The West Brom today announces its results for the financial year ended 31 March 2021 , reporting a pre-tax profit of £4.7m which is after absorbing a significant impact from the potential economic consequences of the COVID-19 pandemic lockdown. · 38% increase in new mortgage lending to £784m (2019/20: £569m) and £1.2bn in new applications (2019/20: £0.9bn). · 9% increase in residential owner occupied balances (2019/20: 3%) with 1 in 3 of all new mortgages helping support first-time buyers (2019/20: c.1 in 2).
1 (2019/20: 49%); equivalent to an additional £5.3m in interest (2019/20: £13.0m). · Demonstrated our resilience through the pandemic by remaining open for business while providing consistently outstanding service with our Net Promoter Score®
2 increasing to +76 (2019/20: +73) and customer satisfaction maintained at 96%.
THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF
NOTEHOLDERS.
If Noteholders are in any doubt about any aspect of the proposals in this notice and/or the action they should take, they are recommended to seek their own financial advice immediately from their broker, bank manager, solicitor, accountant or other financial adviser authorised under the Financial Services and Markets Act 2000 (if they are in the United Kingdom) or from another appropriately authorised independent financial adviser and such other professional adviser from their own professional advisers as they deem necessary.
FURTHER INFORMATION REGARDING THE MATTERS REFERRED TO IN THIS ANNOUNCEMENT IS AVAILABLE IN THE CONSENT SOLICITATION MEMORANDUM (THE CONSENT SOLICITATION MEMORANDUM ) ISSUED BY THE ISSUER ON 13 APRIL 2021, AND ELIGIBLE NOTEHOLDERS (AS DEFINED BELOW) ARE ENCOURAGED TO READ THIS ANNOUNCEMENT IN CONJUNCTION WITH THE SAME.
Disclaimer - Intended Addressees
Please note that the information contained in this announcement and the Offering Circular may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Offering Circular) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom this announcement and the Offering Circular are not addressed. Prior to relying on the information contained in this announcement and the Offering Circular, you must ascertain from the Offering Circular whether or not you are one of the intended addressees of the information contained in this announcement and the Offering Circular.
The LMA Note also raises whether a Credit Adjustment Spread (
CAS) will be used in pricing to balance the need for economic parity with LIBOR when switching to an RFR, but a CAS is less likely to be used in a new Sterling LIBOR transaction.
3. Read the FMSB Draft
The FMSB Draft sets out eight draft Core Principle for the use of TSRRs, and the key message seems to be that lenders and market participants should have a very good reason for using a TSRR! It is more eloquently put in Core Principle 1:
“
Market participants should assess, in a manner consistent with this Standard and the RFR Working Group Use Cases, whether there is
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