This product is regulated by the financial regulator

th3 s1aught3r

There are ads on radio and TV constantly for various financial products, all of which are "regulated by the financial regulator". Are we supposed to trust them now ?

Dravokivich

Don't get a loan you can't afford to pay back...

thirtythirty

Better him than nate dogg and warren g I suppose.

listermint

spottyelephant wrote: »

Better him than nate dogg and warren g I suppose.

Id prefer them. they at least would regulate with style.

_feedback_

Loosely translated it means:

"They have a free reign to do whatever the fook they want"

bonerm

spottyelephant wrote: »

Better him than nate dogg and warren g I suppose.

Not to mention Casey Siemaszko and his chums.

orourkeda

The current regulator at least looks like he's doing his job.

Procasinator

Would you trust them more if they were not regulated by the financial regulator? Bit of a tongue twister, actually.

How much could the financial regulalator regulate if the financial regulator could only finance the regular people in these financially irregular times.

fonecrusher1

Dravokivich wrote: »

Don't get a loan you can't afford to pay back...

Pity they didn't say this to a number of careless property developers who built thousands of houses that were never bought. Banks were quite happy to hand out bucket loads of cash to them for years.

The financial regulators have made a huge contribution to this countries future of basically being in debt for the next 10 - 20 years.

People should have gone to prison. Not that im using the USA as a model society but over there when your responsible for such things you go to prison. Instead of resigning, getting a nice golden handshake, a hefty pension & off you go abroad for a few years till things calm down a bit. Sure thats the Irish way.

ejmaztec

I'd rather invest my money in magic beans and snake-oil than in anything regulated by the financial regulator.

Banned Account

Elderfield is doing a good job I would think. The issue isn't so much with the products a lot of the time but with the way in which they are sold and marketed - in that case, what is of concern is the institution you do business with and worryingly, the day before yesterday, the regulatoer stated that he was chronically understaffed and wasn't really getting around to scrutinising the activities of the big fish.

On an aside, there is one positive thing, to my mind, that has come out of out current crisis - that príck on the bus now seems to know what a tracker mortgage is.

marco_polo

orourkeda wrote: »

The current regulator at least looks like he's doing his job.

And when he does do his job, within hours 101 threads have appeared in AH giving out it.

th3 s1aught3r

Fitzcaraldo wrote: »

Elderfield is doing a good job I would think. The issue isn't so much with the products a lot of the time but with the way in which they are sold and marketed - in that case, what is of concern is the institution you do business with and worryingly, the day before yesterday, the regulatoer stated that he was chronically understaffed and wasn't really getting around to scrutinising the activities of the big fish.

People say the banks are going to help get us out of this mess, by lending again.
Isnt that how we got into the mess ?

Banned Account

th3 s1aught3r wrote: »

People say the banks are going to help get us out of this mess, by lending again.
Isnt that how we got into the mess ?

Yes and no I suppose is the answer to that. Banks fulfill a number of functions - they act as clearing houses for money transfers, they allow consumers to operate current accounts and they also re-route deposit funds to those looking to borrow.

The problem we had was many-fold - too much money was lent out with the banks relying on the money markets for short-term funding as opposed to longer term domestic deposits. It was also lent out in a manner which focused on one particular area - property development.

Poor security was often taken, with many loans being secured just on the assets that were being purchased with the loan proceeds so when these assets went wallop, the banks were left with something worth a fraction of the cost - meanwhile the money markets wanted their cash back.

Brian Lenihan told them not to worry as the Irish state would guarantee them that all money would be repayed by the taxpayers no matter what the cost and voila - here we are.

One issue at the moment is that the banks are so strapped for cash that viable businesses are not getting loans to expand and stay in operation because the banks are in such a bad state. The thinking is that if they begin lending prudently again to small and medium size businesses, money will start to flow aiding an economic recovery.

The IMF used to do this and provide such cash when it was initially established but now, if it were to step in, it would insist on cuts (much like those coming up in the budget) which would be counter productive - cutting spending and raising tax means less money in circulation which means a prolonged recession.

Woo - fúcking - hoo!

Gunsfortoys

**** SAKE! Enough with the bank threads.