The UK's Q4 2023 banking crisis.

[sancho panza]

It's a bit data light tobh DM.I've been throuhg once and didn't see a regional breakdown of resi lending(there was one for commercial but their commerical book is small.Only stat I could see was 66% of lednign otusdie Wales iirc.

Also no data on loans by year of origination.

Aslo no data on how mnay FTBers etc

All in al with 79% of a £2bn BTL loan book IO ,I suspect they'll be clsoe to the wire this winter

https://www.principality.co.uk/en/about-us/your-principality/financial-reports

 

MC-Page 131 stage 2's rising,but not much detail at all.

page 139

 

MC-herre we get to some juicy stuff 79% of BTL lending aka about £1.7bn is IO.Anotehr one for the chopping block I suspect.

Page 160-MC-also interesting to see £300mn of lending on land

 

 

[sancho panza]

Paragon half year is out.Here's teh last full year to Sept 22.So will have a look at the half year as that will shine the msot light

2022 full year

https://www.paragonbankinggroup.co.uk/resources/paragon-group/documents/reports-presentations/2022/2022-annual-report-full1

2023 half year

https://www.paragonbankinggroup.co.uk/resources/paragon-group/documents/reports-presentations/2023/paragonbankinggroup_hy_announcement_2023

page 15-MC-chunky rise in BTL exposure

page 16-MC-LTV rising

page 25-MC-net income down

page 37

Pge 42-MC-surpirsing drop in stage 2's until you conmsider huge rise in new laons.Could it be that the most recent(and stress tested laons are being used to purify the loan book.Given the headwinds for BTL at the mo,I find the rise in new lending surprising,not least the cleansing effect it appears to have had on the laond book

page 48-

page 95-surprising to see stage a 2 drop

The value of accounts in Stage 2 has reduced significantly in the Mortgage Lending segment over
the six-month period. This is driven principally by a lower number of accounts identified through
model based criteria which are driven by the economic scenarios input into the models. The
economic forecasts at 30 September 2023 included significant short term shifts in interest rates
and house prices. These have been reflected in actual economic performance, to some extent,
and the initial part of the March scenarios have lower anticipated movements.

page 144

MC-ave 62.4% LTV

Page 149-50%+ lent into London and South East........

 

 

 

 

[Democorruptcy]

23 hours ago, sancho panza said:

It's a bit data light tobh DM.I've been throuhg once and didn't see a regional breakdown of resi lending(there was one for commercial but their commerical book is small.Only stat I could see was 66% of lednign otusdie Wales iirc.

Also no data on loans by year of origination.

Aslo no data on how mnay FTBers etc

All in al with 79% of a £2bn BTL loan book IO ,I suspect they'll be clsoe to the wire this winter

https://www.principality.co.uk/en/about-us/your-principality/financial-reports

 

MC-Page 131 stage 2's rising,but not much detail at all.

page 139

 

MC-herre we get to some juicy stuff 79% of BTL lending aka about £1.7bn is IO.Anotehr one for the chopping block I suspect.

Page 160-MC-also interesting to see £300mn of lending on land

 

 

 

 

Yes that one. I was just looking at which firms were offering the best 5 yr ISA rates presumably for them to try raise some money. Only 8 in the table but they include the usual suspects West Brom, Paragon, Leeds, Shawbrook, Close, Zopa, United Trust and Principality.

https://www.dailymail.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

[sancho panza]

22 minutes ago, Democorruptcy said:

Yes that one. I was just looking at which firms were offering the best 5 yr ISA rates presumably for them to try raise some money. Only 8 in the table but they include the usual suspects West Brom, Paragon, Leeds, Shawbrook, Close, Zopa, United Trust and Principality.

https://www.dailymail.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

It's a pretty astute way of working out which ones are in trouble before you keep pressing the button and nothing is happening.

Having said that,from the state of the ba;ance sheets we've seen down here over the last few months,they arent the noly ones with problems.

[Democorruptcy]

10 hours ago, sancho panza said:

It's a pretty astute way of working out which ones are in trouble before you keep pressing the button and nothing is happening.

Having said that,from the state of the ba;ance sheets we've seen down here over the last few months,they arent the noly ones with problems.

