Mandelson sticking his nose again
Discussion
http://www.timesonline.co.uk/tol/news/politics/art...
I do not understand this - the HSBC, Santander bank & Barclays have not taken any Govt funding yet mandelson is trying to force them to cut rates ...
They are a business they can set rates at any level they like.
Whats interesting is that he stated that there would be a customer backlash to them if they didnt drop rates.... yet the Nationalised Northern Rock didnt cut the rates following the BoE base rate cut....
In addition to this even if customers do not like the situation they may be in negative equity with their borrowing from one of the non nationalised banks in which case they couldnt do anything about it anyway.
HSBC telling L mandelson to get lost, they can run their business in any way they want - within the regulators rules of any country they operate in. I cannot see ever the FSA having a rule whereby any cut in Base rates are mirrored by all banks.
What does the loan Shark do? Does all his customers backlash against him/her for not cutting their rates?
I do not understand this - the HSBC, Santander bank & Barclays have not taken any Govt funding yet mandelson is trying to force them to cut rates ...
They are a business they can set rates at any level they like.
Whats interesting is that he stated that there would be a customer backlash to them if they didnt drop rates.... yet the Nationalised Northern Rock didnt cut the rates following the BoE base rate cut....
In addition to this even if customers do not like the situation they may be in negative equity with their borrowing from one of the non nationalised banks in which case they couldnt do anything about it anyway.
HSBC telling L mandelson to get lost, they can run their business in any way they want - within the regulators rules of any country they operate in. I cannot see ever the FSA having a rule whereby any cut in Base rates are mirrored by all banks.
What does the loan Shark do? Does all his customers backlash against him/her for not cutting their rates?
k off you meddlesome useless tosser'. Does the job just as well.
The man seems to have become the one man PR department for the Government. Darling must feel like a spare prick at a lesbian convention, as Mandelson appears to be doing his job for him.
No doubt Mandelson has conveniently forgotten he has no credibility (unless you need a favour and have a brown envelope full of notes, that is).
No doubt Mandelson has conveniently forgotten he has no credibility (unless you need a favour and have a brown envelope full of notes, that is).
Frankly in normal market conditions if the Nationalised banks cut their SVR the others would have to follow suit or they'd be uncompetitive and would lose custom. But these days they have suffered huge losses and have potentially more to come in the UK with rising repo's so why not increase the premium you charge?
Another thing is you can have a Euro Mortgage - a Euro bank giving you a UK mortgage, why isnt mandleson kicking them to cut their rates?
Another thing is you can have a Euro Mortgage - a Euro bank giving you a UK mortgage, why isnt mandleson kicking them to cut their rates?
Gassing Station | The Pie & Piston Archive | Top of Page | What's New | My Stuff