£130 per month profit from month 1, guaranteed for 12 months?  It’s Discover and Invest of course!

Following on from our ambulance and renewable energy offers, Discover and Invest is pleased to announce yet another income generating opportunity that is sure to deliver.

Chris Davidson, Managing Director for Discover and Invest tells us that “whilst sourcing for 2009, and although we usually get involved in alternative income generators, we noticed that the UK property market was starting to show real value.  Prices had fallen, yields had risen, and a good quantity of cheap stock was available to the market.”  Therefore as usual the problem is separating good deals from bad.

Davidson continues: “there are various problems facing would-be  property investment buyers today: lots of stock without tenants resulting in poor cashflow forecasts, problems getting finance because the rental valuation coverage is too low (125% minimum these days), valuations getting downgraded too often meaning valuation funds are risked time and time again only to find the deal falls through.  Finally, in a market where the value is good and the immediate bonus is strong cashflow from rentals, how do you secure the rental income?”

We’ve finally come up with a deal that knocks the socks off just about all property deals at the moment.  Firstly, our deals guarantee a 20% discount from today’s RICS valuation, with only a 5% net deposit down.  The properties we are sourcing are rentbacks, so you have quality tenants in your property from day 1, paying from day 1…so no worries about finding tenants, how long it will take to get them in, and whether they will look after your property!  Remember the property used to be the new tenant’s home, so it will be filled with their own furniture, etc.  This is much more likely to mean you have stable cashflow and good quality tenants.  The new tenants also sign 12 month contracts on premium rent, meaning excellent cashflow and low hassle for you as the rental management company is in place.  Furthermore we have teamed up with Endsleigh Insurance to provide their rent guarantee scheme.  This secures your rental income for a period of 6-12 months.

We are also so confident that the valuations are accurate, we will pay for the buyer’s valuation, means no funds are risked.  If the valuation is downgraded, the seller will have to downgrade proportionately.  If they physically cannot, all parties walk away from the deal and no funds have been risked!  Furthermore, lenders need to see 125% minimum rental valuation coverage, so we will only supply properties that stick up unless the buyers pays in full with cash.

Our first property is being released on Tuesday in Cheshire.  Valued in the last few weeks at £115,000, the property is available for £92,000.  Monthly cashflow after mortgage, rental management and insurance comes to a whopping £134 per month!  Total net buying costs are £8,450 so this gives a return on capital employed of around 19%.  With £23,000 of built in equity as of today, there is sufficient leeway if the markets falls, and also built in profit for when the market recovers.  If you were to sell your property in a year’s time for the same price plus your rental income, you would have made a return of 250% on capital employed!

Chris Davidson Managing Director of Discover and Invest states that: “many analysts believe we are in a U curve recession now.  Property prices are nearing the bottom in a similar way to what has happened in Florida.  The bottom may take a while to turn but it also gives strong investor signals to buy up stock at value prices.  We are all taught to “buy low, sell high” and the first part of this equation is nearing the right point for many.  Now it is about finding the right deal.”

So yet again, Discover and Invest has hunted out the right deal for this market: accurate discounts, low risk, strong cashflow and secure income.  If you take the view that we are nearing the bottom, why not check out the deal at www.discoverandinvest.com

The Pound made significant gains on the Euro overnight as comments from leading speculator George Soros and negative economic data placed the single currency under pressure. US GDP figures out this afternoon are likely to be a source of market volatility as they are expected to show a deep contraction in quarter 4 of 2008.

Pound Sterling - UK markets

Sterling has remained strong overnight, trading at 1.42 versus the US Dollar and up to 1.10 versus the Euro. The Pound has also strengthened against the Australian, New Zealand and other European currencies.

Euro weakness overnight allowed the Pound to edge up over 2% against the single currency. This morning the Bank of England has pledged £50 billion towards buying assets in the latest step towards monetary easing. With interest rates at 1.5% the Bank is looking to more unconventional measures of stimulating the ailing British economy. Prime Minister Brown is coming under pressure in Davos to put employment at the top of the G20 agenda after reports the global crisis could leave 51 million people unemployed. Yesterday London Underground announced they are to slash 1000 jobs and Honda is to commence the four month shut down of its Swindon headquarters today, affecting over 3000 employees. Mortgage lending statistics out today show a sharp increase for the month of December with consumer credit figures up to £2.2 billion in December after £1.6 billion the previous month. There is no further data from the UK today with the February MPC decision due next week.

