Bradford & Bingley has announced they are not going to pay interest on their subordinated bonds when the next payment becomes due. UKSA issued this press release commenting on the position of the holders of these bonds (formerly called PIBS).
This note was issued on the interim management reports of Lloyds, RBS and Barclays and also gave some voting recommendations for the Lloyds Banking Group AGM. But no sooner had we issued it than Sir Victor Blank announced his departure as Chairman of Lloyds Bank (perhaps he realised that pressure to go was mounting) so we issued this press release.
This year’s annual convention of the UK Shareholders Association will be held in Bournemouth on May 7th to 9th. There is a strong emphasis on the banking sector this year with key note speakers Richard Moseley from HSBC, Angela Knight from the British Bankers Association and leading economist John Kay. An update on the various campaigns we are running on UK bank will be given on the Saturday. See here for more details.