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Manchester Bld Soc (MBSR)

Manchester Bld Soc

PIBS coupon payments
RNS Number : 5905S
Manchester Building Society
04 October 2017

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 31 August 2017, the Society will not be paying the October  2017 coupon on the two tranches of PIBS in issue.

As set out in the half year results, as at 30 June 2017, the Society met its Individual Capital Guidance ("ICG") in total capital terms, but will not meet the qualitative standards for the level of CET1 regulatory capital. As a result, 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 2017. 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)



Andy Donald - Maitland 

020 7379 5151 


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 company news service from the London Stock Exchange
Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

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