Ann: CYBG PLC - First Quarter 2019 Trading Update, page-44

I can't say that's an assessment of the political situation one likes to hear, especially being a CYBG holder. And I admit I'm not exactly an expert in UK politics, not being from the place. But I still can't believe you can have a group of what appears to be rational, reasonably intelligent group of human beings, choosing to shoot themselves in the collective foot. 

If a no deal brexit does eventuate though I think it'd hit CYBG hard given its skinny net interest margins (1.7%) and relatively high cost base - the combination of the two doesn't seem to give CYBG much of a buffer to absorb credit losses before it eats into equity. I assume large credit losses given predictions of job losses and loss of business income in the event of a no deal brexit.

Like I say though, a no deal brexit seems (to me) unlikely to happen. And if it doesn't happen, CYBG is on dirt cheap earnings multiples, well below 10. It'd be inevitable that it goes back up to $5-$6, minimum. Anyway, let's see how this all plays out.