Monday, September 3, 2007
Barclays again
Barclays Chief Urges Intervention Over Turmoil
Barclays are bidding high at the interbank committee responsible for setting LIBOR (the interbank lending rate) - above the BoE. Why are they doing this - to force the BoE's hand to provide liquidity to the market? (or do they not want to lend any more money themselves because they are a bit short of the readies right now?)
Posted by hotairmail @ 02:26 PM (3727 views)
13 thoughts on “Barclays again”
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waitingfor hpc says:
yeah – it’s all the fault of the BOE, after all they made the loans and mortages and they were the ones that created CDO’s and they were the ones making 7 billion pounds profit last year.
makes me sick. let em drown. the banks must be made to pay for this for years to come – all profits back to the tax payer!
whiteknight says:
Rally in banking stocks. ha.
The automatons can’t break out of it can they?
It will have to be broken for them.
If everything is so fine how come Barclays is pushing so very hard for some things to happen.
Lets see what goes on in the coming week.
mrmickey says:
Put it this way would you like to leave your life savings with Barclays at the moment.
Hotairmail says:
Note: the unusually high LIBOR is why there are some v. good deposit rates right now – typically on new fixed rate accounts over a term e.g. Nationwide’s ‘e-bond’ a 1 year fixed rate paying 6.7% gross pa. I’m not sure how long these deposit rates well above Bank Base rate will last.
(I say this because I have seen a number of posts on hpc asking how banks can give savings rates above their mortgage rates – well this is the reason).
deepak says:
Most probably went to pay his wages + bonuses ++++++++
He is highest paid person in UK at £23 million per annum.
Hotairmail says:
Thinking about it – who has leaked this info? Unusual for the Grauniad to be so well informed on matters financial. Are the BoE/Labour Govt trying to shame Barclays into not doing what they are doing so that other banks don’t follow their lead and bid rates above the BoE? Grauniad are a labour friendly and well connected labour organ after all. If I’d thought I wouldn’t have posted this here and inadvertently done their bidding!
As for poor Bob Diamond, being an American he will be more used to the American business style of stabbing people in the chest (rather than the English way of stabbing people in the back). And where is Varley when Bob needs him – either he is hanging him out to dry or he doesn’t really understand how Bob has been growing those profits so well these last few years – or is he really busy on the ABN merger?
Acidlab says:
Ive transferred £200k from Barclays into Abbey, to be honest out of all the UK banks Barclays is at the most risk of making huge losses. Anyone with over £30k at Barclays bank should seriously consider moving it.
inbreda says:
careful acidlab – I used to have a lot of money in Abbey and I started removing it a while ago. I don’t remember the exact details of the news report that caused me to do this, but it was something about abbey offering something stupid like 110% mortgages on self certified BTL.
deepak says:
Just a general rule in investing under the banking code you get 100% of 3000 and 90% of the next 30000 or so. Rest Bye Bye.
Would love if any one can give an accurate figures.
planning4acrash says:
If you are worried about accounts, don’t put 200k in one bank! Spread it wide, if you’r really freaked out, 3k in each bank, or 30k max. Is that each bank account? Or Bank? I guess, 30k is safe, because hopefully not all banks go bust at once! But losing 3k on a 30k investment makes keeping cash or commodities sound like a good option! Is there an insurance you can buy to protect savings? Because that would make things easier and would probably not cost much and would pay for itself by letting you choose the highest yield bank account without worrying about the limitations of the banking code. By the way, the banking code? It sounds more like a voluntary agreement, even if they are obligated to pay, its a civil matter, and you can’t claim money in a civil action against a bancrupt organisation or person, and cost of the action itself would be prohibitive!
lvmreader says:
Remember BCCI
and Riggs Bank.
Bug16 says:
Oddly enough I’m moving my savings from Barclays this week.
inbreda says:
bug16 – that’s a coincidence!!