Speaking of others, based on your work I thought Skipton might join the party but their 5yr Fixed and ISA rates are very poor at 3.75%, compared to 5yr swap rates at 4.983%. They want 18 month.

https://www.skipton.co.uk/savings/fixed-rate-isas

https://www.skipton.co.uk/savings/fixed-rate-bonds

[HousePriceMania]

1 hour ago, Democorruptcy said:

Speaking of others, based on your work I thought Skipton might join the party but their 5yr Fixed and ISA rates are very poor at 3.75%, compared to 5yr swap rates at 4.983%. They want 18 month.

https://www.skipton.co.uk/savings/fixed-rate-isas

https://www.skipton.co.uk/savings/fixed-rate-bonds

Skipton BS are top of my list for going bust...

[spygirl]

HSBC departure spells doom for isolated experiment of Canary Wharf

A moated, gated, privatised space divided from the rest of London may have had its day

https://www.ft.com/content/40ff10b9-6e8e-4df6-8753-0e3af571b794

Margaret Thatcher is shown a model of the planned development in 1988. Canary Wharf was a product of her politics and Big Bang deregulation © PA

 

You have to put this in context.

CW existed cos London had run out of office space.

Since WW2, London had been losing people n jobs until Big bang.

The that reversed and money jobs n people poured into London.

Massive blip from 89-95ish.

I should point out, in a what seems like a differernt life - and a different GF then - we looked at buying nice 3br place in a nice bit West London for about 100k in 94ish. I wasnt earning a lot then but had ~30k deposit plus the ex GFs 10k. Wed have had about 50k of mortgage.

I ddnt fancy it, or her as it turned out.

But anyhow.

This crossed threads.

Since 2007 the finsec is lurching down in people employed and money paid.

Coof has just moved it 10y down the line.

Poof!

Londons fucked.

The idiot LAs hav imported 3rd world scum - cos ... er cos they are Marxists.

The UK benefit system is nuts and needs hutting. When it is - and it will - poof! the scum can no longer live there.

These stories on CRE are not about really abut the death of CRE.

Its the death of London finsec and employment and HP.

 

 

 

 

 

[Google247]

Best instant access savings 4 35 from family building society. Anyone ever heard of them?

[sancho panza]

2 hours ago, Google247 said:

Best instant access savings 4 35 from family building society. Anyone ever heard of them?

they're quite small.sublime exposure to both BTL and the South East more genereally.Theyve really worked at that,

https://cdn-webv13.familybuildingsociety.co.uk/docs/librariesprovider3/pdfs/agm-documents/g008-0223-report-full-2022---spreads-web.pdf?sfvrsn=f764b904_7

[Austin Allegro]

On 01/07/2023 at 07:41, spygirl said:

HSBC departure spells doom for isolated experiment of Canary Wharf

A moated, gated, privatised space divided from the rest of London may have had its day

https://www.ft.com/content/40ff10b9-6e8e-4df6-8753-0e3af571b794

Margaret Thatcher is shown a model of the planned development in 1988. Canary Wharf was a product of her politics and Big Bang deregulation © PA

 

You have to put this in context.

CW existed cos London had run out of office space.

Since WW2, London had been losing people n jobs until Big bang.

The that reversed and money jobs n people poured into London.

Massive blip from 89-95ish.

I should point out, in a what seems like a differernt life - and a different GF then - we looked at buying nice 3br place in a nice bit West London for about 100k in 94ish. I wasnt earning a lot then but had ~30k deposit plus the ex GFs 10k. Wed have had about 50k of mortgage.

I ddnt fancy it, or her as it turned out.

But anyhow.

This crossed threads.

Since 2007 the finsec is lurching down in people employed and money paid.

Coof has just moved it 10y down the line.

Poof!

Londons fucked.

The idiot LAs hav imported 3rd world scum - cos ... er cos they are Marxists.

The UK benefit system is nuts and needs hutting. When it is - and it will - poof! the scum can no longer live there.

These stories on CRE are not about really abut the death of CRE.

Its the death of London finsec and employment and HP.

 

 

 

 

 

I agree about bennies but even if they are dramatically lowered, it will not stop the dinghy divers coming because however low the bennies go, they will still be more than they will get for doing nothing in South Eritrea or wherever they are from.

Mass immigration will only end when the osmotic pressure is equalised, ie, when life in the UK is as sh*t or sh*tter for most people than life in the Third World.

