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Founder's Message - 1 April 2014

Founder's Message - 1 April 2014

NAB Tailored Business Loans, tbl's 'TOXIC LOANS'

As we enter April, our organisation receives the shocking news of what the NAB and subsidiaries in their relentless pursuit of profits have orchestrated in the UK.

They have brought severe suffering to families and businesses and have seriously hurt Destiny Church's work with the homeless, disadvantaged and women suffering from domestic violence.

This email below, received this morning 1st April from John Glare will give you an insight into the damage done by NAB practices. Our thoughts are with these many victims and we will support their cause in any way we can to expose this corruption.

There must be a change in the current system that has allowed these organisations to carry out these toxic loans which have destroyed people's lives. The perpetrators need to be made accountable and jailed for their part in selling these loans.

Compensation also needs to be paid immediately to the victims of these hideous crimes against the people. We all live in hope that a Government will have the backbone to "stamp a big foot" on these corrupt institutions.

John asked me this morning "How can we work with you?". My reply to John is. I can assure you John that we will support your group and work together with the NAB Customer Support Group, and fight to expose together these injustices.

Russell Cousins

NAB Victim along with many thousands of others.


From: John Glare [This email address is being protected from spambots. You need JavaScript enabled to view it.]

Sent: Tuesday, 1 April 2014 2:25AM

To: This email address is being protected from spambots. You need JavaScript enabled to view it.

Dear Bank Victims,

My name is John Glare. I set up a support/campaign group for Clydesdale and Yorkshire Bank business customers over 18 months ago. We now have 102 members; 90 of which have been mis sold embedded swaps in their fixed rate loans which have crippled their businesses. Of these, 84 are customers of Clydesdale and Yorkshire Banks, subsidiaries of National Australia Bank.

Our group members report a total of 438 job losses as a result of the mis selling of the fixed rate loans. The reported job losses are accurate and have not been exaggerated. All members provide copies of loan documents and are carefully checked before admission to the group. When our group loan total of £123,777,458 is compared with the bank's CRE loan total of £6.2 billion, we calculate 21,914 UK job losses as a result of the mis selling of the loans.

All are subject to enormous breakage penalties (up to 40%) which prevent them from rebanking or selling their properties. National Australia Bank has decided to exit the UK and break up and dispose of their commercial portfolio of 4,000 SMEs with loans totalling £6.2 billion. The portfolio has been "shrunk" to £3.6 billion over 2 years through foreclosures and forced sales and continues to shrink as properties are seized and sold.

National Australia Bank used Clydesdale and Yorkshire banks to force the businesses, many in Scotland, into long term fixed rate loans containing embedded swaps from which the bank received instant commissions in excess of 5% of the loan. This created a "toxic" portfolio which is now being broken up and liquidated. The businesses are being run efficiently by responsible business people, but are being destroyed by the loans. Without parent company intervention, the subsidiary banks would have collapsed.

During a Treasury meeting in October, John Thurso (Lib Dem, Caithness & Easter Ross) requested copies of letters that Martin Wheatley of the FCA sent to Greg Clark of HM Treasury warning of the mis selling and indicating that there may have been as many as 60,000 similar loans issued since 2001. After 63 days, Martin Wheatley supplied copies of the letters after receiving a final demand from Andrew Tyrie, the chair of the Treasury Select Committee, in which it was stated that copies of his letter and that of his reply would be made available to the public. Here is a link to the letters :-!docid=1620477!.pdf

An Early Day Motion has been tabled by John Thurso to have the issued discussed in Parliament :-

HM Treasury must instruct the FCA to implement a compulsory FCA invigilated review into the mis selling of fixed rate business loans embedding swaps in respect of all banks in order to prevent this disaster from ever happening again.

I look forward to hearing from you.

Nab Customer Support Group

Last modified onTuesday, 01 April 2014 21:26

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