Monday, September 22, 2008

No one wants Bungle Bank ….

FSA fails to find saviour for Bradford & Bingley

Attempts by the Financial Services Authority to find a buyer for Bradford & Bingley are understood to be floundering

Posted by hogwash @ 12:16 AM (945 views)
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5 thoughts on “No one wants Bungle Bank ….

  • The comment on the article is about right. Whether they have Green or black bowler hats makes no odds, we have been discussing how they can survive for the last few months. The add campaign is the carrot for savers. If it goes (which i think and have “thunk” it will for sometime) then the FSC thing (sorry its early) will pay out the £35k(however if the next one goes what happens then?), alternatively will this be NR2? The fact is the government cant keep stepping in without some dire consequences down the line……or can it?

    And whats caused this? Over exposure to BTL? Lending Long term while borrowing short term? Impaired balance sheet? Of course not …. as the Scooby Do villan says “yes and i would have got away with it if not for those pesky short sellers!!!”

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  • Indeed techieman.

    Why blame fiscal imprudence when you can stick short sellers for the blame?

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  • Strange reaction as B&B is currently top performer on FTSE this morning up 16% (just goes to show how far B&B has fallen from grace when a 4p increase to 32.25p translates into a 16.22% rise !!!!)

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  • From Herald/Tribune in June 08

    http://www.iht.com/articles/ap/2008/06/03/business/EU-FIN-COM-Britain-Bradford—Bingley-GMAC.php

    “Under a deal it signed in 2006, Bradford & Bingley must still buy around 2.1 billion pounds (US$4.1 billion; €2.63 billion) worth of mortgages from GMAC-RFC by the end of next year, but said it has cut back its purchases to a minimum.”

    That’s about £350m per quarter …. so, desparate for retail deposits.

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  • From Herald/Tribune, 3rd June 08

    “Under a deal it signed in 2006, Bradford & Bingley must still buy around 2.1 billion pounds (US$4.1 billion; €2.63 billion) worth of mortgages from GMAC-RFC by the end of next year, but said it has cut back its purchases to a minimum.”

    £350m per quarter, unless they can re-negotiate.

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