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What's going to collapse next...


TheCountOfNowhere

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7 hours ago, JFK said:

Steve Nolan (that fat irish radio cunt)

Steven Nolan is so pro 'wear masks to save the NHS' that he thinks it stands for "Nolan's Huge Servings". 😅

(pinched that one from a comment in one of Alex Belfield's YT channel). 

Nolan does look like a heart attack waiting to happen. 

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  • 2 months later...
On 24/09/2019 at 12:31, spygirl said:

MetroBank down 20%

93% down on a year.

 

On 24/09/2019 at 21:26, spygirl said:

30% down.

Id forgotten about Metrobank.

Ow.

GBX 97.00
97.27%
-3,460.00 5Y
Feb 23, 5:42:20 PM UTC · GBX · LON · Disclaimer
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Metro is interesting as it's starting from almost a clean slate, founded after 2008 n all that.

It just goes to show without the fees scams n leverage bank are not a license to print money.

Lloyd's is still flatlining since 2009 - 13 years now.

 

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Just now, spygirl said:

Metro is interesting as it's starting from almost a clean slate, founded after 2008 n all that.

It just goes to show without the fees scams n leverage bank are not a license to print money.

Lloyd's is still flatlining since 2009 - 13 years now.

 

depends on the management.  if they have been spunking tens of millions on big 4 consultants and lawyers, it's very easy to run at a loss.  if you pay enough to get good in house laywers and other experts, it's very hard to run at a loss.

 

i was in a meeting for a client the other day where some big 4 firm was attending.  there were 12 employees of the big 4 on the 1 hour call.  all charging for that 'time'.  i reckon it cost my client best part of 10k to have a bunch of non employees listen to someone talk about something useless.  

 

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  • 3 months later...
HousePriceMania

The collapse of Funding Circle was expected before COVID

 Funding Circle Holdings PLC
55.50 GBX−2.20 (3.81%)today

Can they survive without the governments helicopter money ?


image.png.f82446518470c55fd2857c6164cbb046.png
 
 
 
or will metrobank go first
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1 hour ago, HousePriceMania said:

The collapse of Funding Circle was expected before COVID

 Funding Circle Holdings PLC
55.50 GBX−2.20 (3.81%)today

Can they survive without the governments helicopter money ?


image.png.f82446518470c55fd2857c6164cbb046.png
 
 
 
or will metrobank go first

Same as Starling bank, who also have HMRC fraud breathing down their bent necks.

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HousePriceMania
1 hour ago, spygirl said:

Same as Starling bank, who also have HMRC fraud breathing down their bent necks.

I hope these types of "businessmen" see jail time.

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HousePriceMania
16 minutes ago, spygirl said:

Misgendered the CEO there HPCer! Racist.

A mate of mine had to endure a 30 minute meeting at his company this week for Pride week, which involved the racist homophobe manager telling everyone about the wonders of Pride.

Couldn't make it up.

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leonardratso
5 minutes ago, HousePriceMania said:

A mate of mine had to endure a 30 minute meeting at his company this week for Pride week, which involved the racist homophobe manager telling everyone about the wonders of Pride.

Couldn't make it up.

ill bet he did thru gritted teeth.

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4 hours ago, HousePriceMania said:

A mate of mine had to endure a 30 minute meeting at his company this week for Pride week, which involved the racist homophobe manager telling everyone about the wonders of Pride.

Couldn't make it up.

You could all buy into diversity by putting his profile on Grindr and listing the work phone.

 

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Way to go UK equity raising.

I'd love to know if it was more profitable to short all UK new listings in the last 10y rather than go long?

 

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Wierd.

Sat posting and tge Starling Bank CEO is on tge radio spouting absolute drivel about basically everything - boris, cost of living, fell, rates, covid.

Bizarre.

Now on about  'big business'....

Mental. Might as well start ranting about the joows.

I'd reckon her business is going to be a lot smaller.

Who the fuck is pushing her into media, raising her n Starlings profile?

Banks still going to blow up.

 

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FT poof piece article from Mar 21

Full of pr wank, light on numbers.

 

Funding Circle eyes path to profitability after tough market debut

Government-backed loan schemes boost UK peer-to-peer lender looking to stage a ‘big comeback’
 
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Feltcap
 
1 YEAR AGO
 
“We’ve known for a while that Funding Circle’s technology allows them to lend money more quickly and efficiently than banks. Now we also know that Funding Circle worked through the crisis to provide vital loans to small businesses, which are the backbone of the economy.”
 
So Funding Circle works both in good times AND when the government provides a 100% guarantee!
 
It's worth noting that under BBLS the government pays the first years interest plus lender fees. Funding Circle only lent BBLS in 2020. Therefore, near enough to 100% of Funding Circle's revenues came from the tax payer.
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Everyday paper
 
1 YEAR AGO
 
reply In reply to Feltcap
Apologies, wrote my comment before seeing yours!
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Prags
 
1 YEAR AGO
 
With losses on existing book underwritten by the Government and fee on new loans and first year interest being booked as income, they barely broke even ! Anyone who has dealt with Funding Circle knows their underwriting process is extremely poor - they lend to anyone who walks. These guys wouldn't even survive a mild recession if the Govt let market forces play and not distribute taxpayer money like candy
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Jaws
 
1 YEAR AGO
 
reply In reply to Prags
These numbers are from FC:
LOD*: PR**:
2015 6.6% - 6.7%
2016 4.5% - 4.9%
2017 2.8% - 3.3%
2018 1.3% - 2.3%
2019 1.2% - 2.7%
2020 2.2% - 4.0%
 
*Loan Origination Date ** Projected Returns.
 
