Manchester Building Society Permanent Interest Bearing Share coupon payments (9031C)
04 October 2018 - 4:00PM
UK Regulatory
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RNS Number : 9031C
Manchester Building Society
04 October 2018
4 October 2018
Manchester Building Society Permanent Interest Bearing Share
("PIBS") coupon payments
Manchester Building Society ('the Society') confirms that, in
line with expectations set out in the half year results
announcement on 30 August 2018, the Society will not be paying the
October 2018 coupon on the two tranches of PIBS in issue.
As set out in the half year results, as at 30 June 2018, the
Society met its Pillar 1 plus Pillar 2A requirement in total
capital terms, but did not meet the qualitative standards for the
level of Common Equity Tier 1 ("CET 1") regulatory capital. In
order to conserve capital a distribution to PIBS holders is
prohibited under the Capital Requirements Directive IV ("CRD IV")
article 141. The Board continues to discuss and consult with the
Prudential Regulation Authority ("PRA") with regard to the capital
position.
There is uncertainty over the Society's ability to make PIBS
coupon payments due after October 2018. Any further non-payment
will be announced to the market.
PIBS coupons are not cumulative so any interest payments on the
PIBS which are not paid are permanently cancelled and will not
become due at a future date.
PIBS are not protected deposits covered by the Financial
Services Compensation Scheme ("FSCS") (1)
Enquiries:
Andy Donald - Maitland
020 7379 5151
adonald@maitland.co.uk
Note (1) PIBS are not protected deposits covered by the
Financial Services Compensation Scheme (the "FSCS"). There is no
expectation of repayment of the PIBS unlike normal deposits with
the Society. PIBS are subordinated to all other liabilities of the
Society, other than liabilities in respect of Profit Participating
Deferred Shares ("PPDS"). In a liquidation of the Society the PIBS
rank behind all other creditors of the Society (other than PPDS).
In order to realise the investment in PIBS, an investor must either
sell the PIBS in the market or make a private sale.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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