Exposure of our banks to the PIIGys?

[surrey7er]

OK, a (hopefully) simple question, how much exposure do our banks have to the basket case Southern European economies?

I have read that some French banks are heavily exposed, is it a similar picture for our banks?

For example, I bank with Lloyds TSB and ING. Any idea if these or others are exposed to a serious drubbing in the event of Default/Euro collapse?

[Puggit]

We are not anywhere as exposed as the Germans and French...

This should help: http://www.guardian.co.uk/news/datablog/2011/jun/1...

[surrey7er]

Thanks Puggit, a good link... I see my ING account is potentially a little exposed!

Time to look at alternatives!

[DonkeyApple]

It's our exposure to the French and German banks that is the initial issue.

But seeing as the EU is basically our main trading partner then the loss of business from a massive decline in the EU will collapse many UK businesses and thus leave our banks nursing losses they can't possibly handle. In conjunction to the loss of business we will obviously have the loss of jobs and the subsequent defaults on property debt and the final re-basing of residential property.

Luckily though there is no more boom and bust.

[Ozzie Osmond]

The biggest enemy remains inflation and it's close friend Quantitative Easing.

Even if you keep all the money you've got, it's going to be "worth" half as much pretty soon.

• On deposit at 3% in ING
• 40% tax leaves you 1.8% net
• Inflation at 5%
• Yup, you're going backwards at 3.2% p.a!

Oh good grief, just tried to access the website and they've changed everything with the usual consequences,

"Sorry...
We can't find this page, probably because we have moved it as part of the new ONS website."

[RichyBoy]

Surely there is more too it. If greece defaults will the others think they can do the same?

I'm starting to get fed up with all this exposure talk, like we're all responsible for this. I've already got a goldmoney account for a small amount of my savings, I'm thinking of getting a bullion vault account and splitting most of my savings between the two.

This guy seems to think savings will be at risk, on bbc is well not usually scaremongers:

http://www.youtube.com/watch?v=aC19fEqR5bA&fea...

[DonkeyApple]

RichyBoy said:

Surely there is more too it. If greece defaults will the others think they can do the same?

I'm starting to get fed up with all this exposure talk, like we're all responsible for this. I've already got a goldmoney account for a small amount of my savings, I'm thinking of getting a bullion vault account and splitting most of my savings between the two.

This guy seems to think savings will be at risk, on bbc is well not usually scaremongers:

http://www.youtube.com/watch?v=aC19fEqR5bA&fea...

Not at as much risk as the majority of people's gold investments. In a collapse most of these will transpire to not be asset backed or segregated and the gold that was bought with the clients money will have long since been transfered out and into someone else's name.

[Beardy10]

RichyBoy said:

Surely there is more too it. If greece defaults will the others think they can do the same?

I'm starting to get fed up with all this exposure talk, like we're all responsible for this. I've already got a goldmoney account for a small amount of my savings, I'm thinking of getting a bullion vault account and splitting most of my savings between the two.

This guy seems to think savings will be at risk, on bbc is well not usually scaremongers:

http://www.youtube.com/watch?v=aC19fEqR5bA&fea...

He's full of st.....and embodies the worst of the banking industry. I "dream about recessions". Please.

He's talking his book as they say in the industry......

If you actually listen to what he said he offered absolutely zero insight into what is happening.

I see he has his own website http://www.leadingtrader.com/about/

If he was any good he wouldn't be working for himself he'd be working for a Hedge Fund, making an awful lot of money and not be seeking to supplement his income by being a public speaker.

[DonkeyApple]

Beardy10 said:

He's full of st.....and embodies the worst of the banking industry. I "dream about recessions". Please.

He's talking his book as they say in the industry......

If you actually listen to what he said he offered absolutely zero insight into what is happening.

I see he has his own website http://www.leadingtrader.com/about/

If he was any good he wouldn't be working for himself he'd be working for a Hedge Fund, making an awful lot of money and not be seeking to supplement his income by being a public speaker.

He's an experienced forex trader

Textbook spanked line and asset class.

He also has the textbook recs from an Indian, an Anglo Saxon and a Chinaman.

