PAYMENTS to members of the Bristol and West Building Society under the £600 million sterling take over deal with Bank of Ireland are expected to range from £250 to £6,009. However, only shareholders with the maximum qualifying investment of £100,000 in their accounts will get the top payment of about £6,000.
Most shareholders who qualify for the full entitlement are expected to get an average of just over £1,000 each. The full of the payouts to the various, classes of beneficiaries will be revealed in the transfer document which members will receive in March.
Bristol and West members will vote on the "transfer of engagements" to Bank of Ireland in April. If the members approve, the takeover is expected to be completed in July/August.
Fully qualifying members - those who have had share accounts since December 1994 and who had a balance of £100 or more in their accounts on April 15th, 1996 - will get a fixed payment of £500. In addition they will get cash payments based on the balance in their share accounts, up to a maximum of about £5,500. Most of these shareholders are expected to get around £1,000 each.
Members who have share accounts since December 31st, 1994, but, whose balance was under £100 on April 15th, 1996, were entitled to top up their accounts to £100 in order to qualify for a cash payment of at least £250.
Qualifying mortgage holders will get £250 in Bristol and West preference shares while qualifying employees and pensioners will get a cash payment of £259.
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