BTW who is the gentleman talking to Thatch in that picture? He looks like one of those anti-semitic cartoon figures one sees in far right memes, rubbing their hands together...

Edited July 6, 2023 by Austin Allegro

[spygirl]

2 minutes ago, Austin Allegro said:

I agree about bennies but even if they are dramatically lowered, it will not stop the dinghy divers coming because however low the bennies go, they will still be more than they will get for doing nothing in South Eritrea or wherever they are from.

Mass immigration will only end when the osmotic pressure is equalised, ie, when life in the UK is as sh*t or sh*tter for most people than life in the Third World.

BTW who is the gentleman talking to Thatch in that picture? He looks like one of those anti-semitic cartoon figures one sees in far right memes, rubbing their hands together...

https://en.wikipedia.org/wiki/Paul_Reichmann

Or it could be Ron Moody. Not sure...

[wherebee]

22 hours ago, Austin Allegro said:

I agree about bennies but even if they are dramatically lowered, it will not stop the dinghy divers coming because however low the bennies go, they will still be more than they will get for doing nothing in South Eritrea or wherever they are from.

Mass immigration will only end when the osmotic pressure is equalised, ie, when life in the UK is as sh*t or sh*tter for most people than life in the Third World.

This.  If you have travelled in Africa or Asia, you know how shit life is for most people and how sitting in a one bedroom HMO in London with the government giving you some money for food, the chance to fuck a white woman, and nobody going to chop your head off for being the wrong tribe - is heaven compared to home.

They won't stop until they are made to stop.  It's exactly the same as the fall of Rome 300-500AD.  However shit life was for the invaders, it was better than starving at home or falling under the swords of their neighbours.

[sancho panza]

I think a lot of these CRE laons will sit with pension funds rather than banks.Only really the likes of natWest/Barclays exposed to this but at some point it's going to hurt.

Wiht business down 33% then that means pricing will be getting competitive as well.

Interesting as well that new or newly refrubed is getting the bsuiness.Old dumpy tower blocks getting the bad news

https://uk.finance.yahoo.com/news/first-half-central-london-office-124529090.html

First half central London office lettings shrink 33%

The amount of central London office space businesses signed for shrunk by a third in the first half, according to new figures that suggest economic uncertainty is stalling moves and the rise of hybrid working is impacting demand.

There was 3.9 million square feet of space let in the six months to June 30, provisional data from Knight Frank for the Evening Standard calculates.

The property agent said that was down from 5.8 million square feet a year earlier. There was 6 million square feet in the same period pre-pandemic in 2019.

 

The figures come at a time when many firms have said they will downsize offices, such as HSBC which is leaving its Canary Wharf home.

Across various sectors hybrid working has become more mainstream and employees often work from home for at least part of the week. Corporates that are moving are frequently focused on securing the best space.

Shabab Qadar, head of London research at Knight Frank said the softening seen in take-up was primarily due to the current economic uncertainty impacting corporate decision making.

Qadar added: “Almost two thirds of office leasing deals completed in the period were for new or newly-refurbished space, underlining the ‘flight to quality’ with occupiers demanding best-in-class office space that will attract staff and drive collaboration and productivity.”

He also said: “Businesses are typically favouring buildings that offer flexible floorplates, terraces, cafes and wellness amenities as well as excellent sustainability credentials to support their ESG goals. Moving forward we will see more refurbishment activity as property owners reposition older space to meet modern occupier needs.”

Deals inked during the first half included Chanel doubling its London space with a new home at 38 Berkeley Square, and law firm Dentons finalising plans to move to around 67,500 square feet at One Liverpool Street in 2026.

Edited July 10, 2023 by sancho panza

[sancho panza]

via Alex Groundwater

Drip,Drip.

https://www.theguardian.com/business/2023/jul/11/zombie-firms-uk-interest-rates-insolvency-begbies-traynor-profits?ref=biztoc.com

Britain’s debt-laden “zombie” companies are expected to be wiped out by the surge in interest rates, an insolvency specialist has predicted.

Begbies Traynor, a business recovery and financial consultancy, has said all of the nation’s zombies – companies struggling to service debts that have avoided bankruptcy through cheap borrowing costs – will have failed by the end of next year.