US Dollar - US Markets

The Dollar has remained strong overnight, gaining over the Euro and some of the perceived ‘risky’ currencies. Trading at 0.77 versus the Euro and 0.69 versus the Pound, the Dollar is heading for its biggest monthly gains on record against the Euro as recession spreads throughout the region.

President Obama has slammed bankers taking bonuses as ‘shameful’ while their industry is being bailed out by taxpayer money. Durable goods orders fell by 2.6% in December and weekly jobless claims have continued to rise along with the monthly unemployment rate in the US. Unemployment is contributing to low consumer confidence and personal consumption, a factor expected to be reflected in the release of GDP and personal consumption figures today. It is thought that the US economy nose-dived in the final quarter of 2008 and the Dollar may weaken following the announcement this afternoon. The Fed has also noted there is ‘significant risk’ of recovery not taking place until 2010.

Euro – European Markets

The Euro is significantly weaker this morning, suffering from the comments of George Soros and negative economic data. The Euro has dipped to 0.89 against the Pound and is down to 1.28 versus the US Dollar.

The release of economic, consumer and industrial confidence figures yesterday showed deepening recession in the Eurozone. This, in combination with George Soros’s comments that the Euro is under threat from exposure to toxic debts, pressured the Euro internationally. Iceland is seeking to be fast tracked into the EU in a last ditch effort to prevent financial collapse. This week the conservative government has collapsed with the opposition party campaigning on the basis of Euro membership. Spanish Central Bank figures this week show the economy in recession for the first time since 1993 as GDP fell 1.1% in the last quarter of 2008 and unemployment rose 3%. The EMU unemployment rate has risen to 8% this morning and the consumer price index declined by 1.1%. There is no further data today with an interest rate decision due from the ECB next week.

Other Currencies - Highlights

Japan is heading for its worst post war recession as export orders and factory output slump. This is still at odds with the strength of the Yen as disparity continues to grow between the internal economic situation and the value of the currency internationally. Despite recent gains, the Nikkei Index has slumped 10% this month and wavering market confidence this morning has fuelled Yen gains overnight.

The New Zealand Dollar remains weak, near recent lows against the US after the RBNZ cut rates to historic lows and risk appetite diminished yesterday. The Australian Dollar is also weaker on speculation over the pending RBA decision next week.

29 January 2009, London – Currency Solutions are pleased to announce their partnership with Discover and Invest, an investment consultancy firm.

As the credit crunch grips its tight fist around the global economy, more and more people are looking for creative ways to invest and save money.

Over the last year, currency markets have suffered unprecedented volatility. The Pound has declined 25% against the Euro alone lending a significant degree of volatility to your international investment. Now, as the global economy slides into a deepening recession, the business climate is facing a new series of challenges.

Managing Director, Chris Davidson commented “Discover and Invest is delighted to team up with Currency Solutions. We wish to align ourselves with market leading partners in all related industries so our clients get the most professional, efficient and effective service we can offer and Currency Solutions ticks all the boxes for us. Our clients invest from all over the world and therefore we need a 1st class global currency service for them.”

“As a consequence, more and more people are looking for creative means of investment and ways of improving their bottom line. It is in this context that Currency Solutions and Discover and Invest are proud to announce their partnership, aimed at helping businesses and individual clients beat the credit crunch.”

Discover and Invest is a fresh new consultancy with the clear aim of providing investors with new, exciting and alternative opportunities in the current climate that are income generating early and realistically secure.

With experience in sourcing and selling deals in over 20 countries, it is apparent that in today’s market, there is a need for alternative opportunities to those that are run-of-the-mill and that do not deliver. With this in mind, Discover and Invest seeks to bring to market opportunities that are better created, generate income early and that above all, deliver!

Currency Solutions are specialists in the foreign exchange industry, providing bank-beating exchange rates and reduced currency risk to businesses and individuals. With a first class personal service and flexible trading options, Currency Solutions have helped over 20,000 clients to save time and money in all of their foreign exchange. In partnership, the two are set to help both businesses and individuals with their investments, despite the deteriorating economic outlook.

Dr Tien Tran, Chairman of Currency Solutions is optimistic about the partnership. “In light of recent market turmoil, how when and where you conduct your foreign exchange has never been more important. We are proud to offer our services alongside those of Discover and Invest. We look forward to helping our business and individual clients beat the credit crunch!”

