Modernisation plans in doubt??

[mclovin]

"Mr Laws said every new spending commitment and pilot project signed off by Labour ministers since the turn of the year would be individually reviewed in a bid to find savings "in addition" to the target."

[Martin Walsh]

The commercial loan was signed off 3 years ago

[mclovin]

So its due to be paid then????

[fishtank]

Now whilst selling of the post office will be very attractive to both the tories and liberals , there is a big elephant in the room and that is the pension defcit. The new defcit will have to be sorted which is 10 billion and makes the company debts bigger than its assets. As you know there is legal requirement to repay the pension defcit.

The only way they can sell of Royal Mail is if they solve the pension defcit and there are two ways open to them , the tory lib government either takes on the pension defcit adding to the countrys on paper defcit or they find a longer period for either Royal Mail or any new owner to repay the defcit. If they choose the later option and say spread the defcit over 40 years it will still mean that Royal Mail or a new owner would have to pay 50 pence in every pound made back into the pension defcit to plug the hole.

Due to the worsening pension deficit position the payment of the deficit is likely to need to extend beyond the 14 years remaining of the 17 year repayment profile
agreed in 2006 and it is assumed that the pension escrow established in 2007 will continue to be required.

Current projections suggest that the Loan to Value (LTV) covenant may be breached in 2010-11 following the recent decline in property values and assuming that this value decline does not reverse. If the property values do not recover the Directors have informed Government that they would seek to negotiate a waiver to the covenant. Any waiver or changes will be on a commercial basis.

If the waiver discussed above was not available or other risks in relation to the business plan materialise, the Directors have identified a portfolio of operational and strategic actions that could be taken to reduce the loan requirements and enable the covenant to be met or provide additional funding to mitigate any headroom exposures.

Have you seen that portfolio of operational and strategic actions dingo and is it as frightening as it sounds?

[Night Tonic]

So its due to be paid then????

They already have the money. Which part of this do you not understand?

[hj4k]

So its due to be paid then????

They already have the money. Which part of this do you not understand?

He means that the 3 yrs are up and its due to be re-paid...........Which part of this do YOU not understand?

[DGP1]

So its due to be paid then????

They already have the money. Which part of this do you not understand?

Paid back to the Government. With all the cuts and savings they want it would be naive to think that the £2billion they loaned us wouldn't be on the table.

[maisymoo04]

makes me laugh really goin on about tools for the job what is wrong with the proper postie walkin round with a satchel on his back deliverin mail who needs a stupid golf trolley to pull round and whats the van goin to do keep ye bags in when we all ready have drop boxes installed and shops to put them in ok more door 2 door just take a row out a day like normal if its heavy make more bags up whats the most will you make up about 2 more bags at least i think its a bloody waste of money that could have helped to plug our pension black hole

[mclovin]

makes me laugh really goin on about tools for the job what is wrong with the proper postie walkin round with a satchel on his back deliverin mail who needs a stupid golf trolley to pull round and whats the van goin to do keep ye bags in when we all ready have drop boxes installed and shops to put them in ok more door 2 door just take a row out a day like normal if its heavy make more bags up whats the most will you make up about 2 more bags at least i think its a bloody waste of money that could have helped to plug our pension black hole

Only a driver could possibly write that.

You have a tool for the job, its called a van, yet you lot still moan and groan if you have a few packets.

[maisymoo04]

mclovin you our very correct how you no thay m8 haha scary

[Big Daz]

If your MP is a member of the government at any level or either party, write to him/her and ask what policy is towards all issues facing for RMG.

Thats what I will be doing

[smartbhoy]

You have fun maisymoo when you need to get your big fat arse out the van and deliver mail and door to doors. Once the revisions take place and the new toooools are in, you'll have no men to drop off, no bags to drop off and no packets to deliver. Do you good. It's called exercise and hard work mate. You can sweat for the delivery supplement you now get!

[Big Daz]

Delivery methods revision for my D.O is now the same time as the walk sequencing revision in year 3. Was orginally year 1 for the DM revision.

We are also having revisions in year 1 and year 2 of the modernisation plan.

[fishtank]

Delivery methods revision for my D.O is now the same time as the walk sequencing revision in year 3. Was orginally year 1 for the DM revision.

We are also having revisions in year 1 and year 2 of the modernisation plan.

Why 2 non sequenced,non delivery methods revisions?
Don't tell me they are savings driven Daz.

[Big Daz]

I have a list of revision activty (Deliveries) for my entire divsion (121 D.O's) during years 1,2 and 3

My D.O is to have and I quote a "self enabled" revison and the type is DBP (Delivery Best Practice) for year 1 and 2.

Year 1 is the trigger for the £200 and will do the DTD into workload/no pre determined delivery span stuff

Year 2 I imagine will take into account any increase into whatever the regular amount of DTD contracts are for any given delivery duty since the year 1 revision along with the non stop housing growth. It also means we can take into account any further changes to mail profiles for any given delivery duty since year 1.