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airship
20th Apr 2012, 14:19
The ECB currently offers selected customers a "marginal lending faciity @ 1.75%" and/or "main refinancing operations (fixed rate) @ 1.00% over 3 years".

That's probably what your own bank pays in current interest rates for the money borrowed from the ECB, which they in turn lend on to you, at anywhere between 300-500% of their own rates of borrowing. Even so, you'll find that they don't want to lend to you at even these huge multiples, whether that is refinancing older loans at newer interest rates or new loans at lower rates.

Dear Sirs,

As a UK citizen, I've been living and working in France since 1991, where I've been paying all my income taxes correctly etc.

My own personal financial circumstances today must resemble those of many of your (much bigger and more important) customers. But I do and urgently require to refinance my existing loans with a French finance company totalling Euro 10,000 approx. over 3 years, with a lower rate than the approx. 7% that is currently applied. At the same time as refinancing my existing loans at a lower interest rate, I also very seriously require and hope to be able to raise an additional Euro 2-3,000 repayable over 36 months, as neither the French finance company, nor my own bank HSBC appears to be interested in doing so.

In terms of security required for an eventual ECB loan, I can offer copies of my adhesion to an approved French organism, my contributions to over 20 years and from which I hope(d) to secure additional French retirement benefits upon retirement. I'll sign that over to the ECB in return for a cheaper loan.

That must be as good as, if not better security than most requirements for the ECB's loans @1% over 3 years, even those @ 1.75% most recently. And certainly more fairer...

I get the impression that today, money is cheap (or at least ECB loans are). But these "taxpayer-funded" benefit/s are not intended to be distributed as far down-stream as you or I, merely concentrated in the bigger perhaps "too big to fail" sector or those companies and institutions with political connections.

Whilst politicians of all colours ceremoniously "pat themselves on their backs" in front of journalists who're either part of the scam or else idiots, with many politicians claiming that they've averted more serious problems, some claiming that they will in fact make a profit for the taxpayer for all their support of mostly private and/or public financial companies and institutions, it remains abunduntly clear who is footing the bill...

Apply to the ECB (http://www.ecb.int/home/html/contact.en.html)for your own loan at a preferrential rate today. But don't delay! You never know when exactly you'll be expusled from your home for rent arrears (or mortgage repaymen delays) and lose your Internet connection.

I don't disagree with the point that it is individual taxpayers and "the State" that are held jointly responsible. But unless I'm much mistaken, whatever terms are eventually accorded to the bigger institutions, whether or not in UK or France or other EU states, we're all, as EU citizens, held to be jointly-responsable for French govenmental debts in 06 France.

French citizens (let alone simple UK citizens like myself in France) have regularly posed questions concerning more or less undemocratic procedures in various forums to little avail, such is the power of the current government.

The day of reckoning will soon come, when it is no longer simply an innocent question concerning taxes paid or unpaid etc. for those owning expensive villas in the surrounding areas, but whether or not "these villa owners", 2nd or holiday home owners, ever paid any taxes anywhere prior to purchasing their 2nd homes here in the south of France, but are willing to pay the important social security deductions and taxes on ther employee/s.