For more information, please visit our dedicated currency page by clicking here, or find our full contact details on our contact us page, by clicking here.

The International Monetary Fund (IMF) announced yesterday that the UK is to be hardest hit by the current recession. Global growth forecasts have been revised down to 0.5% in what is likely to be the worst recession in 60 years. A separate report from the International Labour Organisation (ILO) predicted 50 million people internationally would become unemployed as a result of the downturn.

Pound Sterling - UK markets

Sterling is trading from a firmer platform this morning as the third consecutive day of stock market gains reflect the recovery of confidence in the banking sector. The Pound is slightly weaker than yesterday at 1.41 versus the US Dollar but has strengthened notably to 1.08 versus the Euro. The Pound is also trading at 2.74 versus the Kiwi Dollar after a drastic interest rate reduction from the RBNZ.

Following the Barclay’s announcement earlier in the week, in which the bank claimed they would still make a post-write down profit for 2008, banking shares have bounced. The rally has allowed Sterling to stage a minor recovery and the Pound has also benefited from the competitive export benefits of having a weaker currency. Sharp depreciation against the Euro, US Dollar and Yen at the close of 2008 has provided a degree of support for British exporters amid the downturn. The IMF announced yesterday they expect the UK economy to contract 2.8% in 2009. Germany is expected to contract by 2.5%, Japan by 2.6% and the US by 1.6%. The IMF also cited the ‘pernicious feedback loop’ linking financial markets and the wider economy, reiterating that recovery in the financial sector is key to wider economic stability. House price figures have continued to slide in January and there is no further data in the UK today. Mortgage lending and consumer credit statistics are due tomorrow.

US Dollar - US Markets

The Dollar is gaining this morning on both the Euro and Pound and is up nearly 2% on the Kiwi Dollar. Renewed FOMC policy and the passing of an $820 billion rescue package in the House of Representatives have lent the Dollar support overnight.

The Federal Reserve left interest rates unchanged at 0.25% yesterday. This was largely expected by markets and the FOMC stated they would also look at purchasing assets in the interest of stimulating credit markets. The House of Representatives has passed President Obama’s $820 billion rescue package and the bill is now subject to approval in the Senate. The package failed to achieve Republican support in the House and there are concerns over its viability in the Senate. Equity markets in the US have continued with their underlying upward trends despite the gloomy outlook at the World Economic Forum in Davos and from the IMF yesterday. Durable goods orders and new home sales are out in the US today while personal consumption and GDP figures are expected to be the market movers tomorrow.

Euro – European Markets

The Euro has weakened against the Pound and Dollar overnight, trading at 0.92 and 1.30 respectively. The Euro is also down against its Asian and European partners as negative economic data continues to flow from the Eurozone.

The German unemployment rate has risen to 7.8%, with 56 000 jobs being lost in December as Germany’s export driven economy suffers from the downturn in global markets. However despite this, consumer confidence continues to rise in the Eurozone with Swedish figures joining France and Germany in showing an upturn in consumer sentiment. Royal Dutch Shell, Europe’s largest oil company has posted its first quarterly loss in 10 years this morning on the back of lower oil prices and reduced demand due to the deteriorating economic situation. Consumer, economic and industrial confidence figures are due from the Eurozone today.

Other Currencies - Highlights

The RBNZ slashed rates by 1.5% yesterday to a record low of 3.5% and left the door open for further reductions. The export led Kiwi economy is suffering along with a downturn in trading partners. The New Zealand Dollar fell to its lowest level against the US Dollar since 2002 after the announcement. Rate cuts are expected to continue but at a slowing pace. Economic contraction is forecast at 0.9% this year for New Zealand.

Hong Kong voted to keep its base interest rate at 0.5% yesterday, shadowing the Federal Reserve as the Hong Kong Dollar is pegged to the Dollar rate. Trading stocks jumped in response to the approval of the US rescue package. Japanese equities have strengthened as market confidence in the ability of the Bank of Japan to unlock credit markets has returned. A series of Consumer price indices are released in Japan today.

It seems like such a long time ago now, but it was only a matter of a few months ago that Icesave collapsed which plunged many UK savers’ funds into chaos.  Speaking to friends in Reykjavik at the time, they had a collective bleak view of their nation’s economy and were understandably concerned. Therefore it caught my eye flicking through the paper a few days ago when I saw a headline worded something along the lines of “Iceland to the retail crisis rescue”. Hmm, interesting, I thought. Thus I took the time to have a read of this and see what had happened.

