The UK General Politics Thread Page 132

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  • LeoliansBro 17 Jan 2014 11:38:30 44,416 posts
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    McMonkey, yes but Miliband's 'brilliant' policy doesn't actually address what the problem is, and I fail to see the benefits really.

    You can't just create new banks out of thin air. Say we decide that The Bank of McMonkey is one of the new ones. Congrats, here is 10bn of deposits from individuals and 75 branches across the UK. Do you have the accounting systems to segregate these deposits? Do you have the product suite to stop them going elsewhere? Do you have the network support for your customers to be able to access their money? And that's before we even start on you making a profit - what are you going to do with the money? Are you Basel 2 compliant? Are you ready for Basel 3? Has the FCA and the PRA signed off on your underlying capital? You have underlying capital, right?

    Radically reducing the size of banks makes them staff heavy which leads to redundancies, makes their fixed cost base disproportionate which leads to losses, renders your product suite (which was designed to work with a large bank and how has to adapt to a small bank) borderline obsolete, and confuses your customers with paperwork, which leads to more red tape.

    Radically increasing these other 'new' banks stretches their resources to the limit, which leads to fraud and error and puts customers' money at risk, creates regulatory requirements which the new banks will have to adopt very quickly which leads to potential regulatory breaches, and stretches their asset base (they aren't just getting these customers and branches for free).

    High street banking isn't a real problem, or at least it isn't a problem this really solves.

    LB, you really are a massive geek.

  • mcmonkeyplc 17 Jan 2014 11:43:36 39,459 posts
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    You make sure the banks have all the necessary infrastructure required by consumers before they're allowed to open.

    I agree it doesn't fix the problem but it SHOULD lead to increased competition which I think is his point.

    Come and get it cumslingers!

  • LeoliansBro 17 Jan 2014 11:47:31 44,416 posts
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    mcmonkeyplc wrote:
    You make sure the banks have all the necessary infrastructure required by consumers before they're allowed to open.
    This is what the regulators do. And it isn't just something you can check, these are incredibly complex operating structures.

    And you've now introduced a second sine non qua into the situation. When does this happen?

    When the politicians say it must? You risk going live with insufficiently robust support systems.

    When the FCA say it is ready? What's the incentive for banks to do this in any hurry then? Or really at all?

    Edited by LeoliansBro at 11:49:21 17-01-2014

    LB, you really are a massive geek.

  • Dougs 17 Jan 2014 11:47:36 68,054 posts
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    LeoliansBro wrote:


    High street banking isn't a real problem, or at least it isn't a problem this really solves.
    I can't confess to being fully up on the banking sector, but isn't this the crux of the matter? High St banking isn't where the problem was in the market - isn't it essentially a loss-making operation and banks make their money elsewhere in the market?
  • bitch_tits_zero_nine 17 Jan 2014 11:49:00 6,652 posts
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    Just that the idea of a cultural union has value. We've been through so many wars that any spirit of togetherness should be commended and nurtured.

    The problem with this issue, to my mind, is that the best solution is a compromise between the two points of view; not boolean in or out.
  • bitch_tits_zero_nine 17 Jan 2014 11:51:33 6,652 posts
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    mcmonkeyplc wrote:


    So we should ignore trying to make it work properly?
    No, my point of view is that the idea of an inclusive group is worth the effort of trying to make it work; even if the cost is greater on the surface.
  • mcmonkeyplc 17 Jan 2014 11:52:21 39,459 posts
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    It's not loss making unless you've got a massive cost somewhere or you've made some pretty shitty loans.

    Come and get it cumslingers!

  • LeoliansBro 17 Jan 2014 11:54:05 44,416 posts
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    Dougs wrote:
    LeoliansBro wrote:


    High street banking isn't a real problem, or at least it isn't a problem this really solves.
    I can't confess to being fully up on the banking sector, but isn't this the crux of the matter? High St banking isn't where the problem was in the market - isn't it essentially a loss-making operation and banks make their money elsewhere in the market?
    High St banking is where banks (in part) get the money they use to invest elsewhere, and make a profit.

