Comments on: Clarien Bank To Increase Base Lending Rates

By: frank

frank — Wed, 23 Mar 2016 20:40:35 +0000

this was said by a member of the Rothschild family

By: frank

frank — Wed, 23 Mar 2016 20:37:10 +0000

most people don’t know but the federal reserve is illegal
and has been so since 1913.

By: Sickofantz

Sickofantz — Wed, 23 Mar 2016 16:53:41 +0000

Partly this is because house prices in the US are more stable as the economy is more stable and their is growing demand. In Bermuda the demand for property is lessening due to our falling population. Henceforth homes here are a MUCH bigger risk for the banks.

By: serengeti

serengeti — Wed, 23 Mar 2016 15:26:00 +0000

CD rates are low, but they are not zero. They change day by day, and they depend (at all banks) on fed rates, the length of the CD, and the amount invested.

But if Clarion is not competitive on what it pays on cd’s, people will go elsewhere. Presumably so would borrowers, if the rates are uncompetitive.

By: aceboy

aceboy — Wed, 23 Mar 2016 14:47:54 +0000

I would for sure. The rates currently offered on CDs is zero. They raised their rates for mortgage customers but do not appear to have raised deposit rates. In that situation only Clarien wins.

Thus the little add-on at the end of the article:

“Additionally, the Bank confirms that it continually reviews its deposit rates to ensure that it offers creative and competitive savings products for clients.”

….but no mention of a deposit rate increase.

By: Dark Star

Dark Star — Wed, 23 Mar 2016 09:48:24 +0000

If I was rich I wouldn’t be buying a house in Bermuda with todays political climate. To many loud vocal idiots stopping progress due to ghost’s of the past

By: Dark Star

Dark Star — Wed, 23 Mar 2016 09:46:30 +0000

Turks and Caicos starts at over 7% base points and you typically have to have a serious amount in the bank as a security. Don’t even try to get a credit card from their banks

By: Zevon

Zevon — Wed, 23 Mar 2016 09:13:05 +0000

But if you invested there, you would expect them to pay you a competitive rate on a CD, right?

By: Zevon

Zevon — Wed, 23 Mar 2016 09:11:19 +0000

The interest rates at banks are absolutely nothing to do with payroll tax.

By: Dunno

Dunno — Wed, 23 Mar 2016 02:22:44 +0000

I’m pretty sure that Clarien’s base rate increase is related to the U.S interest rate increase…. not the Bermuda payroll tax increase. I can’t see where the article says that. If it was a result of the payroll tax increase, I don’t see why they’d even mention the U.S increase at all.

By: Patricia Gordon-Pamplin

Patricia Gordon-Pamplin — Wed, 23 Mar 2016 01:59:46 +0000

It is one thing to raise interest rates on loans, but how about raising rates on savings accounts, from which some funds are used to finance loans!!

By: cap232

cap232 — Wed, 23 Mar 2016 01:49:38 +0000

Give me control of the money supply ,I couldn’t care less who governs your country.
David Rockefeller

By: Keepin' it Real!...4Real!

Keepin' it Real!...4Real! — Wed, 23 Mar 2016 00:47:27 +0000

What ever happened to 7% at Swans Savings…

By: Malcolm Raynor

Malcolm Raynor — Tue, 22 Mar 2016 23:21:13 +0000

The U.S. Fed has gotten it all wrong for sure. They have been printing money since 2008 and the U.S. economy has sputtered along, giving the impression of a recovery. Thanks goodness we can’t legally print our currency, we would have done the same thing instead of balancing our budget and managing our debt.

By: Toodle-oo

Toodle-oo — Tue, 22 Mar 2016 21:52:21 +0000

The Bermuda economy is not recovering . It’s ‘re-evolving’ in a way that we all must get used to less . And that should include charging less because most are earning less . You can’t continue to try and get blood out of a stone.

I’ll believe that things are really on the up and up when the banks start giving better returns on money invested in all its different forms .

Until then , the economy sucks no matter all the fantastical claims about ‘turn arounds’ and ‘green shoots’ .

By: Keepin' it Real!...4Real!

Keepin' it Real!...4Real! — Tue, 22 Mar 2016 21:27:39 +0000

People just don’t understand or are afraid of what is taking place here and globally.

By: Unbelievable

Unbelievable — Tue, 22 Mar 2016 20:50:58 +0000

I am so disappointed with Clarien Bank. They have jacked up their rates and fees right across the board. I don’t even understand why…it’ snot like there is anything special happening at the bank. No special considerations, no promotions, nothing that is in he interest of the client.

I don’t blame people for closing their accounts.

By: Jeremy Deacon

Jeremy Deacon — Tue, 22 Mar 2016 20:40:03 +0000

I asked Bob in a Bernews podcast (http://bernews.com/2016/03/podcast-finance-minister-bob-richards-budget/) whether putting up the payroll tax was a bit of a gamble – he said, categorically, that gambling did not come into the equation.
But now this happens – and when (not if) other banks follow suit, there must be question marks over whether the non-gamble was worth it. Thoughts?

By: planeasday

planeasday — Tue, 22 Mar 2016 20:20:34 +0000

The FED raised rates with the false notion that the US economy is strong – it is not and they have in essence pricked the very bubble they began to inflate in 2009 – hear from the horses mouth a brief description of the farce that has been the last 7 years of market activity…

The former Dallas Fed Chair himself said thus

“What The Fed did, and I was part of it, was front-loaded an enormous rally starting in 2009 … in order to create a wealth effect…

I wouldn’t blame [the declining stock market] on China.

An uncomfortable digestive period is likely now.”

Meaning the gig is up…zero interest rates fueling the feeding frenzy of institutional investors leveraging their bets to the tilt is over – the unwinding will begin. Couple that with a stated goal to devalue the “dollar” by 33% in 20 years meaning they EXPECT a basket of goods purchased in 2032 to cost $150 when that same basket of goods today is $100 – but FEAR NOT! The FED IS ALWAYS WRONG and wee will see Dollar devaluation at a far greater level and far sooner…so happy we are pegged to the petro-dollar aren’t you?

Remember that mass exodus of “3500″ blamed on the PLP during the 2007 mini collapse? Wait till this time around and it has begun already and will be worse by magnitudes – the signs are there if you are looking.

What Clarien have done is to set about the next wave of defaults in Bermuda – get ready for a further consolidation of wealth – meaning porer folk losing homes and richer folk buying them up fior fractions of value

By: Double S

Double S — Tue, 22 Mar 2016 19:36:34 +0000

Probably because we don’t have a Fed/Central Bank to lend monies at cheap rates to our banks.

You think BDA’s are high, I suggest you look at other jurisdictions like Central America and the like.

By: Jolly

Jolly — Tue, 22 Mar 2016 19:32:06 +0000

That’s messed up – Bermuda mortgage rates are so far above US rates.