Finnish banks are making record profits and the reason is so obvious – they are running a cartel for all to see in bright daylight, and do not care what others think because the decision makers are in their pockets. If you call it anything else, then you are in Trumpian self-denial! The Muller Report on Trump’s activities was tame but thoughtful, because even though Muller believed that he really could not indict a sitting President, he did write in his report the following conclusion:
“While this report does not conclude that the President committed a crime, it also does not exonerate him.”
You can come to a similar conclusion about Finnish banks. At the moment, not one big or medium-size bank will quote decent interest rates for short term deposits. Most of them are willing to pay interest for a 12-month deposit or longer, but few of them pay anything but a pittance for current accounts or for deposits less than 12 months.
The market rates for Euro deposits are currently as follows:
… and here is what the biggest 5 banks are paying:
Of course, if you borrow money from them you will get charged the full market rate, plus the margin, and there will be also fees for signing and for most payments!
It is no wonder that banks are showing record profits just now… cartels are great for excess profits…
