View more on these topics

Manchester BS posts £4.9m loss and issues further warning over future

Warning-Sign-Danger-Warn-700x450.jpg

Manchester Building Society posted a £4.9m loss for 2015 as it reiterated warnings over its future.

However, the society says it working towards securing the future of the society.

Chairman David Harding says: “Although there is uncertainty regarding the long-term future of the Society, we continue to put the best interests of our members first. The board is developing a number of options which individually or in combination are reasonably expected to secure the future of the society, to enable it to continue to meet capital requirements and to improve the quality of its regulatory capital.”

The society stopped lending in 2013 after its balance sheet took a hit due to the accounting treatment of its long term mortgage book and related interest rate hedging.

It had mortgage balances were £330.6m at the end of 2015 having fallen 14.7 per cent over the course of the year.

Manchester has previously said it has no plans to return to new lending.

Recommended

Warning-Sign-Danger-Warn-700x450.jpg

Manchester BS warns of ‘material uncertainty’ over future

Manchester Building Society says there is “material uncertainty” around its long-term future due to a “continuing decline in the scale of operations”. In a note to the stock exchange, it warned that its mortgage assets had reduced by around 40 per cent over the past three years and that it had no plans to start […]

FCA logo new 2 620x430

FCA reveals plans to restructure IPO process

The FCA has outlined potential remedies to the way in which information is provided to investors during the IPO process. In a paper published today, the regulator has suggested tweaks to “blackout” periods, which typically run for 14 days between research on issuers being published by banks, and circulation of the actual prospectus. The FCA […]

FCA logo new 3 620x430

FCA bans ‘reckless’ former RBS Libor submitter

The FCA has banned former Royal Bank of Scotland employee Paul White for “reckless” Libor submissions that risked corrupting the integrity of the index. According to the regulator, White was the primary RBS Libor submitter for Japanese Yen (JPY) and Swiss Francs (CHF) between March 2007 and November 2010. White received 68 documented communications from […]

Could Proptech revolutionise construction?

By Rebecca Murphy, relationship manager, LendInvest  The construction sector offers enormous potential when considering the implication emerging technologies could have on both existing processes and final results. While the completion of an entirely 3D-printed office block may be ‘sexier’ news than a new smart toolbelt that tracks the wearer’s location on site, each area of development […]