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Sainsbury's Bank

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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!

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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.

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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.

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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.

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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.

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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

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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.

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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!

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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.

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Guest Bart of Darkness

:blink: ?

jasonking.JPG

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?

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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.

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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