Irresponsible Pommie Borrowers Bring Aussie Bank Down

Generali

I'm quite surprised nobody posted this.

http://www.marketwatch.com/story/national-australia-bank-profit-hit-by-uk-ops-2012-10-30

SYDNEY--National Australia Bank Ltd. reported a 22% slump in annual profit as its ailing U.K. businesses dragged earnings lower for the first time in three years.......

.......Much of the slump in profit was due to a surge in provisions for sour property loans held by NAB's struggling Clydesdale and Yorkshire banks in the U.K. Those saw bad- and doubtful-debt charges jump A$793 million to A$2.6 billion, which includes A$250 million in extra cover announced earlier this month.

Jeeez.

Rotor

A problem shared is a problem halved.:p

Loughton_Monkey

Generali wrote: »

I'm quite surprised nobody posted this.

Jeeez.

To the vast majority of civilised people here, this is of no consequence.

I have always looked on "Clydesdale" as a strong working horse, and not some tin pot so-called 'bank' serving people north of the border.

As for Yorkshire Bank, I don't think I have ever been in one. My understanding is they have little metal posts outside where you can tie up your whippet, while you go in and pay the mortgage interest on your £12,000 mortgage. Anyone with a savings balance of more than £800 qualifies for "premier" banking. The Premier Banking window is along the end, and differs only in having wooden pegs on which they can hang their cloth caps while they wait.

As stated in the link, they are rather old fashioned....

"We can't help but think that NAB is the "canary in the iron ore mine"

I think we stopped using canaries, and started to use the Davy lamp around 1815. So I think the Clydesdale and Yorkshire will probably return to profit once they ditch their quill pens and put in new technology like fountain pens and typewriters.

ash28

Generali wrote: »

I'm quite surprised nobody posted this.

http://www.marketwatch.com/story/national-australia-bank-profit-hit-by-uk-ops-2012-10-30



Jeeez.

Clydesdale have been our bank for longer than I care to remember.

As a bank they were always pretty good - if you wanted a loan you rang and spoke to the branch accountant and the same for mortgages.

I don't think it's residential mortgages that are the issue it's commercial property lending. And PPI, plus selling interest rate swaps to business customers.

IMHO. Clydesdale did well concentrating on retail banking, residential mortgages and lending to small businesses. Perhaps it should concentrate on the things it was good at.

CLAPTON

pity these greedy Aussies came in and ruined two quite reasonable banks.

Generali

CLAPTON wrote: »

pity these greedy Aussies came in and ruined two quite reasonable banks.

Wasn't the Yorkshire a Building Society at first? Perhaps it was the greedy owners of the mutual that brought ruin.

Rinoa

Generali wrote: »

Wasn't the Yorkshire a Building Society at first? Perhaps it was the greedy owners of the mutual that brought ruin.

Yorkshire Building Soc. is indeed still a building Soc. It's Yorkshire Bank that NAB own.

purch

Aussie's WHINGING. :eek:

"Plus ca change Plus c'est la même chose" (that's French, which is a foreign language for you readers down under)

Generali

purch wrote: »

Aussie's WHINGING. :eek:

That whole 'whinging Pom' thing is funny when you consider that they still bang on about Bodyline/leg theory (link).

They only moan about that because Aus didn't have any decent fast bowlers. If you talk about Merv Hughes or Brett Lee targeting the tail with bouncers and Aussies find it eversofunny. Sling a bit of wood and leather at The Greatest Batsman That Ever Lived* (aka Don Bradman) and they lose the sense of humour.

*A batsman that played in 2 countries (Aus and England), mostly as Shamateur (an 'amateur' that is paid so (s)he doesn't have to earn money to play sport rather than because they do something useful) against amateurs.

purch

On the Banking thing, I know of a few S/M businesses who moved to Clydesdale Bank around 2009/10 because they were more able to obtain services, including financing from them, when they were facing difficulties obtaining it from the larger Banking groups.

Loughton_Monkey

purch wrote: »

....."Plus ca change Plus c'est la même chose".....

For the benefit of non-French speakers, it's what you say to a French Taxi driver, when thrusting a few €'s into his grubby hands. It means:

"Keep the change, mate. It's not worth a thing."