link to post Share on other sites
murpaul Report post Posted October 7, 2005 Am I reading it right, on Teletext?Sainsbury's released their trading figures today, their bank profits were completely wiped out by bad debt, having to set more aside for next year! I heard about this on Today this morning. According to Jason King ( I think, it was early and I wasnt properly awake ), the CEO, this is due to taking over a bad book when they opened the business, and its actually a loss of the £2mil range. He went on to say that the new business they have added to the book is safe as, and next years figures will be ok. So thats alright then. Quote Share this post Link to post Share on other sites
CrashConnoisseur Report post Posted October 7, 2005 He went on to say that the new business they have added to the book is safe as,... ...houses? Quote Share this post Link to post Share on other sites
murpaul Report post Posted October 7, 2005 He went on to say that the new business they have added to the book is safe as,......houses? He didnt actually say houses, thats me paraphrasing him. He reckons this is a short term blip, caused by loans the company didnt actually issue, but bought later. To me it doesnt sound very responsible, whether its loans they issued or loans they bought. Quote Share this post Link to post Share on other sites
backtoparents Report post Posted October 7, 2005 He didnt actually say houses, thats me paraphrasing him. He reckons this is a short term blip, caused by loans the company didnt actually issue, but bought later. To me it doesnt sound very responsible, whether its loans they issued or loans they bought. I should imagine a lot of hidden horrors in traded debt exist. /G Quote Share this post Link to post Share on other sites
theChuz Report post Posted October 7, 2005 Oh dear, I have some money there,Peter. Nah mate, you USED to have money there. Only joking Quote Share this post Link to post Share on other sites
murpaul Report post Posted October 7, 2005 I should imagine a lot of hidden horrors in traded debt exist./G True, but I would have thought someone would have looked at the quality. Quote Share this post Link to post Share on other sites
stillill Report post Posted October 7, 2005 According to Jason King ( I think, it was early and I wasnt properly awake ), the CEO, ? Quote Share this post Link to post Share on other sites
Blue Peter Report post Posted October 7, 2005 Nah mate, you USED to have money there.Only joking Thank goodness for that , though there is a serious thought there if we have a really bad recession, Peter. Quote Share this post Link to post Share on other sites
right_freds_dead Report post Posted October 7, 2005 thats pretty bad debt to kill off so much available banking profit. Quote Share this post Link to post Share on other sites
Converted Lurker Report post Posted October 7, 2005 Am I reading it right, on Teletext?Sainsbury's released their trading figures today, their bank profits were completely wiped out by bad debt, having to set more aside for next year! Aren`t they HBOS trading as Sainsburys? Similarly Tesco financial products are simply labled as Tescos when in fact its a heavyweight Bank. More than likely the bank have not handed over the profits due to some claw back within the commission structure. Quote Share this post Link to post Share on other sites
JBFTB Report post Posted October 7, 2005 Oh dear... I have a Sainsbury's saving account from when they first came out, back when the interest rate was somewhere near 7% if I recall (ah, those were the days, weren't they?). It's gone down and down and down and I moved most of the money out of it about a year ago. A few weeks ago I moved the last dregs out. Glad I did now! Quote Share this post Link to post Share on other sites
aclwalker Report post Posted October 7, 2005 Aren`t they HBOS trading as Sainsburys? Similarly Tesco financial products are simply labled as Tescos when in fact its a heavyweight Bank. More than likely the bank have not handed over the profits due to some claw back within the commission structure. Yes, it's HBoS (formerly BoS) behind Sainsbury and RBS behind Sainsbury. You get the impresison now that the two of them can't really be bothered with their financial services any more, or maybe it's just because I only have savings accounts and they can't be bothered with those. Quote Share this post Link to post Share on other sites
Guest Bart of Darkness Report post Posted October 7, 2005 ? I guess Jonathan Creek eventually muscled in on the "oddball murder" racket, leaving poor Jason on a Restart scheme and ultimately a new career as a banker? Quote Share this post Link to post Share on other sites
andrew_uk Report post Posted October 7, 2005 I'd advise anyone with cash >30K in Sainburys to remove it. My friends sister was high up at Sainsburys and she stated that the food side was poor so they were pushing into financial as that's were the money was but later she got worried about what they were doing and left for a different job. It's probably safe but there is a small chance it could go horribly wrong. Quote Share this post Link to post Share on other sites
Jason Report post Posted October 7, 2005 http://business.timesonline.co.uk/article/...1815624,00.html The Times have mentioned it! Quote Share this post Link to post Share on other sites
