Wednesday, March 31, 2010

Time to remove cash?

£2.5m write-off hits Manchester Building Society

Manchester Building Society’s profits fell to levels not seen since 1996 after it was forced to write off a £2.5m investment in a mortgage company.

Posted by mark @ 01:37 PM (361 views)
Please complete the required fields.

3 thoughts on “Time to remove cash?

  • “The problem faced by our sector is that the building society model of providing 25-year mortgages, many of which are on rates linked to bank base rate and funded by short term deposits, does not work well at such low interest rate levels.”
    Not everyone benefits from low IRs, just the people targeted by the present government.

    BTW haven’t the big banks been making dividend payouts to shareholders, as well as bonuses to its staff, while sitting on massive losses from commercial properties etc that are somehow ringfenced?

    Please complete the required fields.

  • Happyrenting says:

    I had an account with MBS. They kept me well informed of the falling IR and I decided to take the cash out. Shame because they had some excellent products 3 years ago.

    Proof if ever we needed it of the bad management of the UK economy. Punish the prudent savers to prop up the reckless borrowers. Surely justice is around the corner…?

    Please complete the required fields.

  • The Manchester would have got more of my money if they’d offered sensible rates but as it is I am about to transfer an ISA from them to another provider.

    I know it won’t make one iota of difference but it’s the principle of cutting rates when bank rate has remained the same for a year that really p*sses me off and I see Michael Prior is still smiling and looks happy enough so I suppose his salary isn’t affected.

    Please complete the required fields.

Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>