This article titled “Are peer-to-peer lenders the future of banking?” was written by Josephine Moulds, for The Observer on Saturday 9th June 2012 23.01 UTC
“Never lend money to friends or family,” the saying goes. But how about complete strangers? Websites that match up borrowers and lenders are enjoying a new wave of interest after a series of high-profile endorsements.
First came Andy Haldane, executive director for financial stability at the Bank of England, who said peer-to-peer lenders could eventually replace high street banks. “At present, these companies are tiny,” he said. “But so, a decade and a half ago, was Google. If eBay can solve the ‘lemons problem’ [substandard products] in the secondhand sales market, it can be done in the market for loans.”
Then the government said it would channel £100m to small businesses through alternative lending channels, including peer-to-peer lenders, hoping to bypass the mainstream banks, which are reluctant to lend. The news caused a flurry of excitement among the few established players in the field, including Zopa, for personal loans, and Funding Circle, for small businesses.
These websites act as a kind of broker between lenders and borrowers. The idea is that without expensive branches and the weight of regulation, they can offer better rates to both sides. For a loan of £5,000 over three years, Zopa certainly comes out cheapest on moneysupermarket.com, offering 7.3%. And it says lenders on the site can expect returns of 5%-5.5% after fees and bad debts, which beats most easy-access savings products out there. The model is, however, not without risks
full article at source: http://stateofglobe.com/2012/06/10/are-peer-to-peer-lenders-the-future-of-banking/#more-3759
By Kevin Keane
Tuesday January 18 2011
IT once belonged to a chieftain of the Celtic Tiger, and yesterday, bidding on Sean FitzPatrick‘s repossessed banger took on a frenzy that hasn’t been seen since the craziest days of the property bubble.
Bids of thousands of euro were made for the privilege to press a button that will turn the 19-year-old 3-Series BMW to scrap metal.
In keeping with the spirit of Anglo Irish Bank, of which Mr FitzPatrick is a former chief executive and chairman, a bidding war on the online auction site http://www.ebay.ie ensued. The price jumped from €1 to €2,000 in the first 10 minutes.
The price had reached €3,000 within 20 minutes and by 5.30pm it had hit €5,100.
All the proceeds from the auction, which is being organised by RTE Radio One‘s ‘Mooney Show’, will go to the Samaritans.
The car made headlines last week when it was collected from Mr FitzPatrick’s Co Wicklow home by National Recycling Ltd.
National Recycling’s sales manager Connor Hand said yesterday that they discovered the car was for sale late last year.
“We decided that we’d put in a unique bid of €1234.56 in a sealed envelope and we were told before Christmas that we had got it.”
According to the seller’s note on eBay, the highest bidder will win the opportunity to go to the National Recycling plant in Clondalkin, Dublin, to push a button and crush the car.
Bidding ends at 3.20pm on Monday, January 24.
– Kevin Keane
On that note here is a photo of our car
The motor tax on this 04 renault for the year is Euro 445.00 (we have two such cars in our Family ) Thanks to the Greens our Family is paying Euro 582.00 more on road tax every year just for the privilage of driving on roads that are full of potholes.
Then we have this car and you see the motor tax is just Euro 154.00 There are obviously more people driving the Renault type cars than the New Merks so the con is to make more of the ordinary families to pay more and fill up the coffers so these incompetent politicians can spend the collected funds on ill thought out projects
Roll on the general election when we hopefully will get rid of the mad Greens and reverse some of this madness.