Banks. Reward for success, or welfare scrounging?
The bonus payouts for bankers were paid recently, which included £380 million paid to 800 senior staff at Lloyds, of which we own 25%.
http://www.theguardian.com/business/2015/feb/27/lloyds-pays-antonio-horta-osorio-11m-resumes-dividend-after-six-years
Profits and share price were up and the first dividend, albeit a small one, was paid, the first since Lloyds and HBOS merged, which was helped by 20 billion of our money. So, bonuses are merited it seems. Unless you look a bit closer, then it becomes debatable, at the very least.
Let me explain, In 2012 Funding for Lending was launched, you may recall Osborne and Cable saying banks could only access this money by lending to SME's, who employ more than half the workforce and so are vital to the economy. But if you look here,
http://www.bankofengland.co.uk/markets/Pages/FLS/default.aspx
you;ll see an amendment was quietly made, enabling banks to borrow from FfL without having lent to SME's
. This allows participants to borrow from the FLS until January 2016, with incentives to boost lending skewed towards small and medium sized enterprises (SMEs).
The 'incentives' evidently didn't work,
http://www.independent.co.uk/news/business/news/funding-for-lending-scheme-fails-to-deliver-for-small-firms-10074115.html
Figures released by the Bank of England showed net lending under the Funding for Lending Scheme slumped by £810m in the final quarter of last year. This followed falls in the previous three quarters and took the total decline over 2014 to just under £2bn.
But the Bank’s data shows that despite participating lenders – which include the taxpayer-backed Lloyds and Royal Bank of Scotland – drawing down £15.6bn in cheap loans in 2014, they collectively carried on contracting their overall corporate lending books.
Lloyds, which reduced net lending by £4.2bn. It drew down £6bn in cheap loans in the three months and £10bn over 2014 as a whole.
Where did our money at Lloyds go? My guess is property lending. When property prices are rising, especially at the top end, it's not difficult to make a quick buck. But whatever, Lloyds used billions of our money for a purpose it was not intended for, but no prob, our elected representatives, as normal, let bankers loot the public purse. Still, they are getting tough on jobseekers, the sick, and the rest of the rabble.
http://www.theguardian.com/business/2015/feb/27/lloyds-pays-antonio-horta-osorio-11m-resumes-dividend-after-six-years
Profits and share price were up and the first dividend, albeit a small one, was paid, the first since Lloyds and HBOS merged, which was helped by 20 billion of our money. So, bonuses are merited it seems. Unless you look a bit closer, then it becomes debatable, at the very least.
Let me explain, In 2012 Funding for Lending was launched, you may recall Osborne and Cable saying banks could only access this money by lending to SME's, who employ more than half the workforce and so are vital to the economy. But if you look here,
http://www.bankofengland.co.uk/markets/Pages/FLS/default.aspx
you;ll see an amendment was quietly made, enabling banks to borrow from FfL without having lent to SME's
. This allows participants to borrow from the FLS until January 2016, with incentives to boost lending skewed towards small and medium sized enterprises (SMEs).
The 'incentives' evidently didn't work,
http://www.independent.co.uk/news/business/news/funding-for-lending-scheme-fails-to-deliver-for-small-firms-10074115.html
Figures released by the Bank of England showed net lending under the Funding for Lending Scheme slumped by £810m in the final quarter of last year. This followed falls in the previous three quarters and took the total decline over 2014 to just under £2bn.
But the Bank’s data shows that despite participating lenders – which include the taxpayer-backed Lloyds and Royal Bank of Scotland – drawing down £15.6bn in cheap loans in 2014, they collectively carried on contracting their overall corporate lending books.
Lloyds, which reduced net lending by £4.2bn. It drew down £6bn in cheap loans in the three months and £10bn over 2014 as a whole.
Where did our money at Lloyds go? My guess is property lending. When property prices are rising, especially at the top end, it's not difficult to make a quick buck. But whatever, Lloyds used billions of our money for a purpose it was not intended for, but no prob, our elected representatives, as normal, let bankers loot the public purse. Still, they are getting tough on jobseekers, the sick, and the rest of the rabble.
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