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BFCSA
MORTGAGE
DISTRESS SOS

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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Bank Fees Class Action
  Unfair Bank Charges - 271,288 accounts registered already with Financial Redress Class Action - Funded by IMF Australia   Scam Alert: This is a free to enter process and bank account numbers are not needed to register. Be careful of anyone suggesting otherwise.       Until recently, some banks charged you up to $60 if you became overdrawn, went beyond an agreed limit, or made a late payment. The true cost might only have been a few dollars at most on each transaction. Banks have made billions from these unfair charges. The team at Financial Redress have campaigned hard for customers to receive compensation. We have joined forces with IMF, Australia's largest and most successful litigation funder. We are launching large scale class actions, to make these banks repay all the exception fees they have deducted over the last six years, plus interest. We have secured the services of...
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ANZ annual review.pdf
ANZ chief "takes home" over $10m:~   "Mr Smith's --$10.1 million -- is likely to be the highest-paid bank chief executive in the 2011/12 fiscal year. Preamble..."know thy bankster" --- ANZ poached Mike Smith in 2007, then head of HSBC's Asian business, --Smith's departure from HSBC was unexpected, and was a contender for HSBC's group chief executive position [note: concurrent to 6yr period of systemic issues concerning HSBC's admitted 'executive' mis-deeds; Did HSBC "executives" knowingly break the law concurrent to Smith's "time" as a HSBC "executive". Answer: "YES" ...and such activities were carried out with "wilful negligence" --driven by greed, which underpinned the behaviour; however --"it will apologise, and insists --it wont happen again".  HSBC chief executive officer Irene Dorner testifies before the US Senate about allegations of money laundering within HSBC, concurred --HSBC executives, in 2012, admitted to allowing Iran, terrorists and drug dealers to launder nearly USD$16 billion over a six-year period. Hearing such testimony would ordinarily make the "earth underneath...
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  • doyla66
    doyla66 says #
    “there will always be nasty types .... but good institutions are designed to punish them and to reward decent behaviour”. Unfortun
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Clancy Yeates
  November 17, 2012 Clancy Yeates Business correspondent, Canberra       Photo: Karl Hilzinger The big four held 80 per cent of bank assets and 88 per cent of residential mortgages, the IMF said, making the banks vulnerable to any slump in house prices. THE International Monetary Fund says the big four banks should be forced to hold more capital because their market dominance and the implicit guarantee of taxpayer support could threaten the economy. As figures showed a $398 million worsening in the budget, the fund also said the government could abandon its plans for an early return to budget surplus if the economy deteriorated sharply. In a review of the financial system published on Friday, IMF officials judged the sector to be ''sound, resilient, and well managed'' and said the economy was performing well. But while the IMF was broadly supportive of the government's economic management, it...
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"The valuers employed by the smaller banks are not discounting the values and the smaller banks have lowered their lending standards (or synchronised them with houses)." --Fred Nurd wrote: The race to the bottom:~  The veiled threats facing Australian banks --by Robert Gottliebsen   [Published 16 Nov 2012]   Strange things are happening in the banking industry and I am not sure the big banks are fully prepared for the new environment. As I yarn to large prosperous companies they tell me that in recent times big overseas banks, particularly those from Europe, are suddenly knocking on their doors, offering loans at lower costs than Australian banks. The overseas banks want a presence in Australia and have plentiful access to the low cost funds in Europe and the US. It’s a long time since we have seen active overseas banks. The big Australian companies know that overseas banks have a history of being...
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  • doyla66
    doyla66 says #
    Have smaller lenders lowered their lending standards wrt to their credit conduct or have they shifted their attitude to apartment
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  Posted by Unconventional Economist in Australian Property, Featured Article on November 14, 2012 | 48 comments By Leith van Onselen Last month, I wrote an article in MacroInvestor entitled Beware the house and land value trap, which examined the pitfalls of buying new house and land packages on the fringes of Australia’s capital cities. The article was particularly critical of measures adopted by Australia’s property developers aimed at reinvigorating new home sales by offering generous incentives to new buyers, such as giving away new cars, offering large cash-backs, free landscaping, or paying a buyer’s energy bills for three years when they buy a new house and land package (see below examples). Read on .... http://www.macrobusiness.com.au/2012/11/the-house-and-land-value-trap/   Recommend checking this this one out ... the video .... First home buyers turning grey http://www.macrobusiness.com.au/2012/11/first-home-buyers-turning-grey/  ...
