It might be time to invest in a few bank shares again. There seems to be a big tightening up in procedures and lending policy, which should lead to profits rolling in like in the good old days of just a few years ago.
The new banking regime means that they’re chasing down all those bad debts and it looks as if every last cent will have to be accounted for.
How do I know this? Well a letter arrived recently addressed to our son from one of the main banks in a relation to an overdrawn account, here’s what it said:
Dear Brian,
According to our records the balance of your account is €1.53 debit.
This situation may be due to an oversight, or an unforeseen delay in the receipt of funds that you are expecting. If this is not the case and you consider the position to be other than temporary, please contact me within the next week so that we can discuss the matter to see how we can be of assistance.
Please note that an increased rate of interest is automatically charged on all unauthorised borrowing.
Yours Sincerely,
-------- ---- Bank.
(Not Bank of Ireland, my current bank, by the way ).
I love that phrase, “an unforeseen delay in the receipt of funds.” What do they mean? It’s a pity Brian didn’t come to me for help on this massive debt. I would have been more than happy to advance him €2 to get the bank off his back in these stressful times.
I’m viewing this as good news at a time when the newspapers are full of horror stories about the goings on at the various banks. If a sum that’s less than the price of a cup of coffee is setting off alarm bells, can you imagine the pressure that the big crooks, sorry developers, must be under.
Anglo Irish has admitted that 15 of its customers have loans in excess of €500 million each. I’m beginning to feel a bit sorry for these guys. I presume at this stage their houses must be surrounded by Army tanks and the last of their art collections and their wives’ four by fours confiscated to pay off the debts.
Sean Fitzpatrick has taken off to the Costa Del Sol, home to most of the Irish criminal world, so he should feel right at home over there.
More responsible banking news
There’s a definite wind of change around in the world banking circles. Accountability and value for money is the new financial religion.
A story from Bank of America will bring further confidence back to the industry. The company asked 23 members of staff to hand back the airfare on a recent business trip that was cancelled at the last minute. It would never have happened to FAS executives and their wives, but they may have gone a little bit too far with this one.
The cancellation of the trip was due to engine failure, followed by that splash landing in the Hudson River in New York. The bank has apologised to the 23 cold and wet staff members, but it will certainly make them think twice before slipping in any false expenses.
Dilemma at the checkout
It’s become a very popular fundraiser recently, with all sorts of sports clubs and charities offering to pack my bags at the supermarket checkouts.
I’m always a bit uneasy, especially since the time a woman gave a running commentary on my purchases as she packed my bags, with comments such as, “Ooh, four bottles of wine. Where’s the party on?”
What’s the going rate for this service? For a full load I imagine it’s one or two euros, but last Saturday I was just getting a newspaper, milk, and a sliced pan when I was confronted by an eager bunch of shopping packers in yellow tee shirts up in the Newpark shopping centre.
My other problem was the cause they were collecting for, The Niall Mellon fund. As I threw a few coins in the bucket I remarked that he would be better off paying what’s owed to his staff and suppliers here in Kilkenny since the closure of the Kilkenny Voice, a comment that didn‘t go down too well with my eager packer.
It’s true, a hard neck goes a long way in this charity game.
Things we can do without - Part 3
This week’s addition to the “do without” list is electricity. Well maybe not electricity itself, although we got a sample of what that would be like last Saturday night in Kilkenny.
Most of the town was plunged into darkness with people abandoning restaurants and bars in search of light. No, it seems you can now survive without the ESB and I‘ve no intention of paying for their three per cent wage increase. I’ve signed up with Bord Gáis, which has now gone into the business of selling electricity, and is promising me electricity that’s 14 per cent cheaper than what I’m currently paying. Shocking, isn’t it?