However, where you are slightly incorrect is that the top people in this field earn more than most fund or bank traders and without any of the governance restrictions.

[DonkeyApple]

Beardy10 said:

He's full of st.....and embodies the worst of the banking industry. I "dream about recessions". Please.

He's talking his book as they say in the industry......

If you actually listen to what he said he offered absolutely zero insight into what is happening.

I see he has his own website http://www.leadingtrader.com/about/

If he was any good he wouldn't be working for himself he'd be working for a Hedge Fund, making an awful lot of money and not be seeking to supplement his income by being a public speaker.

He's an experienced forex trader

Textbook spanked line and asset class.

He also has the textbook recs from an Indian, an Anglo Saxon and a Chinaman.

However, where you are slightly incorrect is that the top people in this field earn more than most fund or bank traders and without any of the governance restrictions.

[Beardy10]

DonkeyApple said:

However, where you are slightly incorrect is that the top people in this field earn more than most fund or bank traders and without any of the governance restrictions.

You're comparing the top people with the average....there's no way a day trader working for himself earns more than the best people at banks and hedge funds. Otherwise they'd all quit the banks and hedge funds and do it themselves....and they don't.

[DonkeyApple]

Beardy10 said:

You're comparing the top people with the average....there's no way a day trader working for himself earns more than the best people at banks and hedge funds. Otherwise they'd all quit the banks and hedge funds and do it themselves....and they don't.

Where does day trading come into this?

It's selling the dream and there are millions of desperate buyers who'll pay a lot of hard earned.

Filling a conference room at a good sized hotel can put an easy half bar in your back pocket after marketing costs and can be done each month. Although this has now evolved into calling yourself a university and having a swanky business unit on the outskirts of London. There are probably 4 main guys running this st in the UK

While I do know a few day traders who are much better than the majority of pro traders they have none of the infrastructure to capitalise. And the systems aren't scaleable. Although none of them want this. But they don't speak to anyone or have a website.

[Beardy10]

DonkeyApple said:

Filling a conference room at a good sized hotel can put an easy half bar in your back pocket after marketing costs and can be done each month. Although this has now evolved into calling yourself a university and having a swanky business unit on the outskirts of London. There are probably 4 main guys running this st in the UK

Show me some examples of these courses then ? Maybe they can sell out a course of 500 at £1000 plus a head every month.

Even at that rate they don't earn what the top traders earn by a long,long way......I can think of plenty of people that are line traders at hedge funds or banks that have earnt more than that.

[DonkeyApple]

Beardy10 said:

Show me some examples of these courses then ? Maybe they can sell out a course of 500 at £1000 plus a head every month.

Even at that rate they don't earn what the top traders earn by a long,long way......I can think of plenty of people that are line traders at hedge funds or banks that have earnt more than that.

Most traders don't though. A couple of bar tops. This spank shop crap is guaranteed year in year out and hasn't the social stigma.

One married couple showed net profit at CH of £27m yhe other year.

It's big business.

[DJRC]

But Beardy...most people would take 2/3rds of the pay, but still earning a packet for doing the doss easy con of selling the course and working for themselves than earning that 1/3rd more but owned by the office.

As DA says, its piss easy money with no downside.

[munky]

surrey7er said:

Thanks Puggit, a good link... I see my ING account is potentially a little exposed!

Time to look at alternatives!

Do you have more than £87k in your ING account? If not, then what's there to worry about?

[DonkeyApple]

RichyBoy said:

Surely there is more too it. If greece defaults will the others think they can do the same?

I'm starting to get fed up with all this exposure talk, like we're all responsible for this. I've already got a goldmoney account for a small amount of my savings, I'm thinking of getting a bullion vault account and splitting most of my savings between the two.

This guy seems to think savings will be at risk, on bbc is well not usually scaremongers:

http://www.youtube.com/watch?v=aC19fEqR5bA&fea...

http://www.telegraph.co.uk/finance/economics/8792829/BBC-financial-expert-Alessio-Rastani-Im-an-attention-seeker-not-a-trader.html