Oft Test Case Results: Stand By

[SPROUTY]

This from daily court lists for tomorrow:

 

 

COURT 73

Before MR JUSTICE ANDREW SMITH

Not before 16:30

For Judgment

2007-1186 Office of Fair Trading v Abbey National PLC

[SPROUTY]

To be handed down tomorrow!!

 

The the judgment will be available on the Court Service website shortly after 4.30.

 

Great way to hide it amongst all the other bad news for banks and you can bet your bottom dollar the banks have allowed for this "eventuality" in their demands to Gordon for an additional £50Bn ..so its genius if your a banker (under the circumstances) they will not be perceived as the villans (sorry MR Lehman Bros. that 's you) and UK tax payer foots the bill..WELL DONE (not)

Edited October 7, 2008 by SPROUTY
news update

[ncf355]

Wouldnt it list the other banks?

[SPROUTY]

No ...Check out the Claim No. Folio 2007/1186 Its the same...no doubt!

[saintly_1]

They list Abbey as thats the first bank alphabetically

[Jamesx81x]

They did say it would be around October time!

 

Fingers crossed

[Jamesx81x]

I knew i saw october somewhere. Tommorrows hearing is just more legalities, just found following off BBC website.

 

this autumn Mr Justice Andrew Smith will rule if the OFT can also scrutinise the fairness of the historic terms formerly used by banks for their overdraft charges in the past

 

he will also rule if any historic bank terms are unfair penalties under common law, as well as potentially under the 1999 Unfair Terms in Consumer Contracts regulations

 

in October there will be an appeal by the banks against the OFT's initial High Court victory in April

 

and in late 2008/early 2009, a High Court hearing is expected to start on the substantive issue of whether or not bank overdraft charges are unfair - in effect a challenge by the banks to an anticipated adverse ruling by the OFT

[breeze1996]

What if the Chancellor has put down a condition thay they pay up, as it would put them in a good light and improve the way we all feel.

[Prangers]

yeh and pigs may fly lol

[Prangers]

weird how the banks getting the "rescue" money are the ones in the OFT case

 

BBC NEWS | Business | Rescue plan for UK banks unveiled

[banker_rhymes_with]

I think it would be a lot more effective just to give £50 Billion to the UK Population of around 65 Million. Just share it out amongst us instead of giving it all to Gordon Broon's banking mates.

 

Instant boost to the economy, and the majority would soon end up as real bank deposits...out of the direct reach of the bankers just to pay themselves with.

 

Most would get spent straight away. Any placed into bank and Building Society Deposit Accounts would be available for the bankers to re-lend, so what have they got to moan about.

 

Government would get an almost instant return via VAT from all the Sales, and then even more VAT from all the repeat sales that would result as that £50BN whizzed in and out of bank accounts. Property market would lift, so Stamp Duty receipts would rise too, harvesting more funds back to the Government.

 

The whole lot would more or less flow through bank accounts anyway, giving the bankers the cash flow injection up their bottom they feel they need.

 

I think that would be £50BN well spent.

 

On the other hand...give £50BN to prop up a banking system that is already rotten to the core? The first £25BN will just disappear to fix the immediate banking mess, leaving maybe 1p to help Small Businesses and other Customers.

 

They'll need the second £25BN just to pay back all of the Unlawful Bank Charges (after they've Paid themselves a £24BN bonus for the extra work)!

 

The bankers must think their Christmas has come early.

 

Which it has, to be honest. The bankers can't even get it right in a business that can make money, and yet now they get £50BN from their politico-banking friends just to help them out of their own sordid mess.

 

I noticed that Gordon Broon ducked the question about where was this money coming from then? He was not at all keen to fess up to the fact that it's just a big fat Government IOU, and the £50BN is actually just smoke and mirrors.

 

Gordon rubbed Alistair's Lamp and the Number-Money Genie (that nobody else can see) popped out and created £50BN of brand new Number-Money (that nobody else can see).

 

You could not make up a better Fairy Story if you tried.

 

Cheers,

BRW

[alanalana]

hello brw,

 

I think it would be a lot more effective just to give £50 Billion to the UK Population of around 65 Million. Just share it out amongst us instead of giving it all to Gordon Broon's banking mates.

 

Instant boost to the economy, and the majority would soon end up as real bank deposits...out of the direct reach of the bankers just to pay themselves with.

 

Most would get spent straight away. Any placed into bank and Building Society Deposit Accounts would be available for the bankers to re-lend, so what have they got to moan about.

 

Government would get an almost instant return via VAT from all the Sales, and then even more VAT from all the repeat sales that would result as that £50BN whizzed in and out of bank accounts. Property market would lift, so Stamp Duty receipts would rise too, harvesting more funds back to the Government.

 

The whole lot would more or less flow through bank accounts anyway, giving the bankers the cash flow injection up their bottom they feel they need.

 

I think that would be £50BN well spent.

 

On the other hand...give £50BN to prop up a banking system that is already rotten to the core? The first £25BN will just disappear to fix the immediate banking mess, leaving maybe 1p to help Small Businesses and other Customers.

 

They'll need the second £25BN just to pay back all of the Unlawful Bank Charges (after they've Paid themselves a £24BN bonus for the extra work)!

 

The bankers must think their Christmas has come early.

 

Which it has, to be honest. The bankers can't even get it right in a business that can make money, and yet now they get £50BN from their politico-banking friends just to help them out of their own sordid mess.

