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zccax77
I'm not sure these are backed up by 100% (I've several law companies in portfolio - involved in insolvency litigation).
http://uk.reuters.com/article/uk-britain-insolvency/uk-insolvency-law-poses-hefty-losses-for-government-backed-loans-idUKKBN23B3D3
Some classes have only 80% backing (therefore lender will have some exposure and will have to put extra efforts into due diligence on assets/collateral)
Kind of expected loses tbh, but if I remember correctly most businesses can get regular loan (automatically not qualified for HMG backed loans) - first filter is for businesses which are unable to get financing under normal circumstances.
Secondly there's a range of additional criteria (having offices & employees / legitimate functioning business, contributing impact on economy, etc.)
In my view a range of this unsustainable (under normal conditions - even considering some mild cyclic nature) zombie junk "businesses" should be cleaned out of economic system anyway (to some degree it happens naturally anyway - some percentage of failed/degrading entrepreneurship will inevitably exist due to imperfect information / non-deterministic nature of the processes and need to support continuity of structural transformation), it would be great - not at taxpayer expense, but nonetheless this does allow a bit more control over system purge and avoids amplifying shock.
As for impact on mtro PnL - I do agree it wont have significant impact but nonetheless any loan does have service/admin costs (not sure what they do underwrite, it might be just loan body - without interest, even though it's very low), there will be a second wave of beneficiaries on defaults: whoever buys these assets off insolvency as bad debt portfolio pack at discount (mtro still has first-hand shared rights as priority creditor on debt recovery before shareholders if anything will be left hoping equity isn't negative but at least nil)
I’m not sure fraudulently obtained money will be underwritten by HMG?
The defaults are 100% underwritten by HMG. Not sure why posters here think this has any bearing on MTRO and their P&L, all they gain is the 2.5% pa service fee. Plus there is a zero impact on capital / RWA.
Yep, cheaper to learn from the mistakes of others than your own.
Metro, by delaying the BBL, will have avoided the most desperate borrowers with the highest likelihood of defaulting. What's the point in being the first wave of banks to give out money to people who literally will never pay it back? Exactly.
Some see it late. As a shareholder or exec, I definitely want to be avoiding/ minimizing defaults (without even mentioning all the fraudsters that set up newcos just to get BBL and will knowingly never pay back).
Good for metro.
How the other half live...
Hill only put in £60m in this, peanuts for him.
So has Metro bank just been a huge, expensive facade to escalate his wife's business? Hmm....
Mr Hill must have lost millions, how is he content with this loss?
If Mr Hill is contemplating taking over at 230p, then I'm sure someone with a tin foil hat somewhere will be wondering if he is responsible for the Covid-19 outbreak as a reason to drive down the price even further...
Hill and his wife should be sued and am not sure why the current management think highly of them. Have a look at some of the photos of the before and after images of the branches, they literally demolition the old building and rebuild, slot of the materials and substrates are imported from the United States
Theo their branch expansion under hill has been a complete scam to transfer architecture fees to his wife. I am still baffled how they can spend £5-10m on a branch. Hopefully under the new management the new branches are cheaper to open.
As though all the other banks are hendling it so well.
My business banking is with Barclays who have been an utter shambles since day 1 of CBILS never mind BBL. At every opportunity Barclays are blocking CBILS and BBL and offering their commerical lending first, with personal guarantees, fees and at 8% + interest with the carrot of almost instant availability.
If you tunr that down you are sent into a black hole to have to wait for the government lending to be processed.
We got out MP involved, 24 hrs later we had a BBL in our account.
In hindsight we don;t now need it, we're one of those businesses that seems to be flourishing (we're E commerce) but you'd be daft not to take the facility.
Ambulance chasers the lot of them.
Still nothing per Twitter. I am glad I am not a business customer of theirs.