Baypond, You are probably correct in your assessment. But my comments are a result of frustration at a system that would not give me a mortgage unless I took out an endowment, then proceeded to pay me 30% less than they promised, and when I applied for compensation I was told I took out my policy two years too early. My pension was with the same company( who I no longer count as one of my FRIENDS). When I went to cash it in they didn't want to know, and offered such a derisory annuity I was forced to go elsewhere, lucky that I could. Now as a pensioner I live on my pension and my interest from my assets. I have never had hire purchase and paid on the nose for everything. Along comes a system that lends not 100% but 120% mortgages, and when they get into trouble they drop the interest rates so the poor little darlings can cope. Excuse me if I am feeling a little bitter. As to your defence of the banks, although I understand what you say, they couldn't get their noses in the trough quick enough. Now I am not only getting small returns on my savings, I am subsidising the money grabbers. I would be better of spending what I have and going on the social, unfortunately my generation were brought up differently and taught to look after ourselves. I shudder to think of the state of the country in about thirty years time. As nobody will bother to save and live responsibly who will pay the bills? Rant over, I still think the Euro will fall back against the Pound.