Member Info for 67Sam

Spights @ 13:52
Dr James Fox deserved a credit when you copied and pasted his article.

I am happy with the outlook for Lloyds but feel the biggest risk is impairments. I don't think these will emerge at scale until all the credit cards and overdrafts are maxed out. People will pretty much do anything to pay their mortgage. Not a reason for me to sell, I just remain cautious on the economic environment.

"Did the sellers imagine that the end of the world was being started"
There is logic in so much that markets react and over react. There was a lot of fear about a global pandemic with uncertain trajectory. Its inevitable banks would be highly sensitive to that.
A lot of people lost loved ones as a result of COVID. It would be good to try and continue with the recently improved levels of respect for one another on this board.

hardup, theres a bit more info here
https://www.propertywire.com/news/citra-living-opens-pathways-to-home-ownership/
it's reported as a "trial" - 26 houses in Derby.
I think it would be a mistake to offer this on flats though.

def think another c.£2B buyback will be announced, i am one of the people "for" this, lots are "against"

1.6p my guess if its twice the interim. I'm not expecting (or wanting) a special. 20% increase div forecast for 23/24 i think sustainable increases are key, not one off windfalls

LYG staying up 2.5% and trading at two dollar fifty on NYSE

Hesitate to say the b word but I don't know if this was already put up:
https://www.proactiveinvestors.co.uk/companies/news/1003839/lloyds-banking-poised-to-unveil-materially-higher-share-buybacks-for-2023-and-2024-analysts-1003839.html

logg
Let's hope they pore over the results by studying them intently, instead of giving a cursory glance and then pouring scorn over them.
Mistakes in published articles seem to happen so frequently. Who cares about spelling? Computers innit....

sufc
https://www.vanquissavings.co.uk/1-year-fixed-rate-bonds/
includes monthly interest option

s1
Most UK 1 year fixed savings accounts are sub 4% p.a.
MSE say Habib Zurich are top with a 1 year bond @ 4.33%

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.

An update in Feb might be reassuring. Presumably they will have had time by now to prepare a valuation as of 31.12.22, three years on from the last.

"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.

Bumble
"Plato's moniker"
Anagram of:
Mastoplonker

hardup
Ah I see you already posted it. I think Bumble got there as well @ 12:52
Well done. Good to see a bit of cheer on the board today.

https://www.proactiveinvestors.co.uk/companies/news/1002500/lloyds-banking-group-tipped-for-nearly-60-upside-as-banks-are-already-priced-for-recession-1002500.html

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.