Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
BigPunt .. hi … probably off loading risk … remember Nothern Rock buying up mortgage books just to show potential profits, car crash. Fortunately for me I was staying in the same hotel as the CEO who gave me the heads up … sell sell . He was bang on . Although I think V has potentially a brilliant future it needs it some carful hands to guide it through some be turbulent times.
Please Please can somebody explain what IFRS9 is all about and why it’s only now been applied to this years projected earnings.
Is it mandatory ??
If so why now ??
Was it ignored in the past hence the sharp exit of the CFO ?
I find it rather strange that the investment industry have not commented in any depth on IFRS9 when apparently it has such an impact on reported profits.
It’s sort of a recovery mission for me , I’ve lost at least 25k over a 7 year period but in the whole scheme of things it’s the ups and downs of the investment world but for some strange reason I do believe there’s a basis for a multi faceted bank with a diverse business front so in that respect it frustrates me it’s taken so long to turn the ship around. I do believe now the correct infrastructure is finally in place and we now have the right CEO to use the tools in the tool box he’s now inherited. In two years from now we all could be thinking why didn’t we by more at this valuation.
Seriously I know…. The credit on offer is extremely limited and designed for clients to rebuild a bad credit score if they behave. One thing that irritates me is when financial journalists still refer Vanquis as the sub prime provider. It’s seems dog and bad name won’t go away.
Jtrade 1 .. yes you’re correct they are secretly going back to sub prime, after spending 3 years and many millions they have reversed direction. I heard on the grape vine they are trying to bring back Green Shield Stamps …should go down well with the oldies.
Interestingly both Lloyd’s and Barclays have more than doubled there bad debt provision for the second half of this year including domestic and business loans. Again like Vanquish it’s baked into the full years potential profit. They are not alone.
Cookie .., think you’re correct. I hate to say this but the old guard at Provident were jobs for life boys with No business skills whatsoever.. I know 3 ex directors lived close by me they would never be employed in in a private company… thick or thick. But hey ho this is now a bank and given the right commercial leadership should in time do well. I suspect all the current changes are being driven by the major shareholders, they will not put up with that past freeloaders . Ok I appreciate it’s been a massive change in direction and with that there will it’s ups and downs but personally I think we have the right man at the top , from past form he will not suffer fools . Most successful CEO ‘s bring people they’ve worked with in the past … just watch this space…. Personally just can’t believe the total idiots that have survived in this company …let’s all hope the new CEO can give direction.