Member Info for DD1980

There is also the risk that all schemes fail / get thrown out and then each claimant will be taking CBG to court or through the FOS… the cost of that could be significantly higher than the £320m currently reserved for. Or perhaps less, if statutory limits come in to play and no claims prior to 2019 are accepted. Who knows. There lies the problem.

The human mind is a funny old thing. I briefly thought to myself how clever I was for buying the dip caused by Trump’s war… I then immediately remember how stupid I felt when the Viceroy report dropped and the SP tanked further, cursing myself for being so foolish and wishing I’d held on to the money I’d used to top up.

I’ve learnt some valuable lessons with CBG over the last 2 years or so: don’t try and catch a falling knife, and even a dead cat bounces (although I don’t see this share as the dead cat it possibly was 12-18 months ago).

Another £40k of Director / associated person buys this week.

I think they have until the end of this month to lodge such a process, or at least notify the market they intend to. I have a feeling that the banks are going to accept this to move on quickly, with a challenge being to the 2007-2014 element (conveniently carved in to a separate program by the FCA).

I don’t want to accept that CBG are going to have to pay out , at the end of the day as a shareholder that is partially my money that is being given away, but sometimes you have to take one on the chin and move on, learn, adapt.

Let’s see what the rest of the month brings. It may not be a bank that takes this further…

Unlike with PPI, which you could say was a lucrative profit from an insurance product that wasn’t worth diddly, the commission was never a “profit” for the banks. In reality it’s the car dealers who really should be paying this back as they arranged the finance as the broker, but they won’t go after the dealers / brokers as their pockets are far to wide spread and not as deep, it’s much easier to go for the banks on this. That’s why first rands decade of profits is merely a 1/3 of its profits from motor. I don’t have the exact numbers, but I’d say we’re wiping out the entire profit CBG made from motor for the last 15 years or so…

I know Mike Morgan has said earlier this year that he is fully aware of the shareholders wanting the dividend reinstated, but he said he is also aware that a buyback is attractive. I’d never heard management at CBG mention buybacks before in all the years I’ve been holding (>10), I’ve seen it on the AGM ballot for years but never heard it actually mentioned as a possibility by the CEO / board before. Personally I think we could see a combination of both, especially if the 2007-2014 motor commission part gets scrapped, which would significantly reduce the provision I’d have thought.

Good sign. Although, they were purchased yesterday and at £4.58 a share I’d say before Viceroy “doubled down” on their BS.

Blackadder, but I think it was a fox …

JperryUK, from what I understand the CBG market share is approx 5% and focuses primarily on the used car market rather than new. As a proportion of CBG it represents 20% of the book, I’ll need to double check what this represents in terms of bang for buck real terms income for the bank, but I think the return from motor (excl provisions) is lower than 20%.

Well the bank did start out by funding a railroad in Alaska… perhaps it will come full circle.

I think that would come down to the offer on the table, Basher. 85% institutional shareholders won’t let it go without a significant premium on current sp. Would need to get much closer to NAV. Would be a tell of their opinion of Management though, if they believe in the story they’ll hold on to see the leaner more efficient bank of FY2028 making double digit ROTE…

That will be her £150 per month under the SAYE scheme. It goes on every month, as it does for several others. You’d have seen it for Adrian Sainsbury when he was CEO too.

Long time follower of this board (last 18 months or so now), first time commenter. Have been purchasing CBG for last 10 years or so and hold, for me, a reasonably large number of shares (definitely not a balanced portfolio!).