“Over the next 18 months, we’ll see virtually all of them finally come to an end,” Ric Traynor, the executive chairman of the company, which is seen as a bellwether for the health of UK businesses, told Bloomberg.

Begbies Traynor’s double-digit annual revenue and profit growth resulted from a rise in insolvency appointments and its improved reputation for handling mid-sized insolvencies, as well as several acquisitions and its property services.

 

Company insolvencies in England and Wales have hit a 24-year high, as businesses struggle with rising energy and wage bills, and higher interest rates.

Official figures from the Insolvency Service showed 2,552 companies filed for insolvency in May, 40% more than a year earlier and the highest since 2009. This was higher than during the pandemic when government support measures were in place.

The company, which has an 11% share of the administration market, hopes to handle larger, more complex insolvencies.

[sancho panza]

The underpinning assumptions in these stress tests such as continued fiscal deficits,sterling holding it's value and unemployment being measured properly(inflation too) mena that they aren't worth a lot imho

They dont appear to incldue any attempt to measure the effect of higher rates on IO loan books-particualarly BTL

Time will tell.Some banks are more exposed than others.

https://www.theguardian.com/business/2023/jul/12/uk-lenders-stress-tests-bank-of-england-risks-financial-stability-resilience

Terrific news: the banks aren’t about to collapse. The UK’s big lenders would continue to be “resilient”, says the Bank of England, even if the dark clouds over the economy turn into a prolonged thunderstorm. They have sufficient loss-absorbing capital to keep lending to households and businesses even in a “severe stress scenario”. For good measure, the governor Andrew Bailey made a sharp comment that banks shouldn’t use worries about resilience as an excuse not to pass on interest rate increases to savers.

To those who fret that the stressed scenario is insufficiently stressful, the Bank had a reasonable response. A projected stressed base rate of 6% (these tests were designed last September) may be close to today’s reality of 5%, but other inputs into the “severe but plausible” sketch still offer yards of headroom.

 

UK GDP has risen a fraction since September, versus a 5% fall in the tests; inflation almost certainly won’t average 11% for three years; and you won’t find a mainstream economist who thinks the unemployment rate, now 4%, will rise to a stressed projection of 8.5%. What’s more, the interaction between factors, including recessions abroad, also matters stress-wise, argued the Bank. Fair point.

Yet nobody could possibly read the test results, plus the accompanying financial stability report, and relax. For starters, the “mortgage timebomb” – the effect of borrowers gradually coming off fixed-rate deals – only looks more threatening when you see the probable detonation set out in graphical form.

Only half of mortgage accounts (about 4.5m) have yet to suffer increases in payments after rates started to rise in late 2021. A typical mortgage holder coming off a fixed-rate deal in the next six months will see higher monthly payments of £220. And almost 1m homeowners can expect to pay £500 more a month to cover mortgage payments by the end of 2026.

The Bank says the overall mortgage debt-servicing burden will still be below peaks recorded during the 2007–08 global financial crisis and the early 1990s recession, but it’s referring to aggregate tallies that include unmortgaged households. The point is the financial pain is concentrated and intense.

And for renters, the news sounds worse as buy-to-let landlords contemplate a hit to their profits, which will inevitably translate in many cases to attempts to hike up rents. Here’s the Bank’s remarkable statistic related to interest coverage ratios (ICRs), a measure of rental income relative to interest payments: if landlords were to absorb higher mortgage costs themselves (in other words, keep the rent unchanged), the share of buy-to-let mortgages with ICRs below 125% would increase from 3% at the end of 2022 to just over 40% by the end of 2025. Therein lie the fine margins of buy-to-let borrowing – and also a world of potential aggro between landlord and tenant.

Or, if you prefer your risks to be more big-picture, go to the section of the financial stability report that reminds readers that non-bank financial institutions – think pension funds, insurers, investment funds – have grown since 2007-08 to represent about half of UK financial sector assets.

The authorities have already suffered one heart attack when LDI (liability-driven investment) strategies blew up after the Truss/Kwarteng “mini-budget” last autumn. Now the Bank is worried about games of over-leverage being played by hedge funds building large positions in the US Treasury market and exposing themselves to sudden price moves.

[sancho panza]

this is a cross psot from tut property thread and discussion with @Democorruptcy

Barratts update.

