Ann: CYBG PLC Third Quarter 2019 Trading Update, page-144

Thank you kindly for sharing your views on downside risks.
I did not realise RoTE was calculated on a pre-tax basis, thank you for pointing this out (I hadn't actually ever thought about how this was calculated)

Re PPI claims, I certainly agree this appears very unlikely to contribute towards a material erosion of capital. Book value of equity as at 31 March was net of a remaining provision of 156m GBP - very hard to see a material blowout of this figure given CYBG relative size.

Integration risk with VM has always been material in my mind - although effectively all information available to date on this topic has been demonstrable of highly competent management who under promise/over deliver (having upgraded the combined group's synergy forecasts on two occasions since the acquisition).

It always seems to come back to Brexit (in terms of the market's perception of risk). Who knows what the actual risks are, but it seems to me that a hell of a lot of domino's need to align over the coming few years just to begin justifying a price that's close to the one currently on offer.