Manchester Building Society fails to pay Pibs again
EMBATTLED Manchester Building Society has confirmed that as expected it will not be paying the interest due on its permanent interest-bearing shares or Pibs, having also failed to pay in March and last October.
The Pibs are not cumulative so even if regular payments resume in the future, investors will not receive the missed instalments.
The building society posted a £698,000 half year loss to the end of June (2016: -£1.4m) and had £336m of assets. Total operating income stood at £4.8m for the half year (2016: 4.5m).
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