Bearing in mind the BoE base rates over this period and the slight deterioration in the economy from, about, 2018/9, the drop in % returns is massive. The only other factor that comes to mind is the credit worthiness of the potential borrowers. That appears to have been a very low bar to surmount.
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Cities Licker
 
1 YEAR AGO
 
“I’ve spent 10 years being asked ‘what happens when you go through a recession?’ I can finally prove that returns [for investors in Funding Circle’s loans] — although they’ve been lower than pre-pandemic as we always said they would be — are all positive,”
1. The recession hasn’t even started.
2. The bad debts have yet to come.
3. Funding Circle will be ‘gone’ by 2025.
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SPAC Cowboy
 
1 YEAR AGO
 
Very odd article. Funding circle stopped making unsecured loans to SMEs years ago. They now only lend on secured property and fixed assets. So calling them a classic SME lender is false, and saying they support SMEs which are asset light is false, apart from the CBILs fully guaranteed program which just gives them fees and no risk.
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WGACA
 
1 YEAR AGO
 
This company has used government schemes in respect of its existing loan book and now looks forward to more largesse from the forthcoming follow on government scheme. Can’t believe the spin being put on things here.
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Roll back the state
 
1 YEAR AGO
(Edited)
 
FC has moved so far from its original remit.
Small retail investors are no longer wanted.
FC is just plugged into CBIL/BBLs and that is it !
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Everyday paper
 
1 YEAR AGO
 
"We’ve known for a while that Funding Circle’s technology allows them to lend money more quickly and efficiently than banks."
 
The lending money quickly is the easy bit, especially if underwritten by the government. The getting paid back is the hard bit. Basically tax payers are funding a company that needn't exist at this point.
 
Also: “It’s quite nice running a profitable business.” You don't!
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Easy flyer
 
1 YEAR AGO
 
Why isn't the FT properly interrogating Funding Circle on their claims? Is this just a PR piece placed by Funding Circle's advisers?
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Stingray37
 
1 YEAR AGO
 
When the govt support stops so does this shocking business thankfully
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Carl8
 
1 YEAR AGO
 
The Government guaranteed lending is just a jar full of sugar for those poor quality lenders like the above and Starling Bank.
 
But it is an unsightly and unhealthy sugar rush, plain and simple and wont help them medium and long term.
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Pedro
 
1 YEAR AGO
 
Lets just hope the gov't never stops underwriting us.
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Byron C Hodges
 
1 YEAR AGO
 
caution as always with so-called fintech.
 
Please not use of phrases such as 'selling on to other investors' and 'automating underwriting'.
 
remind you of Greensill?????
 
pretty easy money distributing free government loans
 
excuse my cynisism but i will not be investing
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Gulliver
 
1 YEAR AGO
 
Well done Samir. Your bro would be very proud of you as lots of us are.
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Cake
 
1 YEAR AGO
 
The company is a scam, stay clear.
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London2021
 
1 YEAR AGO
 
Selective reporting on the numbers.
Bottomline profit numbers are :

2020 Loss (108.1)

2019 Loss (84.2)

So loss increases and that is with the business generating a big chunk of revenue from government schemes...
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Craggles
 
1 YEAR AGO
 
I mean these lads started this business off the back of having a general understanding of a credit risk model working at a big 4 consulting firm. Business might be rough at the moment, but fair play, good graft and all that.
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On 08/07/2022 at 07:19, spygirl said:

Wierd.

Sat posting and tge Starling Bank CEO is on tge radio spouting absolute drivel about basically everything - boris, cost of living, fell, rates, covid.

Bizarre.

Now on about  'big business'....

Mental. Might as well start ranting about the joows.

I'd reckon her business is going to be a lot smaller.

Who the fuck is pushing her into media, raising her n Starlings profile?

Banks still going to blow up.

 

Exclusive: Political turmoil causing ‘uncertainty’ and jeopardising rules reform, Starling boss warns

https://www.cityam.com/exclusive-political-uncertainty-must-not-jeopardise-financial-services-reform-warns-starling-boss/

The chief of digital bank Starling warned that political volatility was causing “uncertainty” for businesses today as she voiced concerns that the government’s business reform agenda could be blown off course.

In comments shared exclusively with City A.M., Anne Boden, who founded the digital bank in 2014, warned the tumult of Boris Johnson’s resignation last week risked disrupting plans to overhaul financial regulation and boost the City.

 

Err your bank is built on covid BBB  fraud. You should be jail.

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On 11/07/2022 at 08:43, spygirl said:

Exclusive: Political turmoil causing ‘uncertainty’ and jeopardising rules reform, Starling boss warns

https://www.cityam.com/exclusive-political-uncertainty-must-not-jeopardise-financial-services-reform-warns-starling-boss/

The chief of digital bank Starling warned that political volatility was causing “uncertainty” for businesses today as she voiced concerns that the government’s business reform agenda could be blown off course.

In comments shared exclusively with City A.M., Anne Boden, who founded the digital bank in 2014, warned the tumult of Boris Johnson’s resignation last week risked disrupting plans to overhaul financial regulation and boost the City.

 

Err your bank is built on covid BBB  fraud. You should be jail.

Um it really wasn't built on covid fraud.

It did however facilitate an awful lot of BBB loans without much checking. 

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