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  • doyla66
    doyla66 says #
    Be sure to check out the video of the Westpac ad.
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Posted by on in BANKSTERS
  on November 14, 2012 | 14 comments Find below Genworth’s latest mortgage industry survey which shows very depressed lenders combined with a very enthusiastic brokers, among other discussion worthy factoids: http://www.macrobusiness.com.au/2012/11/genworth-diagnoses-bipolar-disorder-for-mortgage-industry/   COMMENT Two very different perceptions - why? ...
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Local councils drain Lehman’s zombie coffers:~ All the institutions were sold "high risk" investments by Lehman Bros, camouflaged as triple "A" rated securities, that turned toxic when the American housing market collapsed. The $250m settlement offer, on what is known as the "Dante Notes", represents 100 cents in the dollar and follows a previous settlement on another set of investments, the "Federation Notes" that delivered $125 million, or 103 cents in the dollar; refer to the 'Rares' Judgement, which amongst other scathing remarks, stated...  "By preying on an arm of government, the deception to society itself was rendered complete.": Wingecarribee Shire Council v Lehman Brothers Australia (in liq) [2012] FCA 1028 at 14]  As complex as "synthetic derivatives" were to build and impenetrable to understand, winding up the organisation that created them has proven to be a Herculean effort that escalated into a conflict between US law, international insurance law and Australian law The liquidator was also...
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  • doyla66
    doyla66 says #
    I agree, Lindy. When I look at the pattern of liability 'lumbering' in all these events and products, what looks like slackness
  • doyla66
    doyla66 says #
    The BFCSA Consumer Watchdog is springing new terminology! You better believe it white collar corporates; you ain't the only ones w
  • doyla66
    doyla66 says #
    This article still makes me think that those RMBS are another camouflaged debt instrument. No matter what the prollies, press or o
  • doyla66
    doyla66 says #
    Yes, RMBS Really Massive Bankster Scam: -- "camouflaged~widespread~toxic~waste~dump~bankster~fraud"
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Australian Office of Financial Management [AOFM] or simply a "RMBS ~Toxic Waste Dump": AOFM's Opening Statement ["the statement"]:- mischievously re-labels clear & present fraud as "low-doc PRIME loans"; ignores credibility voided Ratings Agencies' fudged RMBS "AAA" purported status; No loan application form and/or process "integrity" checks necessary --as there's simply NO EVIDENCE OF FRAUD; and asserts..."is 'clearly' a matter for the financial industry ["the perpetrators"] to organise, practise and 'monitor' [and]..it would simply not be practical [or reasonable] for the AOFM to employ the substantial resources required to 'vet the detail' of every mortgage behind every RMBS transaction." Being practicable, --a good [indeed reasonable] start would be to "rifle-shot" target the low lying "fruit from the poison tree" [vis a vis "shotgun" approach 129,000 "unsafe/unclean" loans] a measly basket full of only 2000 "low-doc PRIME loans", declared present & counted on AOFM's books, begging for a "reprieve" --in God's mercy".   Such gross mis-diection employed craftily by AOFM's ill-conceived Statement, is simply incomprehensible given...
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  • doyla66
    doyla66 says #
    The loose low-doc lending practices of the property boom are coming back to haunt the market. According to Fitch, low-doc loans ar
  • doyla66
    doyla66 says #
    AOFM--obfuscates/misleads Senators: issue re 2000-lowdocs [1.8%/loan-pool]--AOFM morphs/argues vetting 129,000 "not practical" !!!
  • doyla66
    doyla66 says #
    I know what you mean, Wayne. They trot out standard phrases that everyone seems to have taken to be true for years. Now we're sayi
  • doyla66
    doyla66 says #
    AOFM spouts pure 'meaningless waffle' trying to dodge any responsibility. "WILLFULL BLINDNESS" is he term. Hear no evil, see no ev
  • doyla66
    doyla66 says #
    Indeed Wayne--S&P: Aust could follow Spain's credit descent--risks losing its AAA credit rating if it is unable to get its federal
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The Italian Job:~ S&P and Fitch accused of market manipulation in Italy --   allseemsfine commented: 11/12/2012:-   "Amazed you lot are defending the companies that helped pack-out your pension pots with junk. Finally a country has had enough of paying inflated bond rates, manipulated in unison by the ratings agencies. It was so obvious, in a few years this manipulation by the rating agencies will be in A level text books, you lot should get out more." --Italian prosecutors have filed chargesagainst Deven Sharma, the former president of Standard & Poor’s, and six other credit rating officials for issuing downgrades that destablised the country and fuelled the debt crisis. Prosecutor Michele Ruggierohas asked a court in Trani, Italy to indict five S&P employees and two from Fitch Ratings for market manipulation, in a move that could trigger a raft of similar claims against rating setters around the world, and --accused them of;“aggravated and...
