Reply to: Metro bank

[BrilloPad]

Metro Bank board dodges a bullet
Metro Bank founder and chairman Vernon Hill seemed more surprised than anyone: not a single shareholder asked a question at the bank’s annual meeting on Tuesday.

Nobody wanted to rage about the 80% fall in the share price in the past 14 months. Metro’s basic banking blunder, in which £900m of loans were placed in the wrong risk bracket, was left unexamined. Last week’s £375m fund-raising was taken on the chin.

True, there was a modest 12% vote against Hill’s re-election, and larger protests against the heads of Metro’s audit and remuneration committees. But the board won all its resolutions comfortably. It sometimes claimed that we’re living in a golden era for shareholder activism; don’t believe it.

Who are the villains of the British Steel crisis? | Nils Pratley | Business | The Guardian

[mattfx]

Share price seems to have recovered somewhat. I don't think they're going anywhere anytime soon.

[AtW]

Oh Dear - Tesco Bank abandons 'challenging' mortgage market

One would imagine we’ll see sale of mortgage portfolio

[56samba]

If you pay my day rate I will dance to whatever tune you desire

I followed the above rule.

[OwlHoot]

I have a Metro account, but currently its balance is about 2p because I've never really used it.

It'll be a shame if it does go down the tubes, because the staff in the branch where I opened the account several years ago seemed a friendly and helpful bunch.

[GJABS]

Most disappointing - I was looking forward to a good old bank run

[Benny]

And did you subject yourself to this abject humiliation?

If you pay my day rate I will dance to whatever tune you desire

[Old Greg]

Did you also have to do a conga around the office after your Disneyfied indoctrination?

When I was there they do a 2 day induction for all starters including contractors which included picking a song and amending it to be applicable to Metro, then on the 2nd day you had to do a conga around the offices singing your song - absolute bolloxs - main issue was they thought of contractors as employees and I was hauled before CEO for refusing to do those on line banking test things
All IR35 pointers but I did meet the dog and Vernon and his missus, some nice totty in Holborn offices made it more bearable

British Museum around the corner for lunch breaks

And did you subject yourself to this abject humiliation?

[jmo21]

If a mortgage is taken over or sold to a third party then T&Cs remain the same however, if your bank goes phut, then the T&Cs disappear. In fact, the liquidators could demand the outstanding amount of the mortgage to be repaid on demand.

That's not going to happen though is it.

[Benny]

I had a contract at M3trobank,

Did you also have to do a conga around the office after your Disneyfied indoctrination?

When I was there they do a 2 day induction for all starters including contractors which included picking a song and amending it to be applicable to Metro, then on the 2nd day you had to do a conga around the offices singing your song - absolute bolloxs - main issue was they thought of contractors as employees and I was hauled before CEO for refusing to do those on line banking test things
All IR35 pointers but I did meet the dog and Vernon and his missus, some nice totty in Holborn offices made it more bearable

British Museum around the corner for lunch breaks

[BlueSharp]

If a mortgage is taken over or sold to a third party then T&Cs remain the same however, if your bank goes phut, then the T&Cs disappear. In fact, the liquidators could demand the outstanding amount of the mortgage to be repaid on demand.

I hear they would also want my first born.

Worse case scenario the mortgage would be transferred to these guys http://www.ukar.co.uk/. Which is ironic really as some of this mess could of been caused by Metro buying bad debt from them via Cerberus and miss accounting the BTL mortgages.

Anyway they secured the required funding in 3 hours and shares have already jumped 22%. As I said a none story.

[northernladuk]

Share price is doing well, down 6.4% at £5 exactly
Was at £22 only 4 months ago

Buy buy buy... ah crap.. too late.

I was gonna have a pop at this one but missed it

[Martin@AS Financial]

Metro Bank raises £375m in new funds to bolster finances:

Metro Bank raises GBP375m in new funds to bolster finances - BBC News

[Paddy]

My Mortgage is also with them, all that will happen is it will be transferred on the same terms to someone else. There not going to the wall though, they just have an accounting error that needs dealing with.

If a mortgage is taken over or sold to a third party then T&Cs remain the same however, if your bank goes phut, then the T&Cs disappear. In fact, the liquidators could demand the outstanding amount of the mortgage to be repaid on demand.

[Zigenare]

Share price is doing well, down 6.4% at £5 exactly
Was at £22 only 4 months ago

Tulips <-- Ring any bells?