Now this you could easily put down to stupidity on my part. However, as someone who neither purchases nor consumes meat products I have not felt the need to enter an Iceland frozen food store for some time! Indeed it was not the country that had made the headline in this instance but the retailer, who announced that they had purchased 51 former Woolworths stores creating somewhere in the region of 2,500 jobs.  As a keen media watcher I can remember the pre-Christmas scare stories of Woolworths demise and the job losses that would arise from it, but isn’t it funny that articles regarding this and other possible acquisitions were kept quiet until now when surely they were already in pending and certainly speculative?

So what of other acquisitions? I have also read keenly that the Co-op group have won approval to take over Somerfield, although in the process have been forced to sell 13 of their own stores, with Waitrose waiting in the wings heading the queue to add these to the 9 others they intend to also open in 2009. The articles reporting on these give approximate figures of between 5-6000 new jobs being created in addition to the thousands who will keep their jobs but simply change uniform.

I will watch this with interest, particularly if the Somerfield brand ceases to be. The shopping arcade by where I grew up is dominated by 2 supermarkets on either side, one Co-op and one Somerfield! Competition has been fierce between the two over the decade or so I lived there and even before when Somerfield was Gateway. Now will there be 2 Co-ops instead?

And it doesn’t stop there either. Waitrose are not the only supermarket chain announcing expansion plans. Sainsbury & Tesco will create around 15,000 new jobs between them this year as they too open new stores and no doubt in recognition of the paradigm shift that has seen many people providing the “less reputed” chains with their patronage recently.

And it’s nice to read isn’t it? We’re in the times of doom & gloom are we not? Personally it makes perfect sense. I’ve long been an advocator of the theory that in times of recession and economic difficulty, recession proof industries continue to flourish if investment is achieved. It’s fair to say that there is a degree of recession proofing when one considers the food retail giants in that we must eat! We must buy food!  Therefore these businesses investing in their futures now should not come as any surprise, and as the economy begins to recover it will be these who prosper further.

If you’re a global investor, there is one country in the world today that is screaming value for money… and it’s the UK.  Why so I hear you cry?  Well, there are two main reasons why, the same two reasons in my view that has made the USA a value for money buy over the last 2 years.

The first reason is a weakening currency; typical of an economy in a downturn, one that is importing more than it is exporting or of one that is printing vasts amounts of money, or  potentially all three.  The weakening of a currency, relative to your own means better value purchases.  Many Brits indeed found that to be the case when buying American over the last few years at as much as 2 Dollars to the Pound.  Times they have a-changed though!..Xe.com tells me that 1 British Pound Sterling buys me but 1.38 US Dollars, a fall in the last 9 months of around 60 cents, or in percentage terms,  approx. 31%!!!  So if you’re making an investment purchase in the UK, there is certainly inherent value compared to even the most recent past.

The second major reason is falling house prices, which begins to give this type of investment market inherent value too.  Property prices have fallen approx. 20% from their peak 18 months ago, and therefore considered better value.  Discounts are also being offered in the region of an extra 20% on distressed and new build sales, which provides further value.  Therefore investors are  taking the view that these discounts provide built-in equity in case we have another year of falls.

Finally, rental yields are now in the region of 8-9%, which means on the typical mortgage, cashflow positive deals of around the £100 ($138) per month mark are starting to appear.  With interesting new 12 month insurance policies available from major brands to protect rental income, these deals are incredibly attractive.  Some valuers will even pay for your valuation for you so no expenses are necessary until you know you can get a mortgage and the valuation is accurate.

So it’s easy to see why property investors are taking the view that the current UK deals are great value, income producing straight away and extremely secure.  On top of this, a long term view means the profits are much more substantial than in a boom.  We are all taught to buy low, sell high.  Well here is the chance to put the first part of that equation into practice…whether it is property, or an alternative investment, companies like Discover and Invest can help you to see why the UK is worthy of your attention.

My morning started with Take That on the radio telling me this could be the greatest day of our lives, and then a report from the British Bankers Association informing me that the mortgage lending rose in December, indicating the start of a possible recovery for our shattered economy. Coincidence?

With nine out of ten news stories indicating the end of the financial world, it is refreshing and relieving to finally hear some positive news on this cloudy Monday morning.

