The Co-Op Gives Up On The Lloyds Branches
Buying bank branches, is a bit like going down Covent Garden Market at the close of business and buying all the fruit and vegetables that has not been sold.
So in some ways the news this morning as reported on the BBC, that the Co-Op Bank isn’t buying the branches Lloyds must divest itself of, is no surprise to me.
Let’s face it branch banking is dead and those that still need a branch, use one that is convenient to them and won’t like being transferred. So perhaps, many have already put their business elsewhere and the Co-op would be buying a few worthless empty shells.
The Co-op’s Chief Executive has said this.
After detailed and thorough consideration of all aspects of the Verde transaction, we have decided, at this time, that it is not in the best interests of our members to proceed with the transaction.
Against the backdrop of the current economic environment, the worsened outlook for economic growth and the increasing regulatory requirements on the financial services sector in general, the Verde transaction would not currently deliver a suitable return for our members within a reasonable timeframe and with an acceptable level of risk.
So although he’s saying it’s not for the Co-op and giving reasoned views, it would be interesting to see the figures underneath it all.
I also wonder with all the publicity that this proposed deal has generated, if it has sent a message to many bank customers, that the Co-op Bank is a serious alternative and people have moved their accounts accordingly.
So has the deal got the Co-op what it wanted, without any risk whatsoever?
Let’s hope the fallout from this deal, gives us a few new iconic bars and restaurants in those redundant prime locations!
The Sun Is Out In De Beauvoir Square
I took this picture yesterday morning, as I walked through the are to my doctor’s for a B12 injection.
The Sun Is Out In De Beauvoir Square
Last year, at this time of the year, there would be a lot more colour and leaves around. It really has been a bad winter.
Although, it was good to see the gardeners setting up the garden for Spring.
I don’t think many would associate this quiet and pleasant square with the inner London borough of Hackney. But then Hackney is one of the inner boroughs with most green spaces.
More From The Institute Of Economics and Peace
the web site of the The Institute Of Economics and Peace is fascinating.
Shown here, is a comparison of the various US States. As most would expect, Maine and Vermont are at the top, but to me, there are some surprising states in the bottom ten.
And here is a global terrorism index.
Both reports have very good interactive maps.
I think research like this is invaluable, when it comes to sorting out the world.
Love Is All You Need
I saw Love Is All You Need tonight at the Barbican cinema.
It was I think the first Danish film, I’ve ever seen and it was certainly one of the few films at which I cried at the end.
But then the two main characters were a widower and a woman going through breast cancer. I am of course the first and C suffered a bought of breast cancer, which she successfully overcame.
On the whole though it is an excellent film and quite uplifting.
An Unusual Place To Play your Drums
This guy was entertaining everybody at Kings Cross station.
An Unusual Place To Play your Drums
You can’t question his ambition. He wasn’t too bad either!
Everybody Was Happy In London Yesterday!
From the guys on the barriers at stations, and the guardian of the First Class Lounge at Paddington, to the waitresses in Carluccio’s, London was happy yesterday.
I put it down to the sun.
So What Is M-Pesa?
In the post on the Scottish currency, I mentioned M-Pesa. So what is it? I started by reading the Wikipedia entry. Here’s the initial paragraph.
In April 2007, following a student software development project from Kenya, Safaricom launched a new mobile phone based payment and money transfer service, known as M-Pesa. The service allows users to deposit money into an account stored on their cell phones, to send balances using SMS technology to other users (including sellers of goods and services), and to redeem deposits for regular money. Users are charged a small fee for sending and withdrawing money using the service. M-Pesa has spread quickly, and has become the most successful mobile phone based financial service in the developing world. By 2012, a stock of about 17 million M-Pesa accounts had been registered in Kenya.
The initial work of developing the product was given to a product and technology development company known as Sagentia. Development and second line support responsibilities were transferred to IBM in September of 2009, to where most of the original Sagentia team transferred.
It sounds a lot more sophisticated than anything we’ve got here! Especially, as it works on the humblest of Nokia mobile phones!
It’s developments like this, that will empower individuals and kill off the unnecessary wunch, that some still call bankers.
The Scottish Currency Question
If I could have ten pence for every politician, who’s put forward his view on the question of what currency Scotland has if they vote for independence, i wouldn’t be just a rich man, but a very rich man.
Surely, the amount of energy expended by politicians, would power a reasonably-sized city like Glasgow.
All of these politicians are flying in the face of the new reality, which is starting to sweep the world. Just read this article on the web site; SmallBusiness.co.uk about the future of banking. Here’s the first paragraph.
I was recently invited onto Evan Davis’ BBC radio and TV show ‘The Bottom Line’ for a discussion on alternative finance. Alongside me was Zopa founder Giles Andrews, the founder of Zopa – a UK peer-to-peer lending platform, and Michael Joseph, the former CEO of Safaricom, which set up M-Pesa, a mobile payment system, in Kenya.
It is the last bit that is the most significant. It also says this about banking and particularly M-Pesa.
The day-to-day of banking is changing world-wide and banks are not the ones driving the innovation. For instance, by some measures, Starbucks is among the 200 largest banks by deposits in the US, having $3 billion on their in-store card in 2012. Both Google and Amazon are also talking about providing finance to users of their marketplaces. At the other end of the economic spectrum, 31 per cent of Kenyan GDP now flows through M-Pesa, which is so simple it can be operated on a very modest Nokia phone and has no physical bank branch presence.
So does it matter about whether an individual or a company has their bank account in pounds, dollars, euros, thistles or beans? It only matters to the individual concerned. As someone living in and spending most of his money in the UK, I would probably keep my account in pounds! Although switching to euros, should be just a choice on the account.
Unfortunately, this transparent and convenient system would be unacceptable to the banks, as they make so much money on currency conversion.
I do wonder, if my new-found liking for cash, may be a personal reaction to the greed of the banks. If I pay by cash in Carluccio’s, I can leave a tip easily. It also seems to get good service, as the staff in many restaurants know me and have the gluten-free menu ready immediately I walk in. It’s also faster to settle up and there is nothing worse than waiting to get away, whilst a dim waitress struggles with a credit card terminal.
So to me, in a few years time, the Scottish currency question will be irrelevant to most people and companies in Scotland. They will pay their taxes in whatever currency the Scottish government uses or is forced to use and keep their bank account in whatever is convenient for their lifestyle or business.
So let’s get going on research to capture all that hot air being spoken to generate lots of electricity.
Three Of The Best
These stools are unique.
Three Of The Best
There is five or six of them, but today I can only find five, so either I can’t count, one has gone missing in the move, or there only ever was that number.
Every home should have some as they are so useful.
They are idea for sitting round the dinner table and easily fit in between chairs.
They are as sturdy as the man who stands at the base of an tower of acrobats and are ideal for standing on.
Two or more also make good stands for cutting long pieces of wood.
They are still pretty immaculate too, as they were hand made from oak, in Suffolk by a furniture maker called Julian Ellis around 1980, to match the table that I’m sitting at now.
But Julian didn’t design them! I did! And of all the things I’m proudest of designing it is these humble but oh so useful stools.
January 2015 Update – I’ve just counted properly and they are the Suffolk Six.
Something For Room 101
I know I have to have my decent clothes dry-cleaned, but why do they come back on a wire coat hanger wrapped in plastic?
Something For Room 101
If I was in charge of the world or even just the dry-cleaning bit of it, I’d find a better and more acceptable way for dry cleaning to be returned.
The Anonymous Widower 