| |
Major Site Upgrade in Progress |
 |
|
 |
|
Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
|
|
|
 |
|
 |
|
 Posted: Sun May 21, 2006 4:08 pm Post subject: Kent Reliance to Remove Charitable Assignment |
 |
|
|
 |
|
 |
|
|
|
|
Kent Reliance is scrapping the rule that makes new members agree to pay any windfalls to charity if the society is bought by a bank or floated on the stock market in their first five years of membership.
Its chief executive Mike Lazenby said "Our windfall assignment scheme was introduced five years ago to stop the disruptive impact of having speculative investors.
"Kent Reliance... would not be disrupted now by the impact of carpetbaggers and as a consequence we just want to be open to everybody."
From 1 June anyone taking out a mortgage or opening a savings account or cash ISA with at least £100 will become a full voting member of Kent Reliance and will benefit from any future windfall if it is bought or taken over.
Mr Lazenby was clear that he did not rule out such a move.
"It is a very competitive market we are in. Costs are going up, margins are going down... so it is almost certain that many building societies will have to merge," he said.
In the future we may want to do a merger and... not necessarily with another building society
"If we ever get to that point I don't necessarily want that to be with another building society, possibly run by backward-thinking inward-looking management."
But he stressed he would act in the best interests of members: "We have a duty to our members to do the best thing for them which may not be merging with another society.
"It is not going to happen tomorrow or next week or next year but at some stage in the future we may want to do a merger and... not necessarily with another building society."
What members might get if it was bought is uncertain.
Kent Reliance has assets of £1.3 billion and members of the similarly-sized Lambeth will get between £400 and £2,500 each when its current takeover by Portman goes through.
The charity clause will continue to apply to existing members who joined since June 2000.
They will have to wait for a full five years of membership before they can benefit from any windfalls.
Kent Reliance says they cannot leave and then join again. |
|
|
|
|
|
|
|
housebuyer
Money Saver
Joined: 02 May 2005
Posts: 81
Cash Points ££ 2815.22
|
|
|
|
|
|
|
| Posted: Fri May 26, 2006 1:28 am Post subject: |
|
|
|
|
|
|
|
|
|
|
Hmmm, I might just transfer my cash ISA's to them  |
|
|
|
|
|
|
|
Joanne
Stranger
Joined: 26 Jan 2005
Posts: 8
Cash Points ££ 108.28
|
|
|
|
|
|
|
| Posted: Thu Jun 08, 2006 2:27 pm Post subject: |
|
|
|
|
|
|
|
|
|
|
But whats the chance they will demutualise ?
I get the impression they are abandoning the assignment because they know the risks of carpet baggers pushing them to demutualise is virtually zero. |
|
|
|
|
|
|
 |
Online Finance Tools & Calculators |
 |
| Credit Score Calculator |
Easy to use online Credit Scoring tool - Calculate your credit score now online for FREE ! using the Moneyforums.co.uk credit scoring tool. Also TEN Tips on improving and mainting a good credit rating ! |
|
| Quick Health Calculator |
Easy to use quick health calculator to help you get started on the path to fitness. Calculates your body mass index (BMI). |
|
| "When will I die ?" Calculator |
Calculate when will you die based on your current life style and then more importantly what you can do about extending your lifespan ! |
|
| Mortgage Calculator |
Easy to use online Mortgage calculator tool - Calculate how long it will take to pay off your mortgage and what your monthly repayments will be as well as interest charged per month per each year. |
|
| Savings Calculator |
Use the flexible savings calculator to estimate the amount of interest you would earn given a level of monthly savings, with many optional settings. |
|
| UK Tax Calculator |
Check your tax and NI liability using this easy to use online tool. Outputs, Tax, Ni, Net pay and gross pay on an annual, monthly and weekly basis, also estimates your tax burden and the number of days a year you work for the tax man ! Plus lots of tax saving tips. |
|
|
 |
|
 |
|
Money
Forums Guides |
|
| Credit
Card Stoozing |
The
following guide explains the basics of credit
card stoozing in a step by step basis. |
|
| Discount
Vouchers |
Online
discount vouchers giving upto
50% off in stores such as Dixons,
Tesco, Avon, Currys, Boden and more. Many
of the vouchers are time limited - So check
back regularly |
|
| Money
Saving Guide |
Guide
to saving money on household bills & personal
finances - Start saving thousands of £'s
every year TODAY ! |
|
| Savings
Tree |
A
guide to Savings Accounts, from Cash ISA's to
Regular Savers to Premium Bonds, all explained
in an easy to understand manner. |
|
|
Users
Groups | Profile
| Messages
| FAQ | Sponsers
& Links | Member
list | Recommend this site | Top Money Saving Sitee
© 2004 - 2007 Moneyforums.co.uk / Market Oracle Ltd - Asserts copyright on all topics & posts made on this site. Moneyforums are open forums, and thus posts are NOT endorsed by Moneyforums.co.uk / Market Oracle Ltd . Any and all information provided within the Website is for general information purposes only and nor is or shall be deemed to constitute, financial or other advice. We recommend that independent professional advice is obtained before you purchase any product and/or service. All tools and guides are provided as is for general information purposes only.
|
 |
Website Designed and Mantained by Walsoft.net |
 |
| |
