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All the Perl that's Practical to Extract and Report

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Trade Unions extending their reach into finance 2 Comments More | Login | Reply /

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  • I imagine you're already aware of this, but Members Equity was put on a S&P credit watch this time last year (http://www.highbeam.com/doc/1G1-177431950.html [highbeam.com]). Unfortunately, I can't find any more recent indication of their status or how they have changed their investment policies since. Caveat depositor! :-)

    • Because our banking system generally is pretty strong (we've got 4 of the only 12 banks left with AA credit ratings) the government here has decided it's affordable to back them to the hilt.

      So about 6 months ago they agreed to underwrite all of the loans for all the banks. It was for a fee of course, so they are serving mainly as a loan default insurer of last resort. That move stopped the collapse or forced merger of some of the smaller banks that were looking dangerous.

      With that in place, plus the government's deposit insurance guarentees, the banking system is now pretty much insulated from the problems in the credit markets.

      Hopefully that warning from last year no longer applies...

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