Key for us down here in this section of tut basement is the drop in FTB demand.This will impact banks going forward as FTBers are needed to compete chains leading to remo and new business mortgage activity.

ALso given that it looks like a good few banks have been using new business to hide legacy issues,then it means we could get corpses rising up to the surface.Time will tell.

bought 8% of their  order book for the first 6 months in June 23.........

 

we should have had a few bank half years and we'll look at them when I get a break from the kids who are now running free all week looking for signs of weakness in theri dad

https://www.barrattdevelopments.co.uk/~/media/Files/B/Barratt-Developments/press-release/2023/trading-update-13-07-2023.pdf

A solid order book for FY24 with total forward sales (including JVs) at 30 June 2023 of
8,995 homes (30 June 2022: 13,579) at a value of £2,223.4m (30 June 2022: £3,622.3m)
with the order book normalising to more typical levels of next year’s completions.

Adjusted profit before tax is anticipated to be in line with current market expectations(4).
This is stated before total adjusted items (including JVs) of c. £180m (FY22: £412.5m)
relating to building safety

Following the end of Help to Buy and increases in mortgage interest rates, first time buyer reservations in the
year reduced by 49% compared to FY22, and accounted for more than half the decline in our total reservation
rate.

Citra Living our net
private reservation rate has been 0.67 (FY22: 0.70), including a contribution of 0.24 (FY22: 0.02) from
reservations to the PRS and RPs, largely arising from a significant sale of 604 homes to Citra Living in June 2023
(Appendix 1)

Following the end of Help to Buy and increases in mortgage interest rates, first time buyer reservations in the
year reduced by 49% compared to FY22

Land
Given the market backdrop, we stepped back from the land market in September 2022. We have adopted a
highly selective approach to buying land, particularly as prevailing land prices have not yet adjusted to the
changed market conditions.

The approved sites along with planning amendments added 4,821 plots, at a cost of £345.2m, with 5,633 plots
removed with respect to the sites no longer proceeding, at a previously agreed cost of £360.1m. The result
was a net reduction of 812 plots in the year (FY22: net addition of 19,089 plots) and a net decrease of £14.9m
(FY22: net increase of £1,396.1m) (Appendix 6)

[Democorruptcy]

1 hour ago, sancho panza said:

this is a cross psot from tut property thread and discussion with @Democorruptcy

Barratts update.

Key for us down here in this section of tut basement is the drop in FTB demand.This will impact banks going forward as FTBers are needed to compete chains leading to remo and new business mortgage activity.

ALso given that it looks like a good few banks have been using new business to hide legacy issues,then it means we could get corpses rising up to the surface.Time will tell.

bought 8% of their  order book for the first 6 months in June 23.........

 

we should have had a few bank half years and we'll look at them when I get a break from the kids who are now running free all week looking for signs of weakness in theri dad

https://www.barrattdevelopments.co.uk/~/media/Files/B/Barratt-Developments/press-release/2023/trading-update-13-07-2023.pdf

A solid order book for FY24 with total forward sales (including JVs) at 30 June 2023 of
8,995 homes (30 June 2022: 13,579) at a value of £2,223.4m (30 June 2022: £3,622.3m)
with the order book normalising to more typical levels of next year’s completions.

Adjusted profit before tax is anticipated to be in line with current market expectations(4).
This is stated before total adjusted items (including JVs) of c. £180m (FY22: £412.5m)
relating to building safety

Following the end of Help to Buy and increases in mortgage interest rates, first time buyer reservations in the
year reduced by 49% compared to FY22, and accounted for more than half the decline in our total reservation
rate.

Citra Living our net
private reservation rate has been 0.67 (FY22: 0.70), including a contribution of 0.24 (FY22: 0.02) from
reservations to the PRS and RPs, largely arising from a significant sale of 604 homes to Citra Living in June 2023
(Appendix 1)

Following the end of Help to Buy and increases in mortgage interest rates, first time buyer reservations in the
year reduced by 49% compared to FY22

Land
Given the market backdrop, we stepped back from the land market in September 2022. We have adopted a
highly selective approach to buying land, particularly as prevailing land prices have not yet adjusted to the
changed market conditions.