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  • doyla66
    doyla66 says #
    Good to see other countries getting the hang of "smacking" ratings agencies for their suspect and at times totally irresponsible n
  • doyla66
    doyla66 says #
    I'm still waiting on that answer. I posed it a long, long time ago. Not one of those agencies that the banksters, the federal & st
  • doyla66
    doyla66 says #
    Agree all pillocks indeed: Origin: mid 16th century: variant of archaic pillicock 'penis', the early sense of pillock in northern
  • doyla66
    doyla66 says #
    I didn't know that bit - might have to revise my english
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"Such was the belief in the 'magic of the market' that the rating agencies, in carrying out this key role, were largely self-regulated. The assumption was that the need to maintain their reputation would provide powerful self-discipline." The GFC revealed..the rating agencies had become alchemists, turning dross into gold by --endorsing shonky financial products for a fat fee paid by the financial institutions which produced these products. Self-discipline proved illusory.Yet despite the huge losses made on certified-safe financial instruments which turned out to be very dicey, the rating agencies seemed to be Teflon-coated,..under the confident assumption that in the US they are protected by the constitutional right to free speech: their ratings are just an opinion and therefore not subject to complaint.They not only avoided any penalties for their profit-driven mis-ratings, but they also dodged fundamental reform. As well, they had the usual fine-print disclaimers REGULATORY DISCLOSURES: --Recent "Amendments" to Disclaimer attempting to limit future liability [Example: Moody's as...
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  • doyla66
    doyla66 says #
    There are other "expert services" that I have my doubts about. They trot out statistics and most people don't know how to look be
  • doyla66
    doyla66 says #
    These pillocks missed the mark big time on Bankwest. How much were they being paid to look the other way? And by whom?
  • doyla66
    doyla66 says #
    AOFM, time they checked their "Ratings" system : "Complicit in Defrauding Australians of their cherished "HOME"
  • doyla66
    doyla66 says #
    Great finds, Andy. There have been many in the Australian financial industries that seemed Teflon coated. Here's hoping some of t
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--14 Nov, 2012: ASIC is undertaking "limited surveillance" of financial advisers and accountants over concerns that property spruikers are encouraging investors to set up self-managed super funds purely as vehicles for "dodgy"  property investments,--"it will be a target for fraudsters". Forever "researching", ASIC hopes to release research into this aspect of SMSF investing in 2013.   Dale Gillham commented 1 hour ago What is the old saying? Same S... Different Day. Regardless of the vehicle property spruikers are still doing the same thing they did last year, last decade and probably and the decade before.  For the biggest single investment a person will generally make, I find it hard to understand why there is such a lack of proper accountability and regulation within the property industry as a whole. In my opinion the whole building and property marketing/sales industry needs Government to give it a very clean sweep with a view to dramatically increasing protection for consumers.  Dale Gillham:~...
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    doyla66 says #
    I agree with Dale. Property industry and real estate would both benefit from a real going through. This is why they have dodgy rep
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''It looks bad --when ASIC issues an unusual exemption in the early days of the company's administration, the company subsequently loses its financial records and then releases an annual financial report that is not true and fair and not in accordance with accounting standards,''  "While there might be no mischief in the ASIC chairman acquiring an asset from a listed company in financial distress, the deal raised issues about independence, said Jeffrey Knapp, a University of NSW accounting academic.   ASIC boss in 'secret' winery buy:~ Date[March 31, 2011] Read later   Scott Rochfort, Michael West Social Investment News Blog.csi.edu.au     The D'Aloisio winery mystery ASIC chairman Tony D'Aloisio's denies a conflict of interest in purchasing the Oakridge winery from a company in financial distress. Ian Verrender reports. Autoplay ONOFF Video feedback Video settings CORPORATE regulator Tony D'Aloisio bought a Yarra Valley winery from a distressed public company seven months after his appointment...
