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so yesterday I posted on the Citra thread:
"And you can add Cramlington (North Newcastle) to the list of exotic locations. Im sure all of them are equally as beautiful as Bristol. Lloyds have said they are building high spec, highly insulated flats and houses to let. They will have starting point of an EPC of C or higher which means they immediately steal a march over many other landlords. They will have lower heating costs than your average private rental; tenants will like this. As a private landlord there is no risk of right to buy in the Council home sense. But if you think about it, I hope Lloyds do consider offering longer leaseholds or conversion to leasehold ownership after renting - it would be an ideal market for people to target tenants who have become wealthy enough to buy. They could afford to offer discount to long standing tenants. It brings so many opportunities for secondary marketing and no change in risk levels. Most council right to buy is not freehold but 100 or 125 years lease; its like paying your rent in advance. This will suit some people who want to be protected from maintenance costs and can then sell on, or sell back the remainder of lease when / if they move.
They are targeting middle income earners - I think it is a good strategy although they will find it a challenge to execute it all on time and on plan before they can be regarded as serious contenders for UK biggest landlord."
Two hours later I get this reply from Plato:
"67Sam, we are living in cloud cuckoo land if you are a PhD educated prick like myself. There are people who were brought up fist fighting and wheeling-and-dealing from the age of 9, and they could run circles around me (and probably around you) - and that's capitalism for you - a lot of people welcome it and are on their side"
This board is unusable. It just seems to attract people with mental health problems who don't have any interest in Lloyds.
"Ashford, Brentwood , Bedford. Bristol, Chesterfield, and Peterborough"
And you can add Cramlington (North Newcastle) to the list of exotic locations. Im sure all of them are equally as beautiful as Bristol. Lloyds have said they are building high spec, highly insulated flats and houses to let. They will have starting point of an EPC of C or higher which means they immediately steal a march over many other landlords. They will have lower heating costs than your average private rental; tenants will like this. As a private landlord there is no risk of right to buy in the Council home sense. But if you think about it, I hope Lloyds do consider offering longer leaseholds or conversion to leasehold ownership after renting - it would be an ideal market for people to target tenants who have become wealthy enough to buy. They could afford to offer discount to long standing tenants. It brings so many opportunities for secondary marketing and no change in risk levels. Most council right to buy is not freehold but 100 or 125 years lease; its like paying your rent in advance. This will suit some people who want to be protected from maintenance costs and can then sell on, or sell back the remainder of lease when / if they move.
They are targeting middle income earners - I think it is a good strategy although they will find it a challenge to execute it all on time and on plan before they can be regarded as serious contenders for UK biggest landlord.
"Lloyds Banking Group’s pension scheme sold billions of pounds of assets to meet collateral calls during September’s market crisis, one of the biggest known sell-offs by a corporate plan"
https://www.ft.com/content/c6408f41-c4ba-46b0-acb3-b7d2c43d48ef
Yes, let's hope all the extra money earned from interest on deposits at BoE helps offset this. Imagine the dividend in years ahead without always having to be paying out for one or another past mistakes.
"The most recent triennial funding valuations of the three main DB pension schemes showed an aggregate ongoing funding deficit of £7.3bn as of December 31 2019, representing a funding level of 85.7 per cent."
https://www.pensions-expert.com/DB-Derisking/Capital-build-up-sees-Lloyds-make-extra-500mn-deficit-contribution?ct=true
dorf
Good post, I am surprised this news hasn't had more coverage here. Tiered customer services according to wealth may suit retired investors. However it seems a bit at odds with preserving their share of mortgages for new buyers; neither will it impress their new tenants to whom they will be trying to sell products. Coupled with fewer branches and a lousy telephone service it isn't going to help win over new working age customers. I hope they at least make a success of upgrading their IT infrastructure.
All banks behave differently with high net worth individuals but I think LLOY need to preserve a decent base line quality of service for all if it wants to retain and grow its customer base.
Plato
"I live in Wales and they are not that generous"
Yes, they did indeed fit solid wall insulation into my friends house in north east Pembrokeshire at no cost last year. I was probably wrong to say everyone as there are criteria but I think it was under the NEST scheme
https://freeinsulationscheme.org.uk/insulation-grants-wales/
Yes I remember you said you were assaulted. It's possible it could have happened to anyone and not just you because you are English, and it doesn't mean that Wales is a war zone.