    1) Banks hold 10m of customers money in current accounts.
    2) Banks pay 1% interest on this, costs them 100k annually.
    3) Banks take the 10m and invest it in (say) 5 year loans to businesses.
    4) Banks receive 2% interest on this, making 200k and 100k net profit.

    The problem is that the customers could ask to withdraw their money at any time, but the banks might not be able to give it to them (because they've lent it on and won't get it back for 5 years). There are various liquidity reserve and capital rules to ensure there's always a proportion of spare money held by the bank. My question is: what is Ed Miliband fixing by asking for there to be more, smaller (more expensive) banks rather than fewer, larger banks (able to offer a better deal to customers through economies of scale)?

    I must have missed something obvious in this, I'm not railing against him for being an idiot. I just want to understand what his plan is.

    LB, you really are a massive geek.

  • LeoliansBro 17 Jan 2014 11:54:56 44,416 posts
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    mcmonkeyplc wrote:
    It's not loss making unless you've got a massive cost somewhere or you've made some pretty shitty loans.
    Massive cost like running a UK branch network, for example?

    LB, you really are a massive geek.

  • TheSaint 17 Jan 2014 11:55:20 14,481 posts
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    Things like current accounts are loss making if your customers are responsible.
  • mcmonkeyplc 17 Jan 2014 11:58:10 39,459 posts
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    bitch_tits_zero_nine wrote:
    mcmonkeyplc wrote:


    So we should ignore trying to make it work properly?
    No, my point of view is that the idea of an inclusive group is worth the effort of trying to make it work; even if the cost is greater on the surface.
    That's my problem though. The whole idea that it costs more than it provides is absolutely wrong to the point of mass insanity. It drives me mental.

    It may cost some of your (not you bitch) precious sovereignty but in return you get a much larger market, more growth, more jobs etc. If these things aren't more important to you than some tiny portion of your flag then you sir are strange in my opinion.

    The institutions to make the EU more democratic are already in place we just need to reform the politics so that it's directed in the correct way but that would mean national governments would shit there pants.

    Come and get it cumslingers!

  • Bremenacht 17 Jan 2014 11:58:15 18,459 posts
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    I think UK banking is supposed to be amongst the most competitive and well-developed on the consumer side.

    All Government needs to do is ensure existing rules are enforced properly, that adequate monitoring/inspection takes place and that dodgy business is adequately punished. But they won't, because they're cunts. They'll appoint their City pals to monitor their City pals, and 'light-touch' will remain the norm.
  • Bremenacht 17 Jan 2014 11:59:47 18,459 posts
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    Fuck - way behind the thread, as per usual.
  • bitch_tits_zero_nine 17 Jan 2014 11:59:50 6,652 posts
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    mcmonkeyplc wrote:
    bitch_tits_zero_nine wrote:
    mcmonkeyplc wrote:
    ...
    You know more about economics than I do tbh.

    Edited by bitch_tits_zero_nine at 12:00:13 17-01-2014
  • mcmonkeyplc 17 Jan 2014 12:03:28 39,459 posts
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    LeoliansBro wrote:
    mcmonkeyplc wrote:
    It's not loss making unless you've got a massive cost somewhere or you've made some pretty shitty loans.
    Massive cost like running a UK branch network, for example?
    That's a fixed cost which you should eventually be able to cover if your successful. Other retailers have this cost too.

    Come and get it cumslingers!

  • LeoliansBro 17 Jan 2014 12:11:32 44,416 posts
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    However it is, in the meantime, loss making.

    LB, you really are a massive geek.

  • mcmonkeyplc 17 Jan 2014 12:16:01 39,459 posts
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    Yeah :)

    Come and get it cumslingers!

