Si1 Posted July 14, 2013 Share Posted July 14, 2013 So am I right about this- co op bank bought Britannia building soc in 2009 on false pretences that Britannia's under funding was not that bad, and the regulators turned a blind eye Kicking the can down the road, one failed institution turned into 2, well done Gordon. Quote Link to comment Share on other sites More sharing options...
easy2012 Posted July 14, 2013 Share Posted July 14, 2013 So am I right about this- co op bank bought Britannia building soc in 2009 on false pretences that Britannia's under funding was not that bad, and the regulators turned a blind eye Kicking the can down the road, one failed institution turned into 2, well done Gordon. The regulators around that time (the FSA guys who approved this) etc are all not doing too badly at the moment. Mr Brown still has groups receptive audience for his speech circuits. There were are few more building societies failures as well. However, CoOp Bank is not really bust at this point - it was only the demand from PRA that they increase their capital to 9% within a fairly short time period that tips it over the edge. The ConDem sounds and looks cooler then the previous lots, but they are hardly any more competent. Quote Link to comment Share on other sites More sharing options...
Si1 Posted July 14, 2013 Author Share Posted July 14, 2013 Oh come off it, Gordon Brown is a parody of a man with various desperate rambling books on courage, his own speeches, and his own messed up view of the economy, there's little he can do to dig himself out of his reputational ditch Quote Link to comment Share on other sites More sharing options...
bonner Posted July 14, 2013 Share Posted July 14, 2013 Britannia Building Society was one of the building societies of last resort so to speak. So maybe not enough care was taken by the CoOp when they looked at the books. The CoOp also invested heavily in Football!! They closed the loan to Sheffield Wednesday to enable a buy out. There were probably more unusual "Ethical" transactions as well. Lastly, I dont believe for one minute that some of the other banks are well run bastions of sound policy etc. Quote Link to comment Share on other sites More sharing options...
olliegog Posted July 14, 2013 Share Posted July 14, 2013 Britannia are/were heavily into BTL mortgages - the reason I withdrew my bits of savings from them (and they were paying poor savings rates) BSs should not be offering btl products IMHO. Quote Link to comment Share on other sites More sharing options...
South Lorne Posted July 14, 2013 Share Posted July 14, 2013 Britannia are/were heavily into BTL mortgages - the reason I withdrew my bits of savings from them (and they were paying poor savings rates) BSs should not be offering btl products IMHO. ....correct....they are not mortgages as such... but more business loans to individuals..and others....and were not covered by FSA mortgage regulation ..or the new lot ...all such a mess under Labour and the current government are trying to peddle hard against the tide to catch up with the total mess and mayhem..... Quote Link to comment Share on other sites More sharing options...
Ah-so Posted July 14, 2013 Share Posted July 14, 2013 The Co-op did not undertake proper due diligence before buying Britannia BS. This idleness has nearly brought the Co-op to its knees. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.