How to start a Bank

[animal44]

Anyone know?

Just a short summary of the requirements :-)

[Piglet]

Dunno but killing them seems quite straightforward at the moment

[edb49]

There are lots of different types of bank. Do you want to issue debit cards and cheque books, do you want to invest people's money, or something else?

[animal44]

Had in mind a straight forward high street bank type bank :-) ie cheque book, debit card, credit card, overdraft, personal loans, maybe mortgages, usual personal banking sort of thing...

[ninja-lewis]

£186,032 over 21 years and you can start the Bank of Mum and Dad.

[DonnyMac]

Short sell them between now and midnight (then from January) make them an offer based against your shares and buy one of the top 4.

Worked for Llyods

[deadslow]

Short sell til you have put forty thousand people out of a job. Take your £100m, decide not to bother opening a bank after all and go live in Monaco.

[edb49]

animal44 said:

Had in mind a straight forward high street bank type bank :-) ie cheque book, debit card, credit card, overdraft, personal loans, maybe mortgages, usual personal banking sort of thing...

For a start you'll need a banking license and probably some large capital requirement. Why bother???

[jamesuk28]

DonnyMac said:

Short sell them between now and midnight (then from January) make them an offer based against your shares and buy one of the top 4.

Worked for Llyods

[Pappa Lurve]

Abridged version - you cant!

I worked on a project about 3 years ago and we needed to get a banking license. An e-money license might have been ok but for various reasons we wanted to go the whole hog. I think we had to lodge something like 10 million but the amount you lodge changes depending on services, location, clients etc. Consider though that the company was a global telecoms company, quoted on the NYSE, with operations, including banking related in 70 countries and a turnover in excess of 5 billion and it still took over a year to get, huge investments and the thing that took the time was due diligence and security.

Now, if you want a more basic e-money license, as long as you are of good standing, one million Euros and you can get one, although even that is not easy exactly!