# Does anybody really know the story on banks current lending policies?



## anniemac (20 Aug 2009)

Just a question that has come up a few times in conversations I have had with friends and clients. Bank staff don't seem to be able to answer the most basic of questions on what are the current lending policies of their own bank? They may pass comment on what the story is with other banks, but really vague on what they are really, really do mean. You can see it from some of the posts - i.e. credit cards at great rates but not a chance of getting it, back to the old saying "only available to persons over 75 with both parents present" it would be nice [am I being so naive] that the financial regulator gave us an up-to-date and true reflection of real life of banking in Ireland and not the PR blurb the banks narrate for them!


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## Molly (20 Aug 2009)

> Bank staff don't seem to be able to answer the most basic of questions on what are the current lending policies of their own bank?



Lending institutions do not, nor ever have,  disclosed their lending policies / qualifying criteria.

You will via this site and others get a broad idea of basic lending criteria, ie over age 18 in permanent employment etc, actual lending policies are not , for good reason, disclosed.


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## Purple (20 Aug 2009)

Banks are not functioning as banks at the moment, they are just trying to bebuild their balance sheets.


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## anniemac (20 Aug 2009)

I know the laws of competition - but the reality is they just have to do business differently now, would you get into business with a company who has been say less then honest in the past? Don’t think so, the honesty is only to say - we are not lending to..... or we are not currently in the mortgage market, you do have to have your current account with us for 6 months before you get a CC with us, the list is endless and most people who are genuinely looking to banks for a more honest relationship they [the banks] and the financial regulator are sadly lacking in this skill. What that means for the majority of Irish people is wait until the preverbal hits the fan, then, they will look at sorting the mess out - no forward thinking, no preventative measures nothing.


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## anniemac (20 Aug 2009)

Purple, that is so true, we should get a fee free term until they get their house in order [ not much chance of that Ha!]


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## Purple (20 Aug 2009)

anniemac said:


> Purple, that is so true, we should get a fee free term until they get their house in order [ not much chance of that Ha!]



Then they'd never get their house in order as they'd be making bugger all money.
BTW, they don't want our deposits either; they can get all the cash they need from the ECB for less than they are paying for retail deposits.


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## anniemac (20 Aug 2009)

I know but it might speed them up a bit - pay related being really that. Makes me think of the factories and the old 'piece work' you work you get paid, you don’t, and you don’t. Think the mattress is getting a lot of support from savers these days and you know there is a lot to be said about taking larger investments to Germany, France etc!


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