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Thursday, 9 October 2008

Hope this is NOT a sign of things to come

Peter Turner from the FD Centre (our good colleagues across the UK) has just told me that 3 of their clients have had a letter from their banks giving between 1 and 3 months to clear the overdraft. " We don't want exposure to your company/sector" seems to be the language used.

Brilliant, amidst the worst financial crisis for 70 years where are these people going to find a replacement bank facility?

Frankly, as yet we have not seen many such instances, as most banks are applying facility limits aggressively but not pulling the facility.

This call from Peter is eerily reminiscent of 1991-2. God forbid the banks panic and hit the business sector like that awful period.

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