Friday, Nov 20, 2009

Instead of complaining look after your savers

Guardian: Nationwide complains to regulators about state-backed bank's savings rates

A follow up to the post earlier today about Nationwide profits being down.
Mostly the same information as the FT article but I know some people have problems
reading those.

Posted by tenyearstogetmymoneyback @ 05:38 PM (922 views)
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4 Comments

1. cynicalsoothsayer said...

Graham Beale Nationwide's chief executive, is basically complaining about the uneven playing field of mortgage financing. Government is on the one hand claiming that everything is fine and dandy and go borrow more, whilst on the other hand trying to extricate themselves from the abysmal state of their newly almost nationalised lenders by attracting savers to them "by pricing their products "uneconomically."".

""growth in unemployment throughout 2010 will inevitably exert downward pressure on house prices," he said."
- unlike most of the commentators to the article, to me it looks like he has his head screwed on.

Friday, November 20, 2009 07:16PM Report Comment
 

2. keith thomas said...

Why don't the Banks & BS just ignore the BoE artificially rigged interest rate? Surely interest rates should be set by supply & demand of money and risk not by a bunch of no nothings sittings round a table in Threadneedle Street?

Friday, November 20, 2009 09:25PM Report Comment
 

3. tenyearstogetmymoneyback said...

Keith

What is more bizarre is that Government organisations like National Savings and Investments seem to be
ignoring Threadneedle Street, recently offering 3.95% on a one year bond. Perhaps they think they think
BOE interest rates will be higher than that in a years time.

Saturday, November 21, 2009 08:10AM Report Comment
 

4. Gordiji said...

ten yr@3; or maybe they think sterling will fall a few % against the major currencies cancelling this apparently good deal

Saturday, November 21, 2009 09:12AM Report Comment
 

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