The approved sites along with planning amendments added 4,821 plots, at a cost of £345.2m, with 5,633 plots
removed with respect to the sites no longer proceeding, at a previously agreed cost of £360.1m. The result
was a net reduction of 812 plots in the year (FY22: net addition of 19,089 plots) and a net decrease of £14.9m
(FY22: net increase of £1,396.1m) (Appendix 6)

Now FTB's no longer get the HtB discount, it might mean they buy existing houses instead of new builds. I always thought HtB was a shit scheme but at least it rounded up some buyers to concentrate on new builds, that I wasn't interested in. Now they are there to compete against people who aren't interested in new builds. That's better for completing chains, rather than them buy a new build that wasn't in a chain?

[sancho panza]

5 hours ago, Democorruptcy said:

Now FTB's no longer get the HtB discount, it might mean they buy existing houses instead of new builds. I always thought HtB was a shit scheme but at least it rounded up some buyers to concentrate on new builds, that I wasn't interested in. Now they are there to compete against people who aren't interested in new builds. That's better for completing chains, rather than them buy a new build that wasn't in a chain?

I thinkm you're missing the point ehre DM,and that is without HTB they jsut can't enter the marekt without 30% off or maybe more if you inlude the new IRs.

FTB marekt massively reduced going forward.Trying to guesttimate how it'll impact small BS's is hard because of the povertyy of the data they put out

[Democorruptcy]

2 hours ago, sancho panza said:

I thinkm you're missing the point ehre DM,and that is without HTB they jsut can't enter the marekt without 30% off or maybe more if you inlude the new IRs.

FTB marekt massively reduced going forward.Trying to guesttimate how it'll impact small BS's is hard because of the povertyy of the data they put out

HtB was up to £600k with a £30k 5% deposit. FTBs might lower their purchase price a bit but there must still be some entering the market. Particularly as they have recent wage rises to leverage up, average wage increase was what 7.3%? Double that up for your joint income mortgage.

[sancho panza]

2 hours ago, Democorruptcy said:

HtB was up to £600k with a £30k 5% deposit. FTBs might lower their purchase price a bit but there must still be some entering the market. Particularly as they have recent wage rises to leverage up, average wage increase was what 7.3%? Double that up for your joint income mortgage.

I never said they were all gone jsut that I've think we're seeing a significant reduction.Even if HTB had continued,we'd have seena reduction due to IR rises making payments unaffordable.

Transactions look to be down 30%-40% at the minute yoy,so it makes sense that we're seeing a similar drop in FTBers imho

[Wight Flight]

On 14/07/2023 at 19:01, Democorruptcy said:

. Particularly as they have recent wage rises to leverage up, average wage increase was what 7.3%? Double that up for your joint income mortgage.

Still only 7.3%.

But even the dimmest FTB must be expecting prices to drop.

it would be a very foolish time to buy.

[Stuey]

On 14/07/2023 at 21:19, sancho panza said:

 

Transactions look to be down 30%-40% at the minute yoy,so it makes sense that we're seeing a similar drop in FTBers imho

Transactions down means price jumps are likely on low liquidity, but low liquidity also means you can not transact without shifting the market. 

This is not a buyers' or sellers' market. 

7 hours ago, Wight Flight said:

Still only 7.3%.

But even the dimmest FTB must be expecting prices to drop.

it would be a very foolish time to buy.

If you've cash in the bank getting inflated away, it is an excellent time to buy while the market is in Plateau. 

There's a lot of COPE going on about real term drops but cash savers must be really nervous that their £500k two years ago is £400k now. 

[sleepwello'nights]

1 hour ago, Stuey said:

 

There's a lot of COPE going on about real term drops but cash savers must be really nervous that their £500k two years ago is £400k now. 

I don't think so. The £500k two years ago is still nominally £500k and the interest it generates will have increased dramatically. That will take away most of the jitters. 

[Stuey]

1 hour ago, sleepwello'nights said:

I don't think so. The £500k two years ago is still nominally £500k and the interest it generates will have increased dramatically. That will take away most of the jitters. 

Now the rate has increased but it will be falling in winter sharpish.

It still doesn't negate the loss from 500k to 400k. 

[Red Debt Redemption]

1 hour ago, sleepwello'nights said:

I don't think so. The £500k two years ago is still nominally £500k and the interest it generates will have increased dramatically. That will take away most of the jitters. 

 

Edited July 16, 2023 by Red Debt Redemption