Jump to content
House Price Crash Forum
Sign in to follow this  
Realistbear

I M F : U K Banks Fraudulent

Recommended Posts

http://www.telegraph.co.uk/finance/economics/8560840/IMF-warns-on-UK-banks-masking-bad-debts.html

IMF warns on UK banks masking bad debts
British banks’ lenience to struggling customers may be disguising the dangers the institutions face, the International Monetary Fund warned as it delivered its latest verdict on the UK economy..../
Just last week it emerged that the Financial Services Authority has accused banks of moving mortgage customers on to less strenuous terms to conceal bad debts.
The latest warning came as the IMF delivered a strong endorsement of the Government’s austerity plans on Monday, but laid out a clear Plan B of monetary easing and tax cuts in case of an emergency.

If Joe Bloggs goes into Natwest to cash a cheque for which he knows there are insufficient funds he has committed fraud which is a form of theft punishable as a crime.

If a bank represents it has more funds than it actually does to gain advantage (better credit rating for example) it has committed fraud.

Lack of regulation will destroy this country and the clock is ticking fast.

Edited by Realistbear

Share this post


Link to post
Share on other sites

The Fund encouraged the Government to plough on with raising the retirement age, cutting public sector pensions and relaxing planning rules to boost growth.

However, if a slowdown in the economy looks to be becoming entrenched, it said policymakers should look at more quantitative easing — pumping money into the economy — and temporary tax cuts.

More QE it is then...

Mars bar: £4

Litre of petrol: £12

Oz of Gold: £7500

The look on your face when you finally realise we're fukced: PRICELESS!

There are some things money can't buy.

For everything else, there's Mervyn King and his magical printing press.

Share this post


Link to post
Share on other sites

How long will it take, with interest rates at zero, for the banks to regain solvency?

ie at the moment, if they mark to market, they are probably bankrupt. Problem is, house prices are falling slowly, so value of bank assets is falling.

if house prices fall 50%, how long will it take before banks become solvent again?

If the answer is about 10years, then it's game over (as I doubt we have that much time).

Share this post


Link to post
Share on other sites

How long will it take, with interest rates at zero, for the banks to regain solvency?

ie at the moment, if they mark to market, they are probably bankrupt. Problem is, house prices are falling slowly, so value of bank assets is falling.

if house prices fall 50%, how long will it take before banks become solvent again?

If the answer is about 10years, then it's game over (as I doubt we have that much time).

That is THE problem facing the banks and the nation. This is why Merv cannot and will not hike.

Share this post


Link to post
Share on other sites

More QE it is then...

Mars bar: £4

Litre of petrol: £12

Oz of Gold: £7500

The look on your face when you finally realise we're fukced: PRICELESS!

There are some things money can't buy.

For everything else, there's Mervyn King and his magical printing press.

:lol::lol::lol:

Share this post


Link to post
Share on other sites
IMF warns on UK banks masking bad debts

That sounds, to me, like a specific bank has been identified - but there's a reluctance to name it.

Share this post


Link to post
Share on other sites

http://www.telegraph.co.uk/finance/economics/8560840/IMF-warns-on-UK-banks-masking-bad-debts.html

IMF warns on UK banks masking bad debts
British banks’ lenience to struggling customers may be disguising the dangers the institutions face, the International Monetary Fund warned as it delivered its latest verdict on the UK economy..../
Just last week it emerged that the Financial Services Authority has accused banks of moving mortgage customers on to less strenuous terms to conceal bad debts.
The latest warning came as the IMF delivered a strong endorsement of the Government’s austerity plans on Monday, but laid out a clear Plan B of monetary easing and tax cuts in case of an emergency.

If Joe Bloggs goes into Natwest to cash a cheque for which he knows there are insufficient funds he has committed fraud which is a form of theft punishable as a crime.

If a bank represents it has more funds than it actually does to gain advantage (better credit rating for example) it has committed fraud.

Lack of regulation will destroy this country and the clock is ticking fast.

In spirit you are right. But by fact you aren't (though I would like you to be).

There may not be an underlying guarantee to back up a loan (because the value of the house is less), but it's still a loan and so long as the promise to repay exists then there is an asset and a value.

That's they way banking has worked for years. Pieces of promisory paper. Sure they normally are required to show the exposure to risk and fiddling that would be fraudulent, but it's all just numbers.

So long as people can repay then there's no problem. If they were to declare themselves bankrupt and the asset is now transferred to the bank in place of the mortgage, then yes the assets real price would be incredibly important in the bank declaring 'its' assets.

Of course banks are going to try and help people keep paying. They don't want bricks and land on the books and never did.

Share this post


Link to post
Share on other sites

http://www.telegraph.co.uk/finance/economics/8560840/IMF-warns-on-UK-banks-masking-bad-debts.html

IMF warns on UK banks masking bad debts
British banks’ lenience to struggling customers may be disguising the dangers the institutions face, the International Monetary Fund warned as it delivered its latest verdict on the UK economy..../
Just last week it emerged that the Financial Services Authority has accused banks of moving mortgage customers on to less strenuous terms to conceal bad debts.
The latest warning came as the IMF delivered a strong endorsement of the Government’s austerity plans on Monday, but laid out a clear Plan B of monetary easing and tax cuts in case of an emergency.

If Joe Bloggs goes into Natwest to cash a cheque for which he knows there are insufficient funds he has committed fraud which is a form of theft punishable as a crime.

If a bank represents it has more funds than it actually does to gain advantage (better credit rating for example) it has committed fraud.

Lack of regulation will destroy this country and the clock is ticking fast.

...if this is the case the Directors of any such Banks should be jailed immediately .... :rolleyes:

Share this post


Link to post
Share on other sites

That is THE problem facing the banks and the nation. This is why Merv cannot and will not hike.

....if 1+1=2 ....then he is part of the fraud....prevented from taking the necessary action on IRs in case he exposes any Banks.... :rolleyes:

Share this post


Link to post
Share on other sites

Ha!!! I predicted THIS PRECISE THING over 7 years ago..... :rolleyes::rolleyes:

But surely "no one saw this coming"? :unsure:

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.