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Yousefi in warning for small lenders

Wave director of sales and distribution Mehrdad Yousefi says small lenders may have to pay a premium for wholesale funding once the market stabilises.

Yousefi predicts that small lenders will be charged 10 to 15 basis points more than lenders with big retail deposits.

He says: “There are not sufficient retail funds to fund all UK mortgages. It is fine if you have a strong balance sheet but if you are purely a mortgage bank and you cannot grow retail deposits, you may have to pay a premium for the wholesale markets.”

He says banks such as HBOS and Barclays will be considered less of a risk due to their high proportion of retail funding and diversified business.

Yousefi adds: “The funding crisis is not over yet. People need to bide their time and perhaps in early autumn it will be time to reflect about policing banks and funding guidelines.”


Future of DB Mortgages unclear as Dudgeon axed

Deutsche Bank has refused to comment on the long-term future of DB Mortgages after it confirmed that managing director Bill Dudgeon has been made redundant.A spokeswoman for the bank would not say whether fellow directors Mark Bergin, David Parry and Paul Graham, who joined DB Mortgages with Dudgeon from The Mortgage Business in 2005, are […]

Double trouble

An old friend of mine, a seasoned campaigner in the battlefields that can constitute the world of derivatives trading, keeps me up to speed on some of the more esoteric influences on markets. Through him, I learned early on of the impending sub-prime crisis. Such assistance should not go unrewarded so I rang him last week to suggest a convivial lunch by way of a thank you. “Too busy,” he said.

How CAR can backfire

Having thought that customer-agreed remuneration would be pretty straightforward to implement, I had something of a rude shock last week. I had recommended a personal pension which works along the basis of a fee, calculated bluntly but totally transparently as a deductible percentage of the first two years’ contributions. I had offered to take less […]

Partnership offers annuity to smokers

Partnership Assurance is offering an annuity exclusively for smokers aged over 50 who have smoked at least 10 cigarettes a day for the last 10 years or more.


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