Business
Conister Bank Block Discounti
Conister Bank Block Discounti.
About this update from Manx Financial Group Plc
[{"type":"text","content":"\n RNS Number : 1154W Manx Financial Group PLC 12 November 2010 \n \n\nFOR IMMEDIATE RELEASE 12 November 2010\n \n \n\nManx Financial Group PLC (the 'Company')\n \nConister Bank Block Discounting\n \nThe Company is pleased to announce that its wholly owned banking subsidiary Conister Bank Limited ('the Bank') has agreed to provide facilities totalling in excess of £2m under its new Block Discounting business line and the first drawdown under these arrangements has been completed. \n \nBlock Discounting is a loan facility provided by the Bank to a business secured against future income streams, typically rental & credit agreements, in return for an agreed discount. The size of the discount offered is dependent on the quality of the underlying customers. These facilities offer a way for businesses to un-lock capital tied up in their finance agreements.\n \nDenham Eke, Chief Executive of the Group commented:\n \n\"This new business line which has been developed in response to market demand, complements the Group's existing products and will allow us to expand our loan book without materially increasing credit risk whilst achieving acceptable returns\". \n \n\n\n\n\n \n \nFor further information, please contact:\n\n\n\n\n\nManx Financial Group PLC\nDenham Eke\nTel 01624 694694\n \n\n\n\n\nBeaumont Cornish Limited\nRoland Cornish \nTel +44 (0) 20 7628 3396 \n\n\n\n\n\nBritton Financial PR\nTim Blackstone\nTel 07957 140416\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCUUUSRROAAAAA \n ","length":3890,"tagName":"div"}]