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  • doyla66
    doyla66 says #
    LURKS AND PERKS OF THE GAME - JOBS FOR THE BOYS - CRONYISM ROYAL COMMISSION INTO BANKING - WIDE TERMS OF REFERENCE
  • doyla66
    doyla66 says #
    There is an old but wise saying : "If it looks like $#!t, if it smells like $#!t, then chances are it probably is $#!t ! Oh my God
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Dear Mr Bouris, referring to YBR’s two-page announcement to the Australian Securities Exchange, BFCSA(inc) have some simple questions concerning 'pretender' wealth management company Yellow Brick Road and Macquarie Bank. 1.) How is YOUR base rate determined? --as any purported 'real' discount on a base rate that might "exceed" the standard rates offered by other lenders, would be deemed a “Clayton’s" discount by nature, hence, false & misleading to 'trusting' consumers. 2.) Was it just a drafting error, or otherwise? --when you asserted,"All successful applicants will get the discounted rate of up to 0.86% irrespective of their status, guaranteed for the life of the home loan after Yellow Brick Road’s first 12mths initial 1.15% discount off the [floating] "base rate". 3.) Who is the 'real' apprentice, Mr Bouris?--sorry, trick question(?) ..you see by asserting a rate discount ... “up to 0.86%” is not the same as affirming a rate discount “of 0.86%” -- as the term “Up to” may indeed denote "zero" application and/or adjustment. 4.) Does the 'up...
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  • doyla66
    doyla66 says #
    Well done, Andy. Australian borrowers weren't born yesterday. And who owns Macquarie? Who are the dominant shareholders? Com
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The Federal Court was scathing in its description of predator "debt collection agency" Accounts Control Management Services [ACM] ~ an agency NAB & ConnBank dubiously engage to carry out it's "dirty-work" against purported debtors to maintain an arms length appearance of "clean hands". However, any such contrived impression could not be further from the actual truth. The court found in its description of the tone of one of ACM's supervisors as "rude, condescending and vicious, no description of this call (and some of her later efforts) can adequately capture the offensiveness involved".  ACM had engaged in repeated threats to inform a debtor's husband about her debt in circumstances where her husband did not know about it and ACM knew that she did not want him to know about her debt. --such conduct constitutes extortion. ACM "harassed debtors, engaged in widespread & systemic misleading & deceptive conduct" in chasing debts [on behalf of Nab & ConnBank] including threats of imprisonment --against the debtor. "The constant references to litigation...
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  • doyla66
    doyla66 says #
    Kyle, I know a borrower who would understand why you see that as a threat. One very distressed borrower new to all this received a
  • doyla66
    doyla66 says #
    CONNBANK do this sort of thing all the time. CONNBANK recently threatened us with:"When are you going to put your home on the mark
  • doyla66
    doyla66 says #
    Kyle "cancel YOUR card", code for "draw-down-available-credit-on-your-card", use it all to pay arrears" = care & diligence abandon
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If ever there was proof of a valid reason for ALL Australians and overseas investors to demand the Federal Government hold a Royal Commission into the Banking Sector it is a blatant ANTI CONSUMER Quote from Mark Joiner: I refer to BFCSA Member "STm's" previous blog:  JOINER states: "NAB has been growing quite strongly in mortgages and APRA shows up quite often to check we are not taking on the unloved and unwashed in our portfolio."   But I guess it doesn't matter if you take on the 'unfinancial'... Hey, why not just add 'stupid and gullible' in there, to really set the tone, Mark. Mr Joiner, your attitude has led to a decade of fraud in Sub Prime lending encouraged we suspect by yourselves and others in the elite of the Banking Groups.  You all rode on a gravy train of Low Doc Lending, riddled with fraud by your credit assessors and led...
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  • doyla66
    doyla66 says #
    We have DOCUMENTARY EVIDENCE to prove the fraud perpetrated by the banks on 100,000 decent Australian families. Bank CEOs - prepar
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Dear NAB You are lying to the public when you say the problems in America are not affecting us here in Australia.  We have the proof and are willing to hold our own BFCSA online inquiry into your activities as to how and why you lied. You may (wrongly) think that because our Members do not have the funds to stand up to you, that you can use the courts to steal homes and lie to the courts and Judges.  The reason you are misguided at best is the fact that your entire psyche is all ABOUT MONEY. In fact your bonuses are all about MONEY You measure POWER in terms of MONEY The manipulated property market that you created and pushed bubble on top of bubble is all about MONEY That the Broker Model will be driven by MONEY....your MONEY and secret bonus structures. That the borrower will be easily defeated and intimidated because they have...
