Tuesday, September 4, 2012

Is there anything banks won’t do to make a fast buck?

Barclays accused of misusing taxpayer-backed small business lending scheme

Barclays Bank has been accused of using a taxpayer-backed scheme – designed to get finance to budding entrepreneurs – to provide a safety net for its risky lending.

Posted by stuartking @ 10:46 PM (1158 views)
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4 thoughts on “Is there anything banks won’t do to make a fast buck?

  • No.

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  • Will regular contributors still be frequenting this site in 5 years time posting the same mundane articles with endless reiterations of the same views and no doubt feeling they are contributing in some way?

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  • Yes.

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  • Surprised to hear about the abuse of SFLG, when I worked at HBOS I understood the criteria to be very tight and had difficulty applying for it for genuine SME’s/entrepreneurs in the way it was intended as, there were so many exclusions etc (note – to apply you had to fill in a lengthy application form certfiying that no other security was available!). If Barlcays got away with this one it means their systems/guidelines were decidely iffy (or absent) so there could be plenty more where this came from.
    I’ve said on here a few times that I was well aware that to hit Project Merlin targets the big 4 were treating renewals of existing debt as “new lending” and I expect the same twisted logic to be applied to the new “funding for lending scheme”.

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