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Question 32 of 32 View all 32 questions

Q.How should you work with the banks in the current climate?

Graeme Lowdon

Nomad Digital

A.At the moment, it’s important to remember that for most people in the banks it’s all about job preservation and that means not taking risks. We’ve even had difficulties financing a new car for Vitesse – and the banks lend money against assets! All of the solutions that they put forward didn’t involve them or their money.

 

 

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Peter Hiscocks

Finance Tree

A.It’s probably going to be six months before the banks start lending again as they’re almost all undergoing major restructuring. They’ve all had to restructure financially as a result of new regulation, with more allocated to cover their capital assets. It means that they have less money in the system until the government schemes kick in. And they’re still trying to work out how the government guarantee schemes work before they’re prepared to do anything. My suggestion is to stay off the banks’ radar at the moment.

 

 

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