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Paul Penrose
Paul Penrose - Finextra - London 18 September, 2007, 10:50Be the first to give this comment the thumbs up 0 likes

UK P2P network Zopa is looking to cash in on the opaque nature of bank borrowing and lending practices. The firm has just issued a press release entitled: 'Northern Rock debacle highlights the big benefits of Social Lending'

"Social Lending not only offers people better rates, it also offers complete transparency," states the PR. "Lenders can see exactly who they are lending to, for what purpose and at what rate. Borrowers know exactly what rate they have to pay and who they are borrowing from. The suspicions and nervousness caused by the infinitely more complex and opaque ‘behind the scenes’ workings of Northern Rock remains a pivotal reason why their customers are leaving in droves, despite all the reassurances."

The firm also play up the tenuous link between the interest rates banks charge to their borrowers on one hand and the interest rates they pay out to savers on the other.  "The lack of transparency in this link creates big opportunities for the banks to ‘play games’ and engineer larger profits, especially when rates change."  

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