Permanent Interest Bearing Shares (PIBS)

What are PIBS? - This link is used to show and hide related content.

PIBS are Permanent Interest Bearing Shares and are issued by Building Societies.

How can Nationwide as a mutual building society issue shares? - This link is used to show and hide related content.

PIBS are not the same as 'ordinary' shares in a listed company. Ordinary shares confer an equity stake in the company itself whereas PIBS are more like a bond, which is a promise in writing to repay a debt. PIBS generally pay a fixed rate of interest to the holders and are listed on a recognised Stock Exchange.

Do PIBS holders have the same rights as ordinary share holders? - This link is used to show and hide related content.

PIBS that were originally issued by Nationwide do not confer membership rights on the holder. PIBS that were originally issued by Portman, Cheshire or Derbyshire Building Societies may, in some circumstances, confer membership rights.

Why do Societies issue PIBS? - This link is used to show and hide related content.

Building Societies are required by the Prudential Regulatory Authority (PRA) to maintain approved levels of Tier 1 capital. For Building Societies, Tier 1 capital has historically comprised of PIBS and retained profits.

Are PIBS protected under the Financial Services Compensation Scheme (FSCS)? - This link is used to show and hide related content.

No, PIBS are not covered by the FSCS.

What PIBS have Nationwide issued? - This link is used to show and hide related content.

There are a number of outstanding PIBS issues, including some that were previously issued by Portman, Derbyshire or Cheshire Building Societies. On the completion of the mergers with each of these Societies, their outstanding PIBS became Nationwide PIBS.

Is interest paid net or gross? - This link is used to show and hide related content.

Interest is paid without the deduction of basic rate tax. This is a requirement of H M Revenue & Customs. Any interest earned on the PIBS should be declared to H M Revenue & Customs by the PIBS holders.

What is the maturity of the PIBS? - This link is used to show and hide related content.

As the name suggests PIBS have no maturity date, they are permanent securities. However, all Nationwide PIBS allow Nationwide to redeem the PIBS at specified dates in the future, this redemption being subject to PRA approval.

Who do I contact with Registrar issues? - This link is used to show and hide related content.

A Registrar has been appointed to maintain the PIBS Register for each issue of PIBS. If you have any queries surrounding your certificate (for example a change of name or address), please contact the relevant Registrar.

What is the current market value of outstanding PIBS issues? - This link is used to show and hide related content.

Nationwide does not maintain records of prices in the outstanding issues. At any point in time there may not be an active market in the PIBS, which are traded on the Stock Market, and it may be difficult to obtain a price. To determine market prices for the PIBS, you need to contact an appropriately qualified and selected professional adviser.

Can I buy and sell PIBS via Nationwide? - This link is used to show and hide related content.

No. Nationwide is not able to buy or sell PIBS in the branch network, via the internet or over the phone. To transact, you need to do so via an appropriately qualified adviser.

Will Nationwide at least provide advice on whether I should buy or sell Nationwide PIBS? - This link is used to show and hide related content.

No. The Society can provide factual information relating to the PIBS but it is not able to give any form of investment advice to individuals in relation to the PIBS. To obtain advice, individuals should contact an appropriately qualified financial adviser.

Nationwide PIBS Registrars
Nationwide PIBS Issue Registrar

1. £200,000,000 7.971% Permanent Interest Bearing Share Receipts

Issued by Nationwide BS in March 2000

Equiniti Limited
Aspect House
Spencer Road
Lancing Business Park
Lancing
West Sussex
BN99 6DA
Tel. 0871 384 2030

2. £100,000,000 7.859% Permanent Interest Bearing Share Receipts

Issued by Nationwide BS in March 2000

Equiniti Limited
Aspect House
Spencer Road
Lancing Business Park
Lancing
West Sussex
BN99 6DA
Tel. 0871 384 2030

3. £400,000,000 5.769% Permanent Interest Bearing Share Receipts

Issued by Nationwide BS in February 2004

Citibank N.A.
Citigroup Centre
Canary Wharf
London
EC14 5LB
Tel: 0207 508 6135

4. £350,000,000 6.024% Permanent Interest Bearing Shares

Issued by Nationwide BS in January 2007

Citibank N.A.
Citigroup Centre
Canary Wharf
London
EC14 5LB
Tel: 0207 508 6135

5. £60,000,000 7.25% Permanent Interest Bearing Shares

Issued by Portman BS in November 2001

Equiniti Limited
Aspect House
Spencer Road
Lancing Business Park
Lancing
West Sussex
BN99 6DA
Tel. 0871 384 2030

6. £125,000,000 6.25% Permanent Interest Bearing Shares

Issued by Portman BS in October 2003

Equiniti Limited
Aspect House
Spencer Road
Lancing Business Park
Lancing
West Sussex
BN99 6DA
Tel. 0871 384 2030

7. £60,000,000 6.00% Permanent Interest Bearing Shares

Issued by Derbyshire BS in March 2006

Equiniti Limited
Aspect House
Spencer Road
Lancing Business Park
Lancing
West Sussex
BN99 6DA
Tel. 0871 384 2030

8. £80,000,000 6.00% Permanent Interest Bearing Shares

Issued by Derbyshire BS in September 2006

Equiniti Limited
Aspect House
Spencer Road
Lancing Business Park
Lancing
West Sussex
BN99 6DA
Tel. 0871 384 2030

9. £10,000,000 Floating Rate Permanent Interest Bearing Shares

Issued by Cheshire BS in March 1994

Equiniti Limited
Aspect House
Spencer Road
Lancing Business Park
Lancing
West Sussex
BN99 6DA
Tel. 0871 384 2030

10. £30,000,000 6.875% Permanent Interest Bearing Shares

Issued by Cheshire BS in December 2003

Equiniti Limited
Aspect House
Spencer Road
Lancing Business Park
Lancing
West Sussex
BN99 6DA
Tel. 0871 384 2030