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Schadenfreude? Mich?
Aug. 2nd, 2005 08:29 amI think that I wrote about the dog that is Alliance & Leicester a month or so back, pointing out that they were doing everything that they could to boost a fragile bottom line in the, probably vain, hope that someone would buy them.
Well, no-one turned up and the bottom line proved even more fragile than I expected. Net income down, net mortgage lending down a horrific 33%, although they managed to boost the value of personal loans by 17% to £1.5bn.
As the options to remortgage decline, I'm worried that Joe and Joella Public will maintain their more-than-they-can-really-afford lifestyle by taking out more expensive personal loans. This will stave off the recession for a bit longer, but at a fairly serious cost.
A&L is currently capitalized at just shy of £4bn, but no-one in his right mind would pay that much for it. I reckon its best hope would be to sell itself off piecemeal.
Well, no-one turned up and the bottom line proved even more fragile than I expected. Net income down, net mortgage lending down a horrific 33%, although they managed to boost the value of personal loans by 17% to £1.5bn.
As the options to remortgage decline, I'm worried that Joe and Joella Public will maintain their more-than-they-can-really-afford lifestyle by taking out more expensive personal loans. This will stave off the recession for a bit longer, but at a fairly serious cost.
A&L is currently capitalized at just shy of £4bn, but no-one in his right mind would pay that much for it. I reckon its best hope would be to sell itself off piecemeal.