Solid wall insulation is a sticking plaster but it's an effective one. Plus what else would you do with an old building?
Agree new homes standard should be much higher but if its left to private developers instead of regulation the standard will always be the lowest legally permissible.
The legislation makes no real requirement on existing homeowners to carry out any works. Just a slight increase in building standards when carrying out repairs or when planning an extension.
It is not in any shape or form a planned programme of investment to improve existing domestic housing stock, coordinated to help meet net zero. So for example replacement windows will be required to perform more efficiently, but theres still no help with the cost of buying them.
Also building regs are devolved so this will only be the case in England.
Wales offered internal solid wall insulation to everyone who needed it. They understand the population health benefits from improving their housing stock.
" Some of the conversations are bonkers"
I guess it's the downside of having free access. Lately it's been a good advert for subscription only, with verified ID's.
Probably the most well aimed thread at Plato was "Bedtime for narcissists", but apparently even getting negative attention is still enough to encourage him to rejoin.
Goodies/Pippa/Plato/David
Are you a man pretending to be a woman again?
You have no lloyds shares. And no trust in the financial system, which suggests you want us to think you aren't even considering buying any Lloyds shares.
So wtf is that that brings you here?
Really I could understand it if it was loneliness. But what I cant fathom is how you find solace or satisfaction from being a total tit and posting nonsense to a group of people you will never meet, on a chat board relating to a share you even don't hold. I mean, how bad can things actually be?
Do you remember when your were Plato, I suggested you might need professional help, didn't I?
If you're not interested in getting that, maybe you and Carl tit could just stay on "The Tits" thread and leave everyone else alone.
interesting answers in the q and a at the end
buybacks - "theres always a debate if this beneficial, theoretically while the share price is beneath the tangible net asset value it seems to make sense and be a good use of capital... reducing the number of shares should lead to an increase in dividend per share payable going forward."
£3B investment over next three years, £4B over the next five years to increase return on equity by 2 bp but also increase capital generation of the business by 175-200 bp of capital generation per annum; suspect this will be updated at year end to reflect this years increased interest rates".
citra living - "build to let with long term aim to meet needs of customers who prefer to rent.....Something we wanted to go into on a very measured basis" "Strategic focus on this hasn't changed at all. We expect 10% fall in 2023 prices peak to trough - if we will look for properties, that provides an even more beneficial point to enter and purchase... but citra is very small in comparison to rest of portfolio."
"mergers and acquisitions need to make sense strategically and from a value perspective."
I thought this was a very competent presentation that was mostly expected and uncontroversial although the ambition to be the biggest landlord is put into more realistic context.
stage
"the bank seems to have a sound business model, operating costs under control and with a fairly decent long - term outlook"
Agree with that and looking at five years to see big gains I think. I imagine defaults will be small in comparison to NIM gains but the number of new mortgage customers will decrease as house prices fall. LLoyds seem to have a sound strategy though, and the recession will end eventually. If they do well as a landlord and come up with a better offer for older peoples money, then I'm hoping in a few years time we will look back and be laughing about 50p by Friday.
Mach
"so they can recommend their own comments and pretend it's the voice of the people"
I take the recommends as a genuine indicator, would anyone have that sad a life?
"Weird little fellas those two"
We are nearly all weird little fellas on this board. Maybe I'm naive about the multiple ID's.
It does look stupid when people reappear claiming to be new and obviously aren't.
stage
yes they do, but some stay more expensive than others.
how do you rate lloyds against your own criteria?
it seems good to me, amongst the alternatives available.
i know many want it all paid in divi right now, but i like the investments / buybacks / acquisitions too.
Gaz I think they that already.
"The reorganisation will entail spending £1 billion over the next three years on overhauling the UK bank's technology infrastructure and self-service capabilities.
The long-term strategy involves porting 20% of its applications to the cloud by 2024 and decommissioning over 15% of legacy applications.
The initiative comes after a leaked video emerged late last year of a senior Lloyds executive complaining about the age of its on-site technology describing it "not fit for purpose".
a bit more detail here
https://www.finextra.com/newsarticle/41502/lloyds-hires-ing-chief-technology-officer-ron-van-kemenade-as-coo
https://www.cityam.com/lloyds-swoops-in-for-ings-tech-leader-as-its-new-coo/