Figures indicated that approvals for house purchases in December were around 22,000, up from around 17,300 in November. This figure is still 46% down on this time last year, but to see an extra 5,000 mortgages approved in what is traditionally one of the weakest months for selling houses, is excellent news and a sure sign that investors and home buyers are now starting to understand it is a great time to buy, with some amazing bargains on the market.

2008 was undoubtedly a lot harder for mortgage lenders and estate agents than the previous few years, with borrowing at a much lower rate, and the BBA backed this up.

BBA statistics director, David Dooks, said of the latest data:

“This first opportunity to compare 2008 with 2007 shows that gross mortgage lending by the main high street banks totalled £170bn, some 23% below 2007’s total of £221bn. However, lending by the rest of the mortgage market was half the previous year’s total, showing how mortgage lending became much more concentrated during the year. The banks approved less than half the 2007 number of loans for house purchase, reflecting falling demand from households facing greater economic uncertainty and double-digit falls in house prices over the year which led to a wait-and-see mentality.

“Consumer credit was very weak in December as people reined in their credit card spending, despite early Sales and heavy discounting by retailers. This consumer caution was also reflected in personal deposits, which rose strongly.”

There are obvious problems at the moment but we are starting to see a rise in house sales, more mortgage companies offering more products and a general raise in enquiries reported by many estate agents. The question that will be asked is will this continue for the next few months or even the year, or will this rise only last a couple of months before things take another turn for the worse.

We will not know until it happens and I am sure there are more ups and downs ahead, but we must take notice of the fact that more people are now buying homes than in November, which in turn will not only help the economy but also give some relief to the many companies related to property.

With Discover and Invest launching our first Property Investment deals next week, this news is more welcome than a cold beer on a summers evening.

The Pound remains under pressure this morning, trading just off recent lows against its major currency partners. Barclay’s shares have risen nearly 40% in response to claims from the Chairman and Chief Executive the bank is operating in good financial health and the Federal Reserve is due to make an interest rate decision later in the week.

Pound Sterling - UK markets

Sterling remains under pressure internationally, trading just above recent lows against the Dollar and Euro. The Pound is up against the Asian currencies, having gained 0.11% on the Yen this morning.

The announcement of fourth quarter GDP figures on Friday sent the Pound to its lowest level since 1985 versus the US Dollar. With the economy having contracted -1.5% already, Sterling remains under pressure as a second series of tax cuts and emergency capital injections are looking likely for the UK. The exception appears to be Barclay’s, which despite announcing £8 billion write downs last year, has gained 40% in share prices this morning. This comes after the chief executive and chairman penned an open letter reassuring customers of their profitability. Steelmaker Corus has announced 3500 jobs cuts, more than 2000 of which could be in the UK as the credit crunch continues to force redundancies in the manufacturing sector. Mortgage approvals in the UK have increased to 22 100 in December following 17 773 in November. There is no further data in the UK today.

US Dollar - US Markets

The Dollar has weakened against the Pound and Euro this morning to 0.73 and 0.77 respectively, whilst strengthening against the Yen and Australasian currencies.

This week Congress will debate the delivery of an $800 billion rescue package from President Obama and his team of advisors. The plan is expected to cost 5% of GDP and create 4 million jobs in the US. House prices have fallen an average of 10% across the country and new home sales figures are due this afternoon. The Federal Reserve is due to make an interest rate decision this week with the base rate currently sitting at 0.25%.

Euro – European Markets

The Euro remains under pressure, a result of deepening economic downturn and the expectations of further interest rate cuts from the ECB. This morning however, risk aversion and market focus on the UK has seen the Euro make gains on the Pound, Dollar and Asia Pacific currencies.

Friday’s PMI figures showed the Eurozone economy continued to contract in January 2009, notably in the manufacturing and services sector. Phillips, Europe’s largest electronics producer is to cut 6000 jobs after a downturn in sales figures as a result of the credit crunch. The Euro has suffered record lows against the Yen recently and Credit Suisse has predicted the Swiss franc will gain 2.6% this quarter on the Euro. Figures in Poland show retail sales rose by 5.6% in December and unemployment has risen to 9.5%. There is no major data from the Eurozone today with German IFO business climate and Eurozone current account released tomorrow.