  • mcmonkeyplc 17 Jan 2014 12:19:23 39,459 posts
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    bitch_tits_zero_nine wrote:
    mcmonkeyplc wrote:
    bitch_tits_zero_nine wrote:
    mcmonkeyplc wrote:


    You know more about economics than I do tbh.
    :) It's not just economics though. The problem with the EU is mainly political. :(

    Oh and that giant clusterfuck known as the Euro...which is a clusterfuck due to politics

    Edited by mcmonkeyplc at 12:20:50 17-01-2014

    Come and get it cumslingers!

  • Tom_Servo 17 Jan 2014 12:22:47 17,986 posts
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    Dougs wrote:
    http://www.youtube.com/watch?v=l93yjako2j8&feature=em-uploademail

    :D
    When I saw those little Union Jack flags I thought "Oh this must be on everyone's desk so others can see which country is being represented". Then I looked at the others. There are no flags.

    Urrrrrrrrrrgh
  • RedSparrows 17 Jan 2014 12:37:28 22,896 posts
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    HI I'M BRITISH HAHA SILLY FOREIGNS, I'M BRITISH ISN'T IT GREAT?!!
  • mcmonkeyplc 17 Jan 2014 12:42:02 39,459 posts
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    Don't read the comments section of that video. It will make your skin crawl.

    Come and get it cumslingers!

  • Moot_Point 17 Jan 2014 13:54:01 4,163 posts
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    Maybe we will be going Dutch with banking?

    ================================================================================

    mowgli wrote: I thought the 1 married the .2 and founded Islam?

  • LeoliansBro 17 Jan 2014 14:02:43 44,416 posts
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    ABN is owned by RBS.

    LB, you really are a massive geek.

  • bitch_tits_zero_nine 17 Jan 2014 14:04:24 6,652 posts
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    mcmonkeyplc wrote:.....
    Yeah, i think what I was alluding to before wasn't that being in europe was worse for us; more that when managing a political system, the organisational task grows in complexity as the numbers increase, population etc.
  • mcmonkeyplc 17 Jan 2014 14:08:47 39,459 posts
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    I agree with you there.

    Come and get it cumslingers!

  • Moot_Point 17 Jan 2014 14:09:45 4,163 posts
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    @LeoliansBro So a strong possibility then? :D

    ================================================================================

    mowgli wrote: I thought the 1 married the .2 and founded Islam?

  • Moot_Point 24 Jan 2014 23:43:33 4,163 posts
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    Do we get a vote to be in or out of the EU?

    Not on your nelly!

    ================================================================================

    mowgli wrote: I thought the 1 married the .2 and founded Islam?

  • Bremenacht 27 Jan 2014 18:00:29 18,459 posts
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    whatfruit wrote:
    TheSaint wrote:
    whatfruit wrote:
    Lansdown partners made similar profits on commissions and rapid share value rise as UBS and G& R.
    Good news for pensions, charities and companies that invest in that fund then.
    also for brokers, banks and George Osborne who gets 500k in his campaign war chest for being such a good sport.

    Shit news for the taxpayer or any business that relies on royal mail when the cost of services inevitably rises.
    Bumping this subject for this comment:

    Judge the Royal Mail sale in three months, said Vince Cable. Time's up

    Goldman Sachs and UBS, the companies paid a stonking 16.9m by the government for managing the privatisation, were questioned about the price discrepancy by a parliamentary committee in November. They denied any impropriety, claimed the 330p price was correct according to their research and described the whole fiasco as a "well-executed transaction". Less than a week later, Goldman Sachs issued a note to its investors, advising them that the price of the shares would settle at about 610p.
    Allocating shares to the companies responsible for setting the price seems a bit stupid to me. Employing foxes to manage the privatisation of the chicken-shed. I'm sure they could have devised a contract to avoid a conflict of interest.
  • localnotail 27 Jan 2014 23:59:39 23,093 posts
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    "Agenda for hope"

    A strange game. The only winning move is not to play.

  • TheSaint 28 Jan 2014 00:39:23 14,481 posts
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    Sounds like Michael should become a gaming journalist.
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