Bank of Dave

Discussion in 'The Intelligence Cell' started by Your_Mums_Pal, Jul 15, 2012.

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  1. Did anybody watch this the other night?

    Been sniffing around for threads on ARRSE but couldn't see anything.

    Bank of Dave - Channel 4

    Essentially, a wealthy-ish business owner from the Burnley area called Dave Fishwick goes about setting up his own small bank down on the high street, lending at only 5% interest and making it a small, customer-driven little thing. First episode had him trying to set it up, where the SFA refused to meet with him and wouldn't allow him to actually call it a bank (punishable by law, apparently!) unless he stuck millions in a secure account with them. A lot of the technicalities went over my head but it was an interesting wee program.

    Read a piece on him in the paper today where he's discussing the idea of this becoming a nation-wide thing, small independent banks with low rates that aren't about making a huge profit, they're just looking to provide a good service.

    Anybody see it?
     
  2. I thought that the eventual goal was to set up a credit union. Mandelson's idea aboutthe Post Office becoming the People's Bank was one of his few good ones. Needless to say, it was quietly kicked into the long grass with the regime change in Downing Street.
     
  3. All they would do was allow him to function as a credit union but he wasn't having it.
     
  4. But for low income groups with poor credit scores, credit unions are ideal. It would stop them falling victim to payday loan companies and the like.
     
  5. Yes I watched it the other evening. Seemed like his idea was akin to a credit union but he wanted to call it a bank for some reason, wasn`t even happy with the building society idea. With the rules being what they are, it`ll be interesting to see what happens next.
     
  6. Sounds awfully like a small builiding society.
     
  7. I can't remember exactly why he wasn't up for just running a credit union, I think it may have been something to do with ownership. As far as he was concerned, he didn't see why he couldn't be a bank, which I could sort of understand at the time. Do credit unions allows you to save your money with them?
     
  8. Yes I think the savings limit is 10k for a credit union, once you`ve reached that that you have to move it to a bank or building society.
     
  9. Why did they have an issue with him becoming a bank in the first place? Solvency?
     
  10. Well, it's like he said, they're scared of him actually doing it and showing them up for the fcukwits they are. But it was a great show
     
  11. Seemed to be a waste of time, I worked for finance comapny that wanted to operate as a bank, to do that they needed a licence and the onyl banking licences available cost millions. Bank of Dave ? Bank of BBC look how in touch with the common man we are more like (not very)
     
  12. Its on Channel 4 Polar - do keep up, there's a good chap!
     
  13. Thought you were on about this Funding for Lending scheme: the verdict - FT.com, which promises to be as effective as Project Merlin, given that the banks are involved.

    I particularly like this bit: "The scheme will start next month and will run for 18 months, but banks will be able to borrow for up to four years at a rate significantly lower than is available in the wholesale markets." ,which effectively means that the taxpayer wil be underpinning another revenue stream for the banks, who are under no obligation to charge proportionately low rates to SMEs.

    Dave would have been better off cutting out the banks and setting up a mechanism whereby the cash was available to SMEs at 0.25%, without the banks getting involved. Given that this is no longer a free market mechanism, it would have been far more effective in getting that cash into the economy to stimulate growth. The only drawback would have been that the banks would not have been able to bolster profits and Balance Sheets again at the expense of the taxpayer.
     
  14. Bank of Dave was a brilliantly funny programme, and a very pointed poke at the near monopoly position of a few big banks whose bosses pay themselves billions of your money in bonuses.

    Maybe this country does need a network of small local banks, in tune with small local businesses, and not trying to sell everyone insurance etc etc. Some small banks would fail - but if one did it wouldn't be a catastrophe - a small insurance scheme would allow the government to guarantee depositors money. It could be a move away from big banks too big to fail that then have to be bailed out by us taxpayers when they get there sums wrong on hedge funds (aka spread betting).

    Whatever happens to his bank, I'll bet this won't be the last we hear of Dave Fishwick - as a character he's just too "good TV" to disappear.
     
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