Other Currencies - Highlights

The Bank of Japan announced a deterioration of economic conditions in its meeting last week, with expectation of worse to come. Foreign trade data declined in quarter 4 of 2008 and the Bank has forecast a -2.6% contraction for the Japanese economy in 2009. Yet despite this, the Yen has continued to strengthen, reaching record highs against the Euro last week and sitting just under all time highs against the US Dollar. The strength of the Yen is exacerbating impacts of the downturn for exporters and creating a growing disparity between the economic situation in Japan and the value of the currency internationally. Retail sales and industrial production figures for Japan are due later in the week.

In today’s business world, technology and communication have developed into a global phenomenon that continues to improve on a rapid scale by the day. Living in such a fast-paced and growing society where companies are expected to deliver yesterday, a company’s organisational systems are key!

Gone are the days where the office administrator hand-wrote all correspondence, and appointments were kept in a paper diary. Nearly every business uses an internal computer-based system to increase communication and productivity within the office.  This requires instant access to files whether you are in the office or away on a business trip, access to your own diary appointments as well as team members, client contacts, company expenses, etc.

Most businesses have some form of internal company structure that they use for all the day to day needs of running their office. However, few companies integrate all of their systems in one place. There are clear advantages of this where each employee can refer to everything they require in order to undertake their role efficiently within the company. There are very few options for those who want to manage their office affairs from both their desk and elsewhere, but having the ability to easily access company data from any computer is invaluable, whether it is in an internet café, a client’s office or a friend’s house, and all that is required is access to the internet.

Discover Office Solution Suite is a private space on the Web that gives employees in a company the ability to organise information, readily access that information, manage documents, share calendars and enable efficient collaboration, all in a familiar, browser-based environment. Because all important business information resides in a central repository, it’s available at any time, from anywhere in the world, using a simple web browser.
Authorised users outside our company such as our remote workers, suppliers, partners or clients can also use it to collaborate, communicate and share business critical information. Discover Office Solution Suite enables us to:

• Share documents with anyone we authorise
• Schedule meetings and sharing calendars with colleagues and remote workers
• Conduct discussions on everything from product ideas to team member suggestions
• Create and share access to information databases, and build our own database-driven applications
• Manage and delegate action items and project tasks
• Maintain standard contact directories of all our team members, suppliers and customers
• Conduct opinion polls among one another
• Post announcements and sharing web links

Now having an equipped tool that fulfills all of our operational requirements not only enables us to perform well as a company for our valued customers and clients, but also as a team where, even if we are not always together in any one day, we are all fully prepped on what is going on at any given time.

The unique set up of Discover Office Solution Suite enables companies to take their work anywhere and thus not restricting our time to one place. Upon arrival, if some documents had been damaged in storage on the flight and were not in a presentable condition for a meeting the following day, this would ordinarily have posed a problem. However, because these are stored on the company Web Documents, they were easily accessed on the client’s computer and re-printed ready for the meeting.

Find Out More - http://www.discoverandinvest.com/office_solutions.htm

It appears that the first chunk of money RBS received wasn’t quite enough. As predicted by many, another bailout has been announced, and it is also being predicted that it will not be the last.

We surely have to start questioning the government’s role in this episode. Having part-nationalised the bank, the government have representatives at board level, in theory to steer the bank to safety and to get it lending again. So far it appears neither has happened.

What also seems to be the case is the lack of transparency where the level of debt is concerned. Do we really not know the total level of debt that RBS owes? Why is that? Gordon Brown today has said he is “angry” with RBS for the debt but how is it he did not find out about this at the last bailout?

Whilst this chaos continues apace, the taxpayer is continuing to foot the bill. Some say this is essential to the economy as we cannot have the banks failing, which we can’t. However, it does have the taxpayer over a barrel. The biggest problem is the huge sums involved. What does billions of Pounds mean in reality for the taxpayer? We aren’t going to know for a year or two that’s for sure. The effect on the economy then , in terms of inflation and increased public debt, could be worse than the problems we face today.

It is difficult to know where this will all end. With light regulation, private sector firms deemed too big to go out of business are safe in the knowledge that the taxpayer pot is available to save them. The biggest case to answer is the lack of transparency however, not just here but also in the US. Our elected representatives are taking measures on our behalf that is not only costing an astronomical and unprecedented amount of money, but that also concerns our savings. In light of the seriousness of this episode, we as citizens have a right to know how the funds are being spent and what the true state of the balance sheets of these companies really are.