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No no no, lending wasn't the issue...
Graham_Devon
Posts: 58,560 Forumite
But it was for the Bank of Scotland.
It has today been found guilty of serious misconduct for persuing an agressive growth strategy based on high risk business lending.
But what composed the biggest aspect of that business lending? You'd never guess.....property.
But don't worry, someone from Scotland I'm sure will be along soon to state loose lending was not the issue, it was all the fault of the US and we must get back to this lending ASAP. :undecided
This also proves another point however. The FSA were hopeless.
http://www.bbc.co.uk/news/uk-scotland-scotland-business-17316581
It has today been found guilty of serious misconduct for persuing an agressive growth strategy based on high risk business lending.
But what composed the biggest aspect of that business lending? You'd never guess.....property.
But don't worry, someone from Scotland I'm sure will be along soon to state loose lending was not the issue, it was all the fault of the US and we must get back to this lending ASAP. :undecided
This also proves another point however. The FSA were hopeless.
The city watchdog, the Financial Services Authority (FSA) has found the Bank of Scotland guilty of serious misconduct in the way it lent money to businesses between 2006 and 2008.
The FSA said the bank pursued "an aggressive growth strategy" that focused on high risk lending.
That policy contributed to the bank having to be bailed out by UK taxpayer, said the FSA.
The bank has escaped paying a substantial fine.
The FSA said imposing a fine would have meant the taxpayer effectively paying twice "for the same actions committed by the firm".
http://www.bbc.co.uk/news/uk-scotland-scotland-business-17316581
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Comments
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Graham_Devon wrote: »...
This also proves another point however. The FSA were hopeless.
...
That can't be right. The FSA's "risk-based regulatory approach" has been "praised around the world" and has been "regularly cited as a key strength for the UK". I know that's true because Ed Balls said so, and he should know, because the FSA was his idea in the first place.0 -
Graham_Devon wrote: »This also proves another point however. The FSA were hopeless.
Why ?
How does the FSA police activity?0 -
Graham_Devon wrote: »But it was for the Bank of Scotland.
It has today been found guilty of serious misconduct for persuing an agressive growth strategy based on high risk business lending.
But what composed the biggest aspect of that business lending? You'd never guess.....property.
But don't worry, someone from Scotland I'm sure will be along soon to state loose lending was not the issue, it was all the fault of the US and we must get back to this lending ASAP. :undecided
This also proves another point however. The FSA were hopeless.
http://www.bbc.co.uk/news/uk-scotland-scotland-business-17316581
That would be commercial property, not residential.If I don't reply to your post,
you're probably on my ignore list.0 -
No no no, lending wasn't the issue...
No Graham, what we've repeatedly said is that there was no systemic problem with UK residential mortgage lending standards.
And indeed there wasn't.
Posting an article about business lending does nothing to help your case...“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
the problem with business lending is that it's now gone too far the other way and decent businesses are struggling to get any money out of the banks and in some cases its causing them to go to the wall'Be not deceived; God is not mocked: for whatsoever a man soweth, that shall he also reap.'
GALATIANS 6: 7 (KJV)0 -
HAMISH_MCTAVISH wrote: »No Graham, what we've repeatedly said is that there was no systemic problem with UK residential mortgage lending standards.
And indeed there wasn't.
Posting an article about business lending does nothing to help your case...
Oh, it's switched from no UK lending standard issues, to no residential mortgage lending standard issues.
Sweet.0 -
HAMISH_MCTAVISH wrote: »No Graham, what we've repeatedly said is that there was no systemic problem with UK residential mortgage lending standards.
There's a fair number of professionals in the banking industry who specialise in risk management that would disagree with you.0 -
Thrugelmir wrote: »professionals in the banking industry who specialise in risk management
Ah, you mean the "hooray henry" types whose daddy got them a job in a bank, but they weren't smart enough to become investment bankers.
Well, the profitability of even Northern Rock's "bad bank" proves them categorically wrong.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Ah, you mean the "hooray henry" types whose daddy got them a job in a bank, but they weren't smart enough to become investment bankers.
Well, the profitability of even Northern Rock's "bad bank" proves them categorically wrong.
You are seriously using a "rescued" "bad bank", which holds many many mortgages, to highlight the point that lending wasn't an issue in the UK? A bank which has been forecast to return just 50% of the money at best? A bank which in it's own words, have suggested that the reason for the bank doing well is due to low interest rates allowing customers to keep up with repayments?
Dearie me.
It may seem I'm running around the forum after you. But this is simply an exercise of picking the lowest hanging fruit my friend
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HAMISH_MCTAVISH wrote: »Ah, you mean the "hooray henry" types whose daddy got them a job in a bank, but they weren't smart enough to become investment bankers.
You really haven't got a clue have you? Absolutely none at all.
The Head of Regulatory Risk at a major bank reports directly to the board. Something the average investment banker does not do. Highly likely that they'll be qualified as a barrister as well.
You are sounding more and more desperate with every post.
Stick to ramping up house prices. At least you used real facts in those posts.0
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