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JJ Hornblass
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Durbin Amendment
Replied Jul 9
Dodd-Frank Bill: Thumbs Up or Down?
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Started this discussion. Last reply by Andrea Psoras Jul 2.
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JJ Hornblass's Blog
PayPal Boosts Its Amex Fee
Posted on July 28, 2010 at 12:30pm — 2 Comments
Evidence of Why the Volcker Rule Is a Non-Issue
Posted on July 28, 2010 at 12:25pm —
Citibank Unveils Text Banking -- and It Stinks
Posted on July 23, 2010 at 10:00am — 2 Comments
GM Recasts Auto Finance Landscape with AmeriCredit Deal
Posted on July 22, 2010 at 10:30am — 4 Comments
Credit Unions, Yes, Credit Unions Are Actually on the Mobile Banking Cutting Edge
Posted on July 21, 2010 at 9:30am —
Comment Wall (42 comments)
- At 4:58pm on May 21, 2010,
Dan Eason said… - Hello JJ. Great site and network. EnergizedSeller is a social networking site for real estate professionals and home sellers. Recognizing that banks want to engage their customers earlier and better through social media, I want to learn more about banking issues so we can be innovative in our approach to pushing our visitors to banking products.
- At 2:10pm on March 23, 2010,
Bryan Link said… - Hi JJ, thanks for reaching out. Prior to 2010, we sold exclusively to CU's, but we are actively targeting banks now as well. Our traction hasn't been as robust as we had hoped (we started in 2005, so we were WAY early on the PFM curve), but we're seeing much greater interest over the past 3-6 months. We expect to triple our FI customer base this year.
- At 10:38am on February 12, 2010,
Karen Marotta said… - Hi JJ - MacMillan Communications is a financial services public relations firm based in New York. We have clients in banking, so I'm interesting in the issues sparking conversation on this site.
- At 3:16am on December 3, 2009,
Abhishek Das said…
- I don't see any drastic credit crunch in the middle east or in Dubai in the near future. Banks in the middle east have very less exposure to the debts of Dubai world. The primary lenders to Dubai world are the European banks, mainly consisting of HSBC, RBS, Standard Chartered & Lloyds. So the effect is very minimum to the local banks here.
The economic fundamentals of UAE is very strong and there is enough liquidity in the system. Moreover the UAE central bank, more specifically Abu Dhabi, has assured banks of extra liquidity whenever needed. Abu Dhabi is still sitting on liquid reserves of more than $800 billion, largely accumulated from previous years budget surpluses. So credit for the SME sectors will not be a problem.
But yes, Credit for big projects, specially from European and Asian banks will be under more scrutiny as there is a lot of negativity & fear in the market.
Having said all that..... I am also a bit worried if 'Dubai world' will be able to pay back without huge sale of its asset, as generating such huge revenue from its business, which solely depends on luxury real estate, will be tough.
- At 6:52pm on December 2, 2009,
- The Dubai world group consists of several companies like Nakheel, limitless world, Infinity World Holding, Istithmar World and Ports, DP World, P&O Ferries and Jebel Ali Free Zone. Of which except Nakheel and Limitless world holding, all are profit making.
Dubai World has an asset base of total $100 billion, and a debt of $ 59 billion as on DEC 31 2008. But the company has repaid and drastically reduced its total debts to $26billion as on 1st Dec 2009. So the total value of debt carried by the company subject to the restructuring process is only $26 billion of which $6 billion relates to the Nakheel Sukuk(Islamic Bond issued to public). So we can see that exposure of banks to Dubai's debt is only around $20 billion much less than the previously thought $59 billion.
The government of Dubai said it had taken control of restructuring efforts at Dubai World and would ask for a six-month standstill on debt payments. The Restructuring of Dubai world would mean some of its asset may be sold which include Turnberry golf course in Scotland and the former cruise ship 'QE2'.
To boast up market sentiment, the Central bank of UAE has said it will provide banks with extra liquidity.
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