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Posts posted by pete.hpc

  1. I'm perfectly happy renting and expect house prices to fall 30% to 40% over the next few years so I wouldn't even consider buying now.

    There's no way to not sound rude here, but rest assured I'm not, but aren't you quite "senior" in years? :D

    My point is, your position is admirable, but this guy is at the other end, and by his own admission wanting to buy

    His username is "Frozen Out"

    He is anything but

    This is why I've always said, lurkers and FTBers who post here need to be cautious about getting caught up in the overall (albeit admirable) opinion on here

    People's motivations differ, and someone who wants to buy but is putting it on hold because of the advice and wisdom on here should exercise caution when choosing who they take their guidance from. People with 100 grand in the bank who are opting out of home ownership for whatever reason and expecting prices to fall, are sometimes barely distinguishable here in posting style from people on very low wages who could barely scrape together the required deposit for a studio flat

    I don't know where the OP lives, but I bought a 1 bed semi last year for 175k in Greater London. I'm 35 and realistic about what my first house should be. Just because you're buying late in life at your peak earning, it doesn't mean you're entitled to a mansion as your first place

    100k deposit and you're "earning a decent salary", something doesn't add up, and my suspicion is it's your expectations

  2. But.....

    ....EU markets commissioner Michel Barnier, aims to ensure "losses are borne by bank shareholders and creditors"

    Do they mean the people with money in the bank? :huh:


    EU Commission to unveil bank collapse plans

    Updated: 17:08, Tuesday, 5 June 2012


    The European Commission is to unveil new plans for winding up failing banks.

    The latest European Union response to the sovereign and banking debt crisis is to integrate the euro zone's national banking systems in a bid to avoid investor flight or runs on banks in one country, such as Spain, dragging down the entire system.

    Since the global financial crisis bit in late 2008, a succession of banks; Lehman Brothers, Icelandic banks, Fortis, Anglo Irish or Dexia have crashed, at huge cost to massively stretched public purses.

    Right now, banks in Spain, the euro zone's fourth largest economy, are struggling to find more than €80 billion to strengthen their capital buffers.

    Euro-wide banking zone

    The European Central Bank and the International Monetary Fund each advocate a euro zone-wide banking union, although there are some differences as to what exactly this should integrate, and when.

    The bank resolution plans are seen as a first step on that road, already forming part of commitments agreed by the leaders of the G20 group of major economies back in September 2009.

    German Chancellor Angela Merkel sees a series of short, medium and longer-term questions within her vision of a deepening economic and political euro zone union. One of those points, she said last night after talks with Commission chief Jose Manuel Barroso, was "to what extent we have to place systemically-relevant banks under specific European supervision."

    The resolution scheme, to be presented by EU markets commissioner Michel Barnier, aims to ensure "losses are borne by bank shareholders and creditors" and to "minimise costs for taxpayers." It would give EU authorities the power to force "restrictions on business activities and changes to legal or operational structures," and assume no public support "beyond central bank liquidity assistance."

    Subsequent compensation for losses would be strictly determined "on the basis of liquidation value." Intended to facilitate early intervention when problems are bubbling up in one corner of the euro zone that could eventually threaten other parts or the whole currency area, salvageable assets and rotten liabilities should be divided into a "bridge bank" and a "bad bank."

    A new "bail-in" tool will give resolution authorities "the power to write down the claims of unsecured creditors" among the very biggest financial institutions, considered systemically important. That means shareholders and creditors take the hit and not governments, although as is often the case in fundamental changes, this is not proposed to begin until 2018, "to allow markets to adapt," the slides say.

    The London-based European Banking Authority, one of three cross-border EU financial services supervisors, would mediate under the plans. Resolution funding - to cover the issue of guarantees and cost of asset transfers - should run to at least 1% of covered deposits over 10 years, more for bigger entities, the Commission added.

    Like a living will, the idea is that national funds filled by banks should pre-pay their own 'funeral expenses'. This would bring all but the very biggest - considered "too big to fail" as they could grind cash-machine networks to a halt - into line with any normal business going bust.

    Ideally, resolution funds should be separate from existing deposit guarantees, which are themselves the object of a separate Barroso push for collective euro zone responsibility under his vision of banking union.

  3. I think I'd prefer the arseholes in Marlow to the arseholes in somewhere like Chatham or Wolverhampton, but maybe I'm just a snob...

    Living near Heathrow as I do, and next to a succession of housing benefit tenants, I can only concur......

    The social climbing middle classes of Marlow are arseholes, but just in a different and far more tolerable way.

  4. Marlow is a nice area, but it's the absolute peak of aspirational, keep up with the Jones's middle class wannabe nonsense

    It's all coffee shops and twee homely businesses run by ladies who lunch whilst the fella works in London

    Insane house prices in that area is not surprising, but even taking that into consideration, those are some whacky prices being asked right there

  5. No matter how bad the Tories get, everything they do that winds up the left just makes me feel more and more happy that they're now suffering the same agony the rest of us did under that hideous Labour government of 13 years.

    I'm just turning a blind eye to whatever the Tories are getting up to and enjoying the self-righteous lefty rage

  6. Most of our empty petrol stations are asian or polish car wash places now. Not sure how many more car washes the local economy can stand, and it must be annoying to invest in an expensive automated car wash to see business dribbling away to something that requires only cheap labour, a jet washer and an old wringer.

    Yep, a lot round my way too. I'm amazed they are still in business.

    In tough times, why on earth would you spend hard earned cash getting someone to do something you can do yourself for a few pence each time?

    Whenever I drive past these places, it seems to be full of car bores who only go there for the adoring glances and male attention they get from the Poles cleaning their pride and joy.

  7. My Mum rents on this sort of contract, and it's absolute bliss.

    Landlord tries to put the rent up as often as he can, which is I think every 2 years, rent officer steps in and tells him to sod off. It's generally capped at inflationary rises.

    She's been there since the 70's and has completely made it her own.

    Shame we can't all get contracts like that, I'd have never have bought if I could.

    Of course landlords hate them, there's no massive profits in it for them, and they can't just sell the placem from under the tenants and threaten them with eviction like the utter cowboys can under ASTs.

    What landlords can't get their heads around is; this is how it should be. It shouldn't be easy for you to use housing for quick speculative gains.

    The emphasis here was always the security and well-being of the tenant, not the ability for landlords to ruthlessly push up the rent and sell the house for quick profits.

    Imagine that eh?

  8. Character my @rse, like handing back a million of the £7-8m he's had in the last couple of years is any hardship whatsoever. He's a grasping piece of tory sh1t and has been all his career (shame on labour for appointing him, but then all bankers are tories almost by definition so what's the diff...). Best thing would be if the slimy fat **** would fall off his horse while out hunting and break his neck, save us all a few quid.

    Fight the power, comrade.

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