Banks not passing on rates.

kenshaz

We have created Monsters in these institutions, they blatentley rip us off at every turn. Nationalise them and make them accountable, they have no social or moral obligation to the very people that keep them alive. We should have let them go to the wall, I want my £50 billion back!

illgetthere

dont it make you feel great to know that you are getting shafted from every angle!
the problem is that they have no obligation to do anything as good old mr brown didnt really think the old £50 billion hand out through. He has no way of enforcing anything so we are left to be hit from both sides.

If i knew back then what i know now i would have set up a banking institute. What a lovely feeling it must be to go to work, get massive bonuses, and then IF i messed up someone would be there to fund my mistakes so i could be solvent again...

olly300

Kenshaz I thought you had started an online petition at http://petitions.number10.gov.uk/ and was asking everyone to sign it.

Jimbo65

Here's what I said on the subject on a different, similar thread last night. The banks really need to be left now to go to the wall. Public funds need to be withdrawn from them and if they fail then they will learn. They are showing their very dark souls now, despite massive injections of public monies that have never been made available for education, health or housing in this country. They are crippling the UK and harming us all with there diabolical greed. A critical mass is building and it is going to get very messy very quickly if Government does not take them by the scruff of the neck and show them the door.


Egg are still to pass on any rate cut yet, despite a Libor rate of 4.2%, a whole 2.5% below there SVR.....today they say they are waiting to make an announcement, as they said last week, and the week before that too. Waiting for what I wonder, the 9.27 from Victoria? They couldn't tell me either what it was exactly they were wwaiting for, nor could they tell me the current Libor rate, so I told them (invoice to follow naturally)
GE Money, bless there little cotton socks, ramped there rates up notifying customer by post today, by a whopping 1.95% to 13.15%. That is a full blooded spiv rate 10.15% above BoE rates and nearly 9% above Libor rates banks have been telling us these past 6 weeks influence lending rates. Am I missing something here?
I can see it coming to riots, which I do not condone, but Government appears impotent. GE will make people and families homeless in time for Christmas with this scandalous decision, I hope they burn in hell.

illgetthere

but where will they house everyone who are repossessed? how about the strain on extra benefits needed?
i agree that if it isnt sorted soon, and all institutions look at the longer term effects of their greed, then there will be major catastrophical effects on every hard working family.

If the banks behave this way then can we refuse to pay our taxes if we feel that the money is better in our pockets? that'll save a few quid..

Jimbo65

Inundate them calls demanding the rate cut. Write to the CEO of the theiving scum, oops I mean banks, and copy in to the Chancellor. Inundate the man Darling with every painful twist and turn of these reckless banks at street level so he knows fully just what is going on, and bring pressure on the gimp to bring pressure on the banks to finally cut there rates.

illgetthere

revolt is on its way......:-)

opinions4u

Why nationalise them?

The reality here is that the one that got nationalised first have been the poorest on SVRs over the last 12 months.

inca_2

Many banks have passed or are going to pass on the cut to their SVR. I know that there are some that haven't and I appreciate that there are some people going through real financial hardship and I agree that the banks should be helping these people. However there are some decent rates out there, many rates have dropped, you can now get a sub 5% fixed rate without having to pay an extortionate fee. Sometimes it seems that people want the banks to be giving rates that either make them no money whatsoever or even worse, loss leading rates during an economic downturn which surely doesn't make sense. I know banks can be pains and all but the credit crunch seems to be making people forget that they are still businesses, still have costs and still at the end of the day want to make a profit like any other business. Why should they be expected to not make money? if they don't then you certainly won't from them.

illgetthere

if they had invested thier profits well instead of giving out extortionate bonuses like most people in business do, then perhaps their balance sheet wouldnt be as bad?

just a thought..

opinions4u

illgetthere wrote: »

if they had invested thier profits well instead of giving out extortionate bonuses like most people in business do, then perhaps their balance sheet wouldnt be as bad?

just a thought..

Well, if you can identify the £3bn in bonuses HSBC paid before writing off a similar amount, then perhaps you'll solve the credit crunch!