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New barriers to entry in the banking sector

admin — Mon, 21 Jun 2010 12:17:40 +0000

The UK banking sector went through a major upheaval during and after recession. Now that the recovery is finally here, the Office of Fair Trading is looking at ways in which the retail banking sector can be expanded and also gauzing as to how easy it is for new and small firms to enter the retail banking sector.

Office of Fair Trading is keen on such expansion because according to it a more competitive banking sector would mean better services to the consumers. This has been witnessed in other sectors and industries that competition indeed leads to competitive prices and better services. Office of Fair Trading wants to reciprocate this for the retail banking sector as well.

But there is a hitch there as to it has been observed by market analysts that it has become a lot difficult for new firms to enter the retail banking sector. The major one here is the difficulty in obtaining the license from the Financial Services Authority. Then is the problem regarding the capital structure and the liquidity issues of these new entrants. The rules on these two criteria have been strengthened after the recession of 2008-2009.

The Office of Fair Trading will look into all these barriers and also the access of these new entrants to the credit risk information system and payment systems and publish its findings in a report by autumn this year.

There are a number of banks lined up for launch this year amongst which Virgin Money and Tesco’s bank have already been much hyped about.

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Candidates who finance their own campaigns

admin — Mon, 21 Jun 2010 12:07:09 +0000

Citizens feel very passionately about their candidates, before or after election. When this feeling gets compounded with the knowledge that their candidates are rich and are actually financing their own election campaigns, their popularity gets enhanced. At least such rich candidates do not waste time collecting funds for their campaign and are in a better position to fund the campaign as they desire.
Moreover, rich candidates prove a kind of assurance to the electoral class that the candidate does not have a personal or financial motive in order to come to power and its truly in the interest of the people that he is contesting the election.

Jerry Brown has been self financing his campaign and only the other day he wrote a check of $3000 in order to rent an office space in Oakland. He is already very popular in the region and is a potential candidate for victory.

But don’t you think the election system of British is by far preferable because it lasts only six weeks and whatever advertising has to be done, it’s done during those 42 days and not stretched to the point of exhaustion of senses, as in our case.

It’s not that am against heavily expenditure on election campaigns, though I regret it, but the money goes to the people who are working for the campaign such as the printers and advertisers’ clerks etc.

The country has seen many rich, influential candidates like William Matson, Altadenan and Pasadenan Pierce O’Donnell etc who’s tale of financing heavily and rather innovatively on their election campaigns are often remembered by the veterans

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Now government cuts down on public spending

admin — Mon, 21 Jun 2010 11:57:12 +0000

The financial condition of many European countries is not in a very good state and the markets have responded rather unfavourably to it notwithstanding the hot and soaring temperatures over the continent, the government of various European nations is on a freezing spree.

Freezing spree? Yes, they are rapidly freezing jobs, salaries, employment benefits and other public utility expenditure
This is a trend that is currently happening in the countries of Greece, Hungary, Italy, Spain etc. They are not only reducing the public sector wages but also placing a cut on public sector jobs and amenities.
Though the fiscal problems faced by a country is different from the problem faced by another country, they are still adopting similar budget tightening measures like reducing expenditure on social welfare and public sector wages. Even the pension granted to public sector retirees is seeing a cut in its amount.

The nations and their respective governments went all the way to bail out private sector units in the times of recession and now in these times of sluggish recovery, what exactly are they trying to achieve by cutting down on public expenditure, god only knows or the policy makers know.
Already citizens in these countries have taken to roads and are staging demonstrations and protests over the budget tightening measures, which proves that it is not going to be easy for the governments to apply these measures smoothly. Now time will only tell as to who is right and who is wrong.

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