UK's Nationwide looking for Irish Business

As reported by the BBC, 18th August 2008

They will be taking deposits only and will get access to ECB funds …

Blue Horseshoe

Maybe this is our new growth area - have your tax haven status, but with the additional benefit of tapping up the ECB for a few billion when you’re stuck!

I’ll always welcome more competition in the savings market. I assume that you’re money would be covered by the FSCS and not the guarantee in place in Ireland (UK protection scheme far more generous)

The ECB should not be accepting collateral from outside the Eurozone. Any bunch of UK cowboys can currently set up a brass plate operation in a eurozone country and then tap the ECB for money using car loans in Scunthorpe as collateral.

I think the German bankers are a bit naive when it comes to City of London barrow boys who would pimp out their own grandmothers, if they thought it would boost their profits.

Courtesy of the automatic earth, and with typical Aussie brutality:
business.theage.com.au/business/ … -3zh4.html

And that’s just one bit of the article!

What about Leeds Building Society, who also recently arrived here. Do you think they’re here to tap the ECB, or to genuinly look for Irish deposits?

Pot and Kettle

Mish was talking about this type of action back in May.

globaleconomicanalysis.blogspot.com/2008/05/ecb-concerned-over-swap-o-rama-exit.html