 

I noticed that Gordon Broon ducked the question about where was this money coming from then? He was not at all keen to fess up to the fact that it's just a big fat Government IOU, and the £50BN is actually just smoke and mirrors.

 

Gordon rubbed Alistair's Lamp and the Number-Money Genie (that nobody else can see) popped out and created £50BN of brand new Number-Money (that nobody else can see).

 

You could not make up a better Fairy Story if you tried.

 

Cheers,

BRW

 

Excellent brw first a banana and now spot on economist.

 

You are keeping people going with a smile on their faces even though the subject is very serious.

 

Hopefully the FOS will uphold my three complaints against RBS and give me a slice of this £50b some of which after all is probably mine anyway:roll:

 

aa

[banker_rhymes_with]

Hello aa!

 

What's the betting a Fix has gone in, and the OFT Test Case Result will be another fudge, some other delay.

 

Pressure from Government onto the Judicial System to make sure this issue stays buried for a little longer.

 

It's a good day for them to bury bad news, after all.

 

Cheers,

BRW

[Prangers]

just 2 points to make....

 

firstly that would require the government to actually do something that would benifit the hard working tax payers of this country....

 

and secondly

 

if we were all to receive the £1 million , i know i would not attend full time employment until the money was spent . so the country would fold overnight lol

[Bookworm]

Prangers, are you saying the country would fold overnight if you didn't go to work?

 

Are you..... GOD? (if answer's yes, I am going to have to seriously review my atheism theories!!!)

[banker_rhymes_with]

Hello Prangers!

 

if we were all to receive the £1 million , i know i would not attend full time employment until the money was spent . so the country would fold overnight lol

 

Sadly, I think it's American Billions, i.e. 1000 x £Million, not how we once used to calculate Billions, as in Million x £Million.

 

So, £50BN split amongst all 65m of us, only works out at about £750 each.

 

So, don't give up the Day Job just yet! I think that'll only pay for a long weekend on the razzle and a very well deserved hang-over!

 

However, according to Gordon Broon, the £50BN is going to cost us about £2,000 each.

 

I was never that good at Maths, but I make that around £80BN not £50BN, that's if we assume there are maybe 40 Million Tax Payers (i.e. 40m Tax Payers and 25m Kids, rough guess, I dunno to be honest).

 

40m x £2,000 = £80BN

 

So, the bankers get £50BN, but that somehow swells until it costs us £80BN.

 

This just gets better and better!

 

I wonder if they have really thought this one through?

 

Cheers,

BRW

[SPROUTY]

TALKING ABOUT "TELEPHONE NUMBERS"

 

 

Any one out there know how much the 8 banks who are benefitting from this government "inititive" have made in profits since our current government came into power.

 

I bet its over £1trillion thats £1,000,000,000,000.00p

 

That would be £16,700 for every man woman and child in the UK

 

Where did that go then?

[banker_rhymes_with]

Hello Sprouty!

 

Where did that go then?

 

You have to remember that it's a tough life being a real banker.

 

Yachts don't come cheap you know, nor the Golf Club Fees, nor the Bentley, nor the Lap Dancing Club, nor the, ahem, brown envelopes for their Politician mates, nor the Village People Morris Dancing Outfit with peek-a-boo trousers for that other Club...

 

£50BN is the least reward they can expect from their wannabe banker mates busy pretending to be in Government and pretending to know what they are doing!

 

Cheers,

BRW

[SPROUTY]

Not all bankers are like that!

 

All the bankers I know are really nice chaps with tendancy to enjoy the finer things in life (some times as legitamate company expenses) including wines, very fine columbian products and extra fine ladies underware products.

 

It is a little unfair of us to be so judgemental and "tar them all with the same brush" I am sure the banks would not want us perceiving them in this way, after all look at those forward thinking "bankers" on the NATWEST advert (playing golf in spain) created by the banking industry to show how high esteem we should hold them in.

 

There are without doubt a few good eggs out their who do not deserve to be labled :

 

OVER PAID, MANIPULATIVE (thats right Mr Brown), "B"ANKERS

 

but then what do I know ?

[killat]

so when do we hear about this then??

 

when do they normally release the information?

[SPROUTY]

News from the court so far:

 

Historic T & Cs are not capable of being penalties

 

(now up to OFT to appeal that bit) No surprises to most though I Guess!

Appeal expected to commence 28 October (ties in with fsa extension of waiver until Jan 2009)

 

UTCCR Being handed down now

[adamski]

So the banks win again, for gods sake let them go bust lets all start again without these alleged crooks.

[Fred_Funk]

Sorry, post removed as I inadvertently duplicated it.

Edited October 8, 2008 by Fred_Funk

[SPROUTY]

NO THEY MOST CERTAINLY HAVE NOT WON!

 

It means the bit about penalties may have to be dropped from our claims but UTCCR argument will continue (all be it the banks will probably appeal setting things back to January 2009 (spooky thats when the FSA waiver was extended to !!..surly they cant have known how this was likely to go?)

[Fred_Funk]

News from the court so far:

 

Historic T & Cs are not capable of being penalties

 

A year ago I would have understood the implications of that ruling but after all this time I can't think straight - can someone please explain just what this means to those of us who have had our claims stayed.

 

Ta muchly.

Edited October 8, 2008 by Fred_Funk