Apr/090
Loan of Hope
According to the Press Release of the ABI, after a presentation that starts from Puglia and initiate an agreement between ABI-Cei, effective from 1 September 2009, which provides for a national programs microcredit for families in difficulty because of the economic crisis living in our country.
This agreement is to facilitate the disbursement of funds in favor of large families, or severe illness or disability, who have lost all forms of income and have a draft re-entering the working world, or by a clerk or by an a business, thanks for a fund established by the CEI itself.
Fund initially with about 30 million, and maintained by a leading national bank operating as cash.
The characteristics of eligible guarantee:
- not exceeding 6 thousand Euros, payable in monthly installments of 500 Euros per month for a period of 5 years, That funding may be extended for another 12 months yet, and for other 6 thousand Euros after being requested by the customer and evaluation of the Bank.
- the Annual Percentage Rate (APR) may not exceed 50% of the average rate of charge (Tegma), on personal loans as the law states n.108/1996
The funding request will transit through the Diocesan Caritas or any indicated by the local bishop, who will have the essential task of careful consideration of requests and the real possibility of meeting the requirements of objective and subjective, everything will be through compilation at the diocesan offices of a questionnaire and the draft back into work, and attach the necessary documentation required by banks.
Lists of the diocesan offices and banks participating will be available directly from 1 September 2009 on the official website of the ABI: www.abi.it
Mar/090
Beginning with the procedures for bank transparency
Yesterday the Bank of Italy has published the rules regarding the operation of bank transparency. Through this action is intended to simplify the language of banking procedures and improve the customer-bank relationship.
Bank of Italy published a report which outlined a few things:
The rules are designed to provide customers with clear and accessible, ensuring the accurate perception of all costs related to the services offered, their easy comparability with offers from other intermediaries, the understanding of rights that customers and the ways in conquest can be activated and applied in practice. The new rules, graduate the type of service and customer characteristics which it is addressed, include:
- simplification of the content of documents intended for customers, and – for the latest product diffuse, prevalent as current accounts and mortgages offered to consumers – the adoption of schemes “standard” prepared by the Bank of Italy;
- Clearer illustration of the rights of customers, achieved through the predisposition of some practical guides on models developed by the Bank of Italy;
- Greater immediacy of the information given, especially on the cost of services: the use of summary measures of cost is also required for the reliable and current accounts for the retail customers, as well as for mortgages and consumer credit as currently planned;
- sending to the holder of a summary of all expenses incurred in the year, which allows easily, compare the actual costs of current account with those of similar products on the market
- the discipline of a simple current account, designed on the basic needs of consumers, which will include a certain number of transactions and will be characterized by a fixed annual fee;
- The criteria for the preparation and presentation of documents, is which must be expressed in a simple and clear language.
The key point of the new provisions and obligations of transparency and complementarily is between organizations of brokers. Businesses are then asked to adopt procedures to ensure that be given adequate attention to the customer in every phase of making, from the product, sale, up to the management of any complaints.
The rules will be published in the Official Journal; intermediaries are required to adapt by 31 December.
This is the press release in which the Bank of Italy announced the beginning of a new era in which the statements will be readable and you will understand why we pay certain costs.
But banks will keep abreast with the criterion of “good father” or disengaged as they did for the standard Bersani years ago?
Do you remember how much time was spent before the law was respected?
I remain very doubtful about the implementation of this regulation, however, are very happy to see that finally it was noted the problem of banking communities.
I think everyone we dealt with the banks and that each of us knows the complexity of the topic and the need for simplification. We will see later in December the results obtained by this legislation.
Feb/090
Bank of China expands in London
The Bank of China expands into the United Kingdom. While previously only grant loans to Chinese residents in the country of the crown, they are now guaranteed to all citizens.
His offer seems to be very competitive and could crush competition.
Now the British banks are reluctant to lend and have brought down the housing market, but BoC could change the situation by extending the credit squeeze.
Even analysts are hoping the arrival of other institutions, so as to encourage greater competition.
For now the eastern country has a policy very focused and grant loans only to people with special requirements (especially those requesting loans for homes for rent), but soon could hit every sector.
After the attempted assault on the economy, we should expect that to finance?