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100 billion Subsidy
Nick Leaton made this Freedom of Information request to Bank of England
The request was partially successful.
From: Nick Leaton
2 March 2011
Dear Bank of England,
You have a publication Financial Stability Report, December 2010 ,
Issue No. 28
http://www.bankofengland.co.uk/publicati...
On page 51 Chart 5.9 there is a claim that banks are subsidised to
the tune of 100 bn or 6.7% of the total UK GDP in the course of a
year.
Since this is a large number, and the notes do not contain any
facts or calculations that enable the number to be checked, can you
please provide all details of the calculation as to how this number
is derived.
Yours faithfully,
Nick Leaton
From: Enquiries
Bank of England
3 March 2011
We acknowledge receipt of your e-mail dated 2 March (our ref FF 25114).
We will reply in due course.
If you have any queries please contact the Bank's Public Information and Enquiries Group on 020 7601 4878.
Public Information & Enquiries Group
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878
[Bank of England request email]
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Nick Leaton left an annotation ( 7 March 2011)
The actual bailout is quite small. The 1,000 billion cost quoted is a loan at penal rates. ie. The government is making a profit on it. Bad for the customers, because they are the people paying it. It's currently down at the 550 bn mark.
The actual losses are around the 28 billion mark made up of two parts. Share trading losses in the nationalised banks, and money spent on compensation depositors.
The 100 bn figure is so clearly wrong, the question has to be asked. Given that the mortgage market is 1,400 bn, it is equivalent to a 7% difference between borrowing and lending.
From: Enquiries
Bank of England
30 March 2011
Dear Mr Leaton
Please find attached a response to your Freedom of Information request
dated 2 March.
Yours sincerely
Public Information and Enquiries Group
Bank of England | Threadneedle Street | London | EC2R 8AH | +44 20 7601
4878
[1][Bank of England request email]
show quoted sections
From: Nick Leaton
3 April 2011
Dear Enquiries,
You're reply shows the far fetched nature of the analysis.
100 billion a year to the banks implies the banks are profiting by
100 billion a year. Given GDP at around the 1,500 billion mark it
means that the banks are taking nearly 7% of the entire UK economy
purely in this 'subsidy'.
In reality almost all the 'subsidy' gets passed on to the customer
who enjoys lower interest rates, if you are right, which you are
clearly not. It's the customers who are subsidised, no the banks,
or there would be spreads of 10% between borrowing and lending.
So it comes across as a very political bit of analysis designed to
back up a political view point.
So I'd like to make a follow up FOI request.
Who requested the information or commissioned the report?
I would like to request all documents, emails, and minutes relating
to the commissioning of this work.
Yours sincerely,
Nick Leaton
From: Enquiries
Bank of England
5 April 2011
We acknowledge receipt of your e-mail dated 4 April (our ref FF 25329).
We will reply in due course.
If you have any queries please contact the Bank's Public Information and Enquiries Group on 020 7601 4878.
Public Information & Enquiries Group
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878
[Bank of England request email]
show quoted sections
From: Enquiries
Bank of England
21 April 2011
Dear Mr Leaton
Please find attached a response to your email dated 4 April below.
Yours sincerely
Public Information and Enquiries Group
Bank of England | Threadneedle Street | London | EC2R 8AH | +44 20 7601
4878
[1][Bank of England request email]
show quoted sections
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grooks left an annotation ( 7 March 2011)
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