Manchester Building Society Permanent Interest Bearing Share coupon payments (2218U)
28 Marzo 2019 - 8:00AM
UK Regulatory
TIDMMBSR TIDMMBSP
RNS Number : 2218U
Manchester Building Society
28 March 2019
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 annual results announcement
on 18 March 2019, the Society will not be paying the April 2019
coupon on the two tranches of PIBS in issue.
As set out in the 2018 annual report and accounts, as at 31
December 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 April 2019. 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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