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Post by dan1 on Mar 15, 2020 12:28:10 GMT
Do AC have valid justification for not implementing an appropriate queuing mechanism? They have been around for a few years now and so have had sufficient time to do so. Whilst one does not expect them to forecast this specific virus, a liquidity crunch scenario, for whatever reason, was surely something a large platform like AC should have been prepared for and so have had an appropriate queueing mechanism in place to cater for it. I am finding it difficult to accept the 'wrong type of snow' excuse. I couldn't agree more. And, if I were a shareholder I would be very disappointed (In Edit: putting it mildly!).
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Post by dan1 on Mar 15, 2020 12:11:12 GMT
Simply put, Assetz have been caught with their pants down. None of this was unforeseen, and I would have expected them to be better prepared for when the inevitable closure/queuing to the Access accounts was necessary. Just to be crystal clear, I have only nominal funds in the Access accounts, none of which I've requested for withdrawal. I do have cash funds which I requested for withdrawal on Wednesday which I'm still waiting for and my initial reaction to the block/delay (call it what you will) is that Assetz have run out of money. And again, I've no issue with liquidity running dry, it's to be expected given the extraordinary circumstances and, incidentally, why I withdrew in the run up to the Access closure. Whilst I agree that cash withdrawals shouldn't in theory have been impacted by any of this, I think if we all receive them on Monday as we have been assured we will, then we might as well draw a line under it. It'll have still only been 3 working days (if the latest unprocessed withdrawals are Wednesday, mine is) Other than that, as you say liquidity in the QAA was always going to be hit by something. I expected it to be something more trivial than this, but this'll certainly do. I think the best frame of mind to adopt now for anyone with 30d/90d investments, (or indeed QAA investments yet to be withdrawn) if you haven't already is to assume that those loan holdings are now really yours. Anything else that re-emerges in terms of liquidity would be a big bonus. I agree with your synopsis. Rationally speaking, I expect nothing is amiss but that really is missing the point. This business is all about confidence and Assetz have just shot themselves in both feet unnecessarily (in my opinion, of course) - just look at the dozens of posts on this topic over the last few days (of which I admit I've not read them all). Ultimately, this will severely impact on future investment into both the Access accounts and MLA - my guess is that what they've just gained in terms of investment from the BBB, they've lost in future investment from retail lenders.
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Post by dan1 on Mar 15, 2020 10:26:40 GMT
Simply put, Assetz have been caught with their pants down.
None of this was unforeseen, and I would have expected them to be better prepared for when the inevitable closure/queuing to the Access accounts was necessary.
Just to be crystal clear, I have only nominal funds in the Access accounts, none of which I've requested for withdrawal. I do have cash funds which I requested for withdrawal on Wednesday which I'm still waiting for and my initial reaction to the block/delay (call it what you will) is that Assetz have run out of money.
And again, I've no issue with liquidity running dry, it's to be expected given the extraordinary circumstances and, incidentally, why I withdrew in the run up to the Access closure.
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Post by dan1 on Mar 14, 2020 22:28:43 GMT
I can't believe this breaking story:
Surely unworkable, with a large army of volunteers needed to look after us. How long before some (including me) went "stir crazy" ("Acutely anxious, restless, irritable, irrational, and/or depressed from remaining for too long in an unstimulating, confined, and/or isolated environment. 'Stir' in this usage is a slang word for prison").
I live on my own in a house with garden, but imagine a couple spending four months in a tiny flat on the 12th floor of a block. How long before rows and worse broke out?
I would guess that most of us older people are already taking enough precautions, compared with young people who believe that if they do catch the virus they'll suffer little more than a cold.
I'm hoping that when I turn on the news in the morning there'll be a Government denial.
Further details in an article by ITV's political editor Robert Peson: www.spectator.co.uk/article/uk-quarantines-elderly-as-over-70s-told-stay-at-homeNote that Peston has previously been 'stung' by leaks from spads, notably over the false hospital punch tweets during the election campaign... www.pressgazette.co.uk/bbc-and-itv-political-editors-apologise-for-false-hospital-punch-claim-in-tweets/I note this because I wonder if this is a case of managing the govt comms. Prepare for something really really draconian yet deliver something far less draconian.
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Post by dan1 on Mar 14, 2020 21:54:36 GMT
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Post by dan1 on Mar 14, 2020 20:35:56 GMT
Nuances I feel, no conscious plan to slow normal withdrawals, just overwhelmed by workflow temporarily at the end of the week. The effect is the same though I agree. I appreciate you taking the time to reply Stuart, in what must be a very busy time for you and the AC team.
Why is there any manual aspect to the Withdraw Funds process when your IT systems can 'know' (i.e. determine from records) that the Lenders bank a/c has been validated previously and is unchanged since that time?
I've assumed for quite some time that the manual process was necessary because of the possibility of software bugs. It's very difficult to rectify mistakes once money departs AC to a lenders bank account.
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Post by dan1 on Mar 14, 2020 19:53:04 GMT
I could just try a quick cat nap....18 hours or so!
I'm following the Government's advice and avoiding all large Socialist gatherings. I feel it's good advice....so far it's making me feel much better. Not at the HoC for the budget on Wednesday then
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Post by dan1 on Mar 14, 2020 9:33:14 GMT
The UK is now officially the "Hand Washing Surrender Monkeys"
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Post by dan1 on Mar 13, 2020 23:13:29 GMT
Possibly but science is generally a more truth based subject than politics therefore my money is on the decisions taken by politicians - specifically the BJ government. Its starting to look like every country in europe is imposing social distances measures including school closures except the UK. I find that worrying. Yeah but this isn't just sceince is it. Its science plus understanding of human behaviours. And there's nowt so strange as folk. The behavioural scientists (sociology, psychology, etc) may not appreciate the "science plus..." They're just as valid a science as medicine. That's not to say I don't get your point!
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Post by dan1 on Mar 13, 2020 13:16:26 GMT
Bit ironic considering the thread title but what's driving GBP to fall against USD ($1.25) and EUR (€1.12) today?
Is it that the market sees GBP being disproportionately affected by Covid-19 or brexit related (I'd of thought not given the uncertainty surrounding Covid-19 is probably an order of magnitude greater than brexit).
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Post by dan1 on Mar 12, 2020 20:39:03 GMT
Seasonal trend, no?
Jesting aside, the cash proportion is now around 1% or £2.2m. I interpret this as the cash required to be set-aside to meet reductions in capital valuation for the proportion of the loans held by the Access accounts. Or do AC require future inflows from interest and repayments to make up the shortfall?
Hmmm.... guess we can check this because we know the proportion of loans held by the access accounts and the loans with a capital valuation below 100%. Anyone done the calcs?
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Post by dan1 on Mar 11, 2020 15:43:15 GMT
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Post by dan1 on Mar 11, 2020 10:21:31 GMT
As I understand it, if you have symptoms (fever, cough, difficulty breathing) you will not be tested for Covid-19 unless you have: - have been to an area with a serious outbreak
or...
- have been in contact with a confirmed case
Obviously, if you present to A&E with serious respiratory symptoms then they would test you.
I find this policy concerning because any deficiencies in contact tracing (e.g. public transport, that trip to Twickenham with >80k others, or Cheltenham with >250k) will lead to the virus spreading unchecked.
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Post by dan1 on Mar 10, 2020 22:36:39 GMT
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Post by dan1 on Mar 10, 2020 22:17:00 GMT
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