Get back at em...

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Johnjdc said:

In the context of total monetary aggregate liabilities redeemable at less than 3 months notice of just over £3tn in the UK economy, yes it's small beer.

Going off on a different tangent, so we are the 6th richest nation on earth, hard to believe isn’t it.

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Nebulous2 said:

Santander were complaining in their recent results about the difficulty in attracting money. 

When NS&I become competitive again (here’s hoping). ALL the banks complain about them..Something about gilt edge protection.

Johnjdc

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Johnjdc said:

In the context of total monetary aggregate liabilities redeemable at less than 3 months notice of just over £3tn in the UK economy, yes it's small beer.

Going off on a different tangent, so we are the 6th richest nation on earth, hard to believe isn’t it.

We are the 6th (ish) largest economy. We are the 29th richest nation relative to population size.

Nebulous2

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Nebulous2 said:

Santander were complaining in their recent results about the difficulty in attracting money. 

When NS&I become competitive again (here’s hoping). ALL the banks complain about them..Something about gilt edge protection.

And another one -

"Natwest said £1bn was withdrawn from customer deposits as a result of higher tax payments, competition for better savings rates and market volatility." 

From City AM. I saw it on Microsoft News, so I don't think the link would work, but profits are up anyway. 

eskbanker

Nebulous2 said:

Thumbs_Up said:

Nebulous2 said:

Santander were complaining in their recent results about the difficulty in attracting money. 

When NS&I become competitive again (here’s hoping). ALL the banks complain about them..Something about gilt edge protection.

And another one -

"Natwest said £1bn was withdrawn from customer deposits as a result of higher tax payments, competition for better savings rates and market volatility." 

From City AM. I saw it on Microsoft News, so I don't think the link would work, but profits are up anyway. 

But to return to the theme of the ability of customers to disrupt, it's perhaps worth noting that NatWest's customer deposits at the end of the quarter were £430bn, so again this sort of thing is just rounding errors in the general scheme of things....

Nebulous2

eskbanker said:

Nebulous2 said:

Thumbs_Up said:

Nebulous2 said:

Santander were complaining in their recent results about the difficulty in attracting money. 

When NS&I become competitive again (here’s hoping). ALL the banks complain about them..Something about gilt edge protection.

And another one -

"Natwest said £1bn was withdrawn from customer deposits as a result of higher tax payments, competition for better savings rates and market volatility." 

From City AM. I saw it on Microsoft News, so I don't think the link would work, but profits are up anyway. 

But to return to the theme of the ability of customers to disrupt, it's perhaps worth noting that NatWest's customer deposits at the end of the quarter were £430bn, so again this sort of thing is just rounding errors in the general scheme of things....

There is very little opportunity for customers to disrupt, but banks are bemoaning the loss of cheap / free capital. The figures I'm finding for Natwest are all over the place, with one report saying they've lost 2.6% of their deposits, which is a bit more than a rounding error. 

Reuters says:-  "Personal current account balances decreased by 2.6 billion pounds and personal savings decreased by 1.8 billion pounds in the first quarter, NatWest said, as customers sought out better rates with term deposit products or with rival banks." 

At one time many people thought there was little point in moving from current accounts. With higher rates and worries about inflation, its not surprising if more people are chasing rates. 

Nebulous2

Another article from Reuters about customers withdrawing cash today.  Hopefully you can read it:-

Analysis-Fed up with shrinking savings, Europeans drain billions from banks (msn.com)

"a phenomenon dubbed a "bank walk" - a slow but notable outflow of customer cash." 

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The septic’s have taken fright with the small banks, almost falling like 9 pins.

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Johnjdc said:

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Johnjdc said:

In the context of total monetary aggregate liabilities redeemable at less than 3 months notice of just over £3tn in the UK economy, yes it's small beer.

Going off on a different tangent, so we are the 6th richest nation on earth, hard to believe isn’t it.

We are the 6th (ish) largest economy. We are the 29th richest nation relative to population size.

So Ireland it seems is the 2nd richest nation on planet earth, they have been called out on this something called leprechaun economics.

Millyonare

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Johnjdc said:

Thumbs_Up said:

Johnjdc said:

In the context of total monetary aggregate liabilities redeemable at less than 3 months notice of just over £3tn in the UK economy, yes it's small beer.

Going off on a different tangent, so we are the 6th richest nation on earth, hard to believe isn’t it.

We are the 6th (ish) largest economy. We are the 29th richest nation relative to population size.

So Ireland it seems is the 2nd richest nation on planet earth, they have been called out on this something called leprechaun economics.

Ireland is a mega tax haven for gigantic US companies and this heavily distorts Ireland's GDP per head.

Strip out those artificial revenues routed through Dublin, and Ireland is somewhere between the 5th and 20th richest country on Earth (lots of debate out there).

UK is not a rich country (and hasn't been for many decades).

UK today is somewhere between the 20th and 40th richest country worldwide by GDP per head (lots of debate out there).

Apart from zones 1 and 2 of Central London, the other 95% of the UK is among the poorest in the entire developed world.