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[Field Marshal Dr. Opti]

On the BBC news at one today.

Abbey will NOT be lowering interest rates despite The Bank of England Dropping rates by 0.5% this week.

I can't help thinking  that the banks are taking the bail out money with

one hand and making a f##k you gesture with the other hand.

All the taxpayer money given to the banks was to stop them doing things like this. :-/ :-/ :-/

[Martin_1962]

How about Alliance & Leicester?

If not I may move

[Marks DTM Calib]

On the BBC news at one today.

Abbey will NOT be lowering interest rates despite The Bank of England Dropping rates by 0.5% this week.

I can't help thinking  that the banks are taking the bail out money with

one hand and making a f##k you gesture with the other hand.

All the taxpayer money given to the banks was to stop them doing things like this. :-/ :-/ :-/

It had nothing to do with that.....it was to inject liquidity into the market.

Remember this is not bail out money, its the government putting loan cash into the system because the big banks are not!

And without loan cash then mortgages can not be granted, buisnesses can not manufacture items, developers can not develop things etc etc....

The interest rate set by the lenders will be based on supply and demand....I guess the Abbey at the moment have more requests for cash than they have cash available to loan and in a free market economy, you charge what you can get away with!

If the number of people who decide to request cash from them drops then so will thier rate!

[Ken T]

How about Alliance & Leicester?

If not I may move

Abbey is owned by the Spanish Santander bank, who are also taking over Alliance and Leicester, plus  soon will control a large amount of this country's mortgauges thanks to the Gov's action re Bradford and Bingley. Interesting if you read about spanish banks, the controlling spanish bank stopped them getting too far stretched and lending money to everybody. That's why they have lots of dosh and are busy cleaning up in the UK.

UK PLC, part owned by the French, Spanish, Germans, US, China, Hong Kong,..... Have I missed anyone out ?.

Ken

[jimbobmccoy]

was £50 billion not used to buy shares in the banks?

i thought it was.

Its great, as since the shares have kept dropping taxpayers money is literally disappearing while they get nowt, cant see my pension being there in 40 years!

they'll want to invest in iceland next

I do think providing loans to keep the libor down and provide more credit is good, but the shares??

[Field Marshal Dr. Opti]

Central bank interest rates have been falling of late .
The libor ..............that is the rates that banks lend to each other has remained high. In good times the libor rate is usually very close to central bank interest rates ,normally within 0.15%-0.25%....but at the moment the diference is much greater.
This is not good and shows a lack of confidence about what may happen in the near future.
It could be a long time before we get stability in the system.

[jimbobmccoy]

with more available credit to the banks, there should be more confidence, and a lowering of the libor, which in turn means unsecured loans, and credit card interest rates should drop in relation to this.

I agree its going to be a long haul, what really annoys me is the press talking us further and further down the path.  yea its not brilliant at the moment, but if people use common sense, and live to their means, it shouldnt be the doomsday they are saying is imminent.

[Marks DTM Calib]

was £50 billion not used to buy shares in the banks?

i thought it was.

Its great, as since the shares have kept dropping taxpayers money is literally disappearing while they get nowt, cant see my pension being there in 40 years!

they'll want to invest in iceland next

I do think providing loans to keep the libor down and provide more credit is good, but the shares??

Nope, no share purchase.....part of the loan agreements can be related to stakes in the company passing to state control.

[jimbobmccoy]

i see, so my pension may not be a mere dream carried off on the winds of government folly then.

[Lizzie_Zoom]

Remember the total UK Government's 'bail out' / support package is

[size=24]£400 Billion!![/size]

[jimbobmccoy]

exactly....my pension! (Iwished)

[Field Marshal Dr. Opti]

Remember the total UK Government's 'bail out' / support package is

[size=24]£400 Billion!![/size]

£400 billion ....very similar to the  $700 billion dollars in the U.S.A....that is a lot of dosh for a small island like us.