NoRegretsCoyote
Registered User
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Hello,
While I appreciate the point that you are making, the Central Bank, the ECB and the Irish Government (through the Dept of Finance etc), all engage regularly.
If they had a desire to do something, it could have been done a long time ago.
It's now April 2020, seven years since Linked Finance launched and there is still no regulation for crowdfunding, here in Ireland. That's simply inexcusable and the Central Bank should not be let off the hook, for failing to regulate companies who are promoting "investments" to Irish consumers.
Hi Mr Earl
And should the Central Bank take responsibility for the poor behaviour of the companies which sold overseas property in Ireland?
And should they take responsibility for the losses I have made betting with Paddy Power?
If you think that the Central Bank should regulate these, then lobby the politicians.
The Central Bank can't choose what it wants to regulate. The politicians you elected make those choices.
Brendan
In short Mr Burgess, the regulator should be regulating the sale of anything that falls under the category of financial services being offered to Irish consumers, in my view.
What you think that the Central Bank should be doing and what they are permitted and obliged to do by law are two different things.
We can argue whether or not peer to peer lending should be regulated.
But you should not criticise the Central Bank for failing to do a job which they have no authority to do.
Brendan
Mr Earl
if you are not happy with Linked Finance not being regulated, why do you lend through it?
Fees to apply to available cash balances from 1 January 2021
Hmmm, what's this? 1 free withdrawal over €250 per month. What about less than that? Doesn't mention it in the email. Had a look in the FAQs.I need to inform you today about a change which will affect you as an investor from January 1st 2021. As you are no doubt aware, deposit interest rates across the Eurozone are at a historic low, which has led to the Banks imposing negative interest rates and charging their business account holders to hold cash on deposit. Over the last year, Linked Finance has absorbed these charges without passing these fees onto investors. Sadly however, the banks have increased these charges steadily in the last few months, and it has come to a point that we can no longer absorb these fees.
It is therefore with reluctance that from 1st January 2021, we will be levying a new Balance Fee on available cash deposits on the platform.
What will change
From 1st January 2021, any investor who:
a) has not invested in any loans in the past 3 months, or
b) has an available cash balance in excess of €5,000 on the Linked Finance platform (regardless of bidding activity levels),
will be charged a monthly fee, equivalent to 1.25% per annum, of your available cash balance on the Linked Finance platform. Eligibility for the fee will be assessed on the 1st of each month, after which the fee will be calculated daily and then deducted from your account on the last calendar day of each month.
Any cash you have invested in a live loan will not accrue these charges.
You will be able to monitor this Balance Fee charge by looking at the Available Cash panel in your Linked Finance account.
Next steps
To avoid this charge, or significantly reduce the charge deducted, you should:
- Reduce the amount of cash deposits you have on the platform by making a withdrawal. You may make withdrawals free of charge until 31 December 2020. After that date, you can make 1 free withdrawal over €250 per month.
- Actively monitor the amount of available cash you have on the platform on a regular basis to ensure you don't keep more money on the platform than you need to.
- Review your autobid strategy to make sure that you don't miss out in opportunities to bid on new loans on the platform.
It was a typical hysterical indo article. "hundreds of peer to peer lenders on the hook if viking splash go down"Did I read recently that Viking Splash Tours going under is a big issue for Linked Finance?
Sad news, and probably a big shock for anyone who has gone into this stuff as an alternative to cash deposits as it’s sometimes marketed (which is scandalous).
It's actually a sad loss, as I thought it was a great service, that entertained both tourists and locals alike - combining fun and a little education about Dublin City.
Linked Finance had reduced their exposure to €77,384 by the time the company went into liquidation.I believe that there were P2P loans there for an original amount of €300k, not sure how much that balance might have reduced, if at all.
Without knowing the exact timings, it’s impossible to run the numbers, but that sounds like a terrible return to me.I've just received the final payment on loans through LinkedFinance. Over the past three years I lent €5,500 and received (following charges) €555 in interest. Considering it was during a pandemic, I think it was a very healthy return. However, I am very tempted to leave it at that. Should I?
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