The Big Bailout of the Eurozone (Another crisis coming? - Seriously)

[pintsofguinness]

I understood it was illegal for banks to solicit customers for loans. But I have heard of it happening alright. There should be immediate prosecution of any institution found in breach of the law.

Really?!
I get this letter about every six months since I got a mortgage with them and was surprised to get it (right on time) again. 
Better not say what bank it was - but it's a major well known one.

[the Deel Rover]

I understood it was illegal for banks to solicit customers for loans. But I have heard of it happening alright. There should be immediate prosecution of any institution found in breach of the law.

Really?!
I get this letter about every six months since I got a mortgage with them and was surprised to get it (right on time) again. 
Better not say what bank it was - but it's a major well known one.

yea  it is definately illegal down south banks aren't allowed to send out letters to customers offering pre approved loans to  them

[pintsofguinness]

Ah this is from the north. 

[muppet]

I understood it was illegal for banks to solicit customers for loans. But I have heard of it happening alright. There should be immediate prosecution of any institution found in breach of the law.

Really?!
I get this letter about every six months since I got a mortgage with them and was surprised to get it (right on time) again. 
Better not say what bank it was - but it's a major well known one.

yea  it is definately illegal down south banks aren't allowed to send out letters to customers offering pre approved loans to  them

http://www.irishtimes.com/newspaper/ireland/2008/1008/1223335464264.html
Nationwide fined €50,000 over e-mail
SIMON CARSWELL, Finance CorrespondentBANK GUARANTEE: IRISH NATIONWIDE has been fined €50,000 for failing to act "professionally" and "with due regard to the integrity of the market" over an e-mail sent by the son of the building society's chief executive, soliciting for deposits on the strength of the Government's bank guarantee scheme.

The Irish Financial Services Regulatory Authority said a settlement had been reached with Irish Nationwide over the circulation of an e-mail by the building society last Wednesday, and that the society had accepted the behaviour was a breach of the regulator's consumer protection code.

The regulator reprimanded Irish Nationwide and found that the society had breached "general principle 1" in the first chapter of its consumer protection code.

A spokesman for the society said it had paid the fine. "The matter is now closed," he said.

Irish Nationwide had apologised for the e-mail, saying that it was "inappropriate and regrettable in the circumstances".


As seen above definately illegal to solicit for deposits but I think also illegal to offer loans to those who haven't requested them.

[Billys Boots]

yea  it is definately illegal down south banks aren't allowed to send out letters to customers offering pre approved loans to  them

I've been getting a letter inviting me to draw down a pre-approved loan up to the value to €15,000, every month (for at least the last year) from MBNA.  My missus also gets one (almost simultaneously each month) from GE Woodchester for a pre-approved loan up to the value of €10,000.  They haven't stopped coming this month.

[orangeman]

Has the bailout in UK effectively guaranteed the depositor's savings ?

[Mentalman]

P.S. Mentalman when I said we would have been Iceland I meant that our banking system would have been closed last week as theirs was this week.

With ya Muppet.

[Donagh]

Iseq has recovered now to be even for the day. Probably on the back on the European Central Bank announcement that interest rates are to be cut by 0.5%. The Brits, Yanks and Swiss are doing the same.

[the Deel Rover]

Iseq has recovered now to be even for the day. Probably on the back on the European Central Bank announcement that interest rates are to be cut by 0.5%. The Brits, Yanks and Swiss are doing the same.

is the interest cut immediate donagh ?

[full back]

http://www.thedailymash.co.uk/news/business/banks-to-lend-you-your-own-money-200810081308/

[Donagh]

is the interest cut immediate donagh ?

I would have thought so but there's no detail as yet. This is from the BBC breaking news:


Central banks cut interest rates
UK rate graph

Seven central banks - including the Bank of England - have cut their interest rates by 50 basis points.

The UK rate move - which had not been expected until Thursday - puts interest rates at 4.5% from 5%.

The US Federal Reserve has cut rates from 2% to 1.5% and the European Central Bank trimmed its rate from 4.25% to 3.75%.

The central banks of Canada, China, Sweden and Switzerland all took similar action in the co-ordinated move.

The unprecedented step is aimed at steadying a faltering global economy and slumping stock markets.

The Fed said that it had acted "in light of evidence pointing to a weakening of economic activity and a reduction in inflationary pressures".

[muppet]

Iseq has recovered now to be even for the day. Probably on the back on the European Central Bank announcement that interest rates are to be cut by 0.5%. The Brits, Yanks and Swiss are doing the same.

is the interest cut immediate donagh ?

Any bets the banks don't pass the cuts on?

[Bogball XV]

So I wonder what they'll suggest next week when markets are back down at the same level again - mass executions of bank chiefs, martial law.......

[orangeman]

Martial law sounds interesting.

[pintsofguinness]

http://www.thedailymash.co.uk/news/business/banks-to-lend-you-your-own-money-200810081308/

Never thought of it that way, it makes me 


I thought they couldnt cut interest rates because that would cause something else to go up?

Martial law sounds interesting.

I say we round them up and shoot them.