beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
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Post by beagle on Aug 4, 2020 11:05:57 GMT
Thrive??? in what way Zopa not making money FC pulling out of two markets and rescued by CIBILS Exactly. We agree. ha sorry was referring to the comments you linked to you.
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sd2
Member of DD Central
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Post by sd2 on Aug 4, 2020 11:48:01 GMT
I suspect a further cut in interest by Christmas. don't be so negative Interest rate cuts will be rescinded and back dated Everyone's stockmarket investments will double Beer duty will be halved and my cucumber plant will come back to life etc Not everyone has a negative outlook
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sd2
Member of DD Central
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Post by sd2 on Aug 4, 2020 11:50:48 GMT
Yes the ratios are almost holding, but the covid impact has hardly started yet. It's just not going to be sustainable IMHO Misery
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macq
Member of DD Central
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Post by macq on Aug 4, 2020 11:56:12 GMT
the more i ponder the more i wonder if the staff will be alright in the long run - at the end of the day they will have the new Metro lending to oversee which i assume is being grown pretty much from scratch and at the very least a legacy product to run down.
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Post by Deleted on Aug 4, 2020 11:59:07 GMT
the more i ponder the more i wonder if the staff will be alright in the long run - at the end of the day they will have the new Metro lending to oversee which i assume is being grown pretty much from scratch and at the very least a legacy product to run down. tbh, the takeover situation for the staff is probably similar to the situation for lenders... ... ie not perfect, not ideal, but better than the alternatives
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iRobot
Member of DD Central
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Post by iRobot on Aug 4, 2020 12:14:07 GMT
For those with the time and inclination... MB making a market announcement tomorrow morning. (Given RS shareholder approval is outstanding, I don't think MB will say much if anything in specific terms, but ... ) H1 2020 Results Date: Wednesday 5 August Time: 08.30AM (UK time) Conference call and webcast details: From the UK dial: +44 3333000804 From the US dial: +1 6319131422 Participant Pin: 22063918# Webcast: Click here |
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Aug 4, 2020 12:33:19 GMT
the more i ponder the more i wonder if the staff will be alright in the long run - at the end of the day they will have the new Metro lending to oversee which i assume is being grown pretty much from scratch and at the very least a legacy product to run down. maybe not all, but there will be a lot to do. They like all employed want to see the otherside of covid and breath. i wish them every success anyone loosing their job atm is tough for them and the UK as a whole.
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shimself
Member of DD Central
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Post by shimself on Aug 4, 2020 14:25:23 GMT
If I were a big cheese in a p2p, then I suppose I would have hoped for a big bucks sale or flotation, and then off to the Bahamas. This event rather confirms that is never going to happen
So: settle for juicy director fees and keep battling on (AC)?
give up and wind down in an orderly fashion (eg bondmason)?
do a Lendy and fleece lenders instead hoping that small print and lawyering will save me?
What else? Is there any hope for us investors?
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slippery
Member of DD Central
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Post by slippery on Aug 4, 2020 15:37:08 GMT
the more i ponder the more i wonder if the staff will be alright in the long run - at the end of the day they will have the new Metro lending to oversee which i assume is being grown pretty much from scratch and at the very least a legacy product to run down. maybe not all, but there will be a lot to do. They like all employed want to see the otherside of covid and breath. i wish them every success anyone loosing their job atm is tough for them and the UK as a whole. Some staff may, of course, be both employees and investors sitting in the APM queue. My empathy is with the "workers", especially those who have been on the front line dealing with disgruntled investors, rather than the top management who have messed around with the RS model & publicity over the couple of years prior to the Covid catastrophe.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Aug 4, 2020 15:40:44 GMT
maybe not all, but there will be a lot to do. They like all employed want to see the otherside of covid and breath. i wish them every success anyone loosing their job atm is tough for them and the UK as a whole. Some staff may, of course, be both employees and investors sitting in the APM queue. My empathy is with the "workers", especially those who have been on the front line dealing with disgruntled investors, rather than the top management who have messed around with the RS model & publicity over the couple of years prior to the Covid catastrophe. couldnt agree more, i have had a number of call with their investor team and they have always tried their best.
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sd2
Member of DD Central
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Post by sd2 on Aug 4, 2020 18:17:14 GMT
If they keep the staff on they will be (hopefully) running down the loan book at the same time as selling loans for metro bank. Costs is what I worry about. They will no doubt have insufficient money to pay for the running down the loan book. At 3.1% after the 50% cut I will live with waiting for all my money back.
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Post by shanghaiscouse on Aug 4, 2020 19:45:31 GMT
So what this means is that Ratesetter will continue to exist and will wind down our investments, but the question becomes how to maintain the provision fund. The way the deal is structured means that Metro has distanced itself from any obligation to top it up. So it will be coming purely from existing loans. The 50% haircut was an optimistic one designed to show they were facing reality but at the same time not cutting as far as is prudent so they could retain as many investors as possible and avoid looking like in meltdown. So the likelihood is a cut into capital. Presumably they will put the debt collection out to agencies so that RS staff can focus on serving their new owner Metro. Agencies take an additional fee and are more opaque. It gets more like Funding Circle every day. Are you sticking to your prediction of a "loss of 15-25% of total portfolio" for me? well, after HSBC wrote off £10billion of covid losses yesterday, I can't see RS being immune, so yes I would stick to that prediction
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tjtl
Posts: 232
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Post by tjtl on Aug 5, 2020 7:29:39 GMT
The Metro Bank results are out this morning. Not pretty reading and share price down sharply. Underlying loss before tax was £183.4 million.
At least Ratesetter gives them something else to talk about- but the MB results, the numbers coming out of the High Street banks, and the analyst forecasts of future losses again re-emphasise just how tough the next few months (maybe make that next few years) are going to be for all lending institutions.
If ever there was a time to be in Gold it was three months ago (and this isn't one of the irritating "look at me- haven't I done well postings" , my gold exposure is nil - too much cash in P2P).
I am still hopeful that most platforms will pay out most of the capital, but odds are probably lengthening on it all ending happily ever after- time will tell.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Aug 5, 2020 8:29:48 GMT
i dont think metro results matter here. its old data and RS is new. its all about their intention to move and transform
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Post by shanghaiscouse on Aug 5, 2020 8:58:41 GMT
The only reason Metro exists is the government. It was handed slugs of public money in an effort to introduce more competition into UK banking. NOw it is using government money to buy RS. So we have been baled out by the government. It is getting harder to find any economic activity these days that does not have the government behind it.
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