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  • doyla66
    doyla66 says #
    AUSTRALIANS BEWARE. DO NOT BANK WITH NAB. CORRUPTION IS SYSTEMIC WITHIN THE MAIN AUSTRALIAN BANKS. CBA ARE WORSE.
  • doyla66
    doyla66 says #
    NAB executives will rue the day they order the destruction of homes and families. As the world shifts to a more humane approach th
  • doyla66
    doyla66 says #
    NAByourhome (NAB.AX) its gonna get "hot as hell" very very shortly ...... ........a truthful EXPOSE' of your systemic unconscio
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We will be calling for a Royal Commission until such times as one political party agrees to make it a Priority driven Policy.   Those Banksters willing to settle....here are Our Rules of Settlement: 1.  Hand over a copy of the file as a sign of good faith. 2.  Those who have refinanced their loans - the refinance remains their debt are asking to be placed back in a position as if they had never met you. 3.  If you cannot find the missing documents....your problem.....it means you cannot prove what you relied upon to approve the loan in the first place. 4.  The documents which contain fraud - all of the Loan Application Forms ("LAFs") are fraudulent..........your bank cannot profit from a  fraud and therefore you will need to negate all interest, fees and charges, from approval date. 5.  Each of our Members now have a clear understanding of their claim and have a...
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  • doyla66
    doyla66 says #
    Thanks Denise.
  • doyla66
    doyla66 says #
    This makes it crystal clear Denise. Thanks.
  • doyla66
    doyla66 says #
    ....Yes Bankster....the Bank wars have begun......rock your "towers of power" to their very foundations we will....do not under e
  • doyla66
    doyla66 says #
    Thank you for this blog as well Denise. Now I can clearly see where we are headed and I can see light at the end of the tunnel.
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    Friday, October 12, 2012 11:08 AM Bank of China Warns of Ponzi Schemes China's Demographic Peak Birth Rate Comparison China vs. US "China Will Grow Old Before Growing Rich"       Bank of China Warns of Ponzi Schemes The Ponzi schemes and off-balance sheet loans in China's banking system are in the forefront of today's news. Reuters reports Bank of China executive warns of shadow banking risks. A senior Chinese banking executive has warned against the proliferation of off-book wealth management products, comparing some to a Ponzi scheme in a rare official acknowledgement of the risks they pose to the Chinese banking system. China must "tackle" shadow banking, particularly the short term investment vehicles known as wealth management products, Xiao Gang, the chairman of the board of Bank of China, one of the top four state-owned banks, wrote in an op-ed in the English-language China Daily on Friday....
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  Fat, Cats and the Cream Friday, 9 November 2012   Albert Einstein once said, “Wire telegraph is like a very, very long cat, you pull its tail in New York and his head is meowing in Los Angeles. Radio operates in exactly the same way: you send signals here they receive them there. The only difference is that there is no cat” yet, despite almost one hundred years of technological advancement and much virtual cat tail pulling on my part I have, until this week, remained both impatient and noticeably void of any communication on the subject of my Halifax Bank of Scotland mortgage miss-selling case or my complaint sighting unfair practices within the Financial Ombudsman Service.   Regularly experiencing, firsthand, the lack of regulatory impetus which continues to halt the complaints progress for the individual, it has been no surprise to hear that not only are global financial...
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  • doyla66
    doyla66 says #
    The lack of specific complaint statistics doesn't necessarily reflect the true situation, in Australia or anywhere. Thus the provi
  • doyla66
    doyla66 says #
    FSA investigating mortgage 'misselling' By Bridgid Nzekwu Updated on 20 May 2008 Financial watchdog confirms to Channel 4 News tha
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Dexia bank needs billions in new capital
  Further help cannot be ruled out says minister as lender is handed third bailout amidst mounting losses   Simon Neville The Guardian, Thursday 8 November 2012 20.02 GMT       Dexia bank has been given billions in new capital by France and Belgium. Photograph: Julien Warnand/EPA Franco-Belgian bank Dexia has been given a third bailout as the repercussions of the banking crisis continue to shake the financial system four years on. The French and Belgian governments will pay €5.5bn (£4.4bn) to take near-full control of the bank, once the world's biggest municipal lender, after it reported a nine-month loss of €2.39bn. The institution lost €11.6bn last year due to its exposure to sovereign debt across Europe, and contributed to Belgium's credit rating being downgraded after the French and Belgian governments guaranteed €90bn of loans. The latest bailout involves Belgium paying €2.9bn and France €2.6bn, leaving them guaranteeing 51.4%...
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