P.K. Posted January 2, 2009 Share Posted January 2, 2009 UK banks have no money to lend, so in order to lend they need to borrow from foreign banks, but that will be at foreign bank's interest rates, not UK rates. It would be commercial suicide to lend at a rate less than they are borrowing for so until cheaper money becomes available it is not going to happen. Oner of the prime missions of the UKFI is to maintain competitively priced lending at 2007 levels. They have something like £35 billion to play with. You know Cambon you've just got to stop reading the Daily Wail... Link to comment Share on other sites More sharing options...
Cambon Posted January 2, 2009 Share Posted January 2, 2009 UK banks have no money to lend, so in order to lend they need to borrow from foreign banks, but that will be at foreign bank's interest rates, not UK rates. It would be commercial suicide to lend at a rate less than they are borrowing for so until cheaper money becomes available it is not going to happen. Oner of the prime missions of the UKFI is to maintain competitively priced lending at 2007 levels. They have something like £35 billion to play with. You know Cambon you've just got to stop reading the Daily Wail... Exactly, they have sod all money. £35 billion equates to about £500 per head in the UK. Not going to buy much of a house, car or home improvement with that are you. Thank you for agreeing with me. Link to comment Share on other sites More sharing options...
Slim Posted January 2, 2009 Share Posted January 2, 2009 The Swiss franc is currently very strong, the Swiss economy is not being hit too hard by the credit crunch / recession. You think? It's fallen a lot vs the Euro over the last 30 days: http://www.x-rates.com/d/CHF/EUR/graph120.html Were I to move back to the Island now would be the time to buy, my francs have 50% more value than this time last year. Nice house in the north of the Island for the price of a small appartment in a Swiss resort :-) Because the pounds gone to shit, rather than the franc being strong. Look at what you'd get if you went anywhere else! Link to comment Share on other sites More sharing options...
GD4ELI Posted January 2, 2009 Share Posted January 2, 2009 You think? It's fallen a lot vs the Euro over the last 30 days: http://www.x-rates.com/d/CHF/EUR/graph120.html I think you're interpreting the chart incorrectly - the euro is getting cheaper for those of us with Swiss francs. Link to comment Share on other sites More sharing options...
Lonan3 Posted January 2, 2009 Share Posted January 2, 2009 Poll shows little support for joining euro despite pound's fall Link to comment Share on other sites More sharing options...
Slim Posted January 2, 2009 Share Posted January 2, 2009 I think you're interpreting the chart incorrectly - the euro is getting cheaper for those of us with Swiss francs. Hmm, your right too. It's uppie/downie* though isn't it? *technical term. Link to comment Share on other sites More sharing options...
GD4ELI Posted January 2, 2009 Share Posted January 2, 2009 I think you're interpreting the chart incorrectly - the euro is getting cheaper for those of us with Swiss francs. Hmm, your right too. It's uppie/downie* though isn't it? *technical term. The bad news is that the last few pounds I have in the IOM bank have less value. I'm tempted to give them to the Salvation Army - except the SA would probably give them right back to me Link to comment Share on other sites More sharing options...
GD4ELI Posted January 2, 2009 Share Posted January 2, 2009 Poll shows little support for joining euro despite pound's fall All that poll shows is that 70% of the UK population are idiots. Edit: I see Mary Poppins is on ITV3 this afternoon - great stuff! Link to comment Share on other sites More sharing options...
P.K. Posted January 2, 2009 Share Posted January 2, 2009 Exactly, they have sod all money. £35 billion equates to about £500 per head in the UK. Not going to buy much of a house, car or home improvement with that are you. Thank you for agreeing with me. Of course that's just what the government wants their banks to play with - Northern Crock, B&B and RBS. Actually they put in about £600 billion - that's the amount of OUR money put into the system and for all the rest it's business as usual. Tell you what Mr C why don't you divide the UK's financial assets by the population of the UK and produce yet another meaningless figure? The UK banks currently fund about 12 million mortgages worth about £1.2 trillion (UK) and the rest aren't actually doing too badly. You'll never believe this Mr C but currently the number of new mortgages is in decline so it looks like they'll be ok. In any event I seem to recall some idiot on here claiming that Northern Crock was on the up and up. Who was it? Now let me see here... Mary Poppins plus the worst cockney accent ever to leave Hollywood - yuck! Link to comment Share on other sites More sharing options...
Slim Posted January 2, 2009 Share Posted January 2, 2009 Another consequence of the lack of lending is that equity release is down, there's more money being paid off than borrowed for the first time in a long time. Link to comment Share on other sites More sharing options...
Cambon Posted January 2, 2009 Share Posted January 2, 2009 In any event I seem to recall some idiot on here claiming that Northern Crock was on the up and up. Who was it? Now let me see here... Yes, they were indeed on the up and as soon as the goverment got wind they tightened the screws making the NR repayment much more diffecult. You see in reality the governemt like to be in control and being able to nationalise some of the banks has been a bit of a Godsend to them. The longer they can keep them nationalised the better - for the government Link to comment Share on other sites More sharing options...
Cambon Posted January 2, 2009 Share Posted January 2, 2009 Another consequence of the lack of lending is that equity release is down, there's more money being paid off than borrowed for the first time in a long time. Exactly. paying off debt and saving is the only way out of this mess, but the message from Brown and his cronies is borrow more and spend, spend, spend. That is what got the UK into the mess it is in and repayment is the only way out. Link to comment Share on other sites More sharing options...
Slim Posted January 2, 2009 Share Posted January 2, 2009 Exactly. paying off debt and saving is the only way out of this mess, but the message from Brown and his cronies is borrow more and spend, spend, spend. That is what got the UK into the mess it is in and repayment is the only way out. They're not saying borrow more at all. They're just trying to avoid borrowing stopping completely, which would and is proving to be catastrophic. Link to comment Share on other sites More sharing options...
gazza Posted January 2, 2009 Author Share Posted January 2, 2009 the euro will drop in the next comeing months, so like somebody said above, its best to be getting out than in at the moment What's it going to drop against, Gazza? S it drop against the £, and the pound will rise, not a lot but be a better gap than it is at the moment, start of jan u will see movement in the euro Link to comment Share on other sites More sharing options...
P.K. Posted January 2, 2009 Share Posted January 2, 2009 Yes, they were indeed on the up and as soon as the goverment got wind they tightened the screws making the NR repayment much more diffecult. You see in reality the governemt like to be in control and being able to nationalise some of the banks has been a bit of a Godsend to them. The longer they can keep them nationalised the better - for the government Complete and utter twaddle. NR and others were saved by government money so it's only right that the gov should retain some control to make sure OUR money isn't squandered like Northern Crock did with their savers dosh prior to their collapse. And NR are only going to improve by scaling down their operation and putting something like 50% of their business out to other lenders. But Mr C do you really think that the gov wanted to black hole an extra £600 billion from the Treasury to the banks that came out of the blue? If you do then you and the Daily Wail really do deserve one another. Exactly. paying off debt and saving is the only way out of this mess, but the message from Brown and his cronies is borrow more and spend, spend, spend. That is what got the UK into the mess it is in and repayment is the only way out. They're not saying borrow more at all. They're just trying to avoid borrowing stopping completely, which would and is proving to be catastrophic. Exactly right hence the UKFI. It's going to be tough to obtain credit even with the UKFI pledging that the government propped banks will try and lend at 2007 levels. Some of the weaker business plans are headed for the wall, no question about it. Link to comment Share on other sites More sharing options...
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