Monthly Archives: November 2015


TIAA-CREF is the Teachers Insurance and Annuity Association – College Retirement Equities Fund of North America. TIAA–CREF was created in an Act of the New York State Legislation in 1918 as a stock life insurance company for the purpose of providing retirement pension income for academics in American academic institutions.

With £639 billion under management is one of the largest players in the investment management business.

Fourex: Foreign Exchange

In the UK it is estimated that well over £1 Billion worth of foreign coins (at least by conservative estimates) is sitting in UK homes, cupboard draws, doing nothing.

Fourex is a new platform that can convert this into UK Sterling (and Euro’s)

Just an amazing innovation, that now will free up potential cash that can go to charity or put back unto the UK economy

The Debt of Germany

Germany is one of the most prosperous countries in the world. Home to famous names such as Siemens, Audi, BWM and Daimler Benz to name just four. What is interesting to know is the levels of debt the German nation is carrying.

In total the debt is $3,369 Billion dollars.

That is broken down by:-

$1,471 by Financial Corporations
$141 by Businesses
$1,756 by The German Government

$3,369 Billion dollars = £2,216 Billion.

The TR Property Investment Trust

The TR Property Investment Trust is a £930million London Listed Investment Trust

[ Property]

A yield of 2.6% in these near 0% interest rates.

10% of its holdings in UK Property
38% in UK Property Shares
52% in European Property Shares.

Started in 1905, listed today on the FTSE-250.

The National Debt of Japan

Japan’s government spends more money that it earns in taxes and duties. It thus has to borrow huge quantities of cash to fund its operations.

The total debt of Japan’s national government is $8,362 Billion.

Now Japan’s annual GDP is $4,602 Billion.

Thus the Debt to GDP ratio:

$8,362 Billion / $4,602 Billion = 181%.

This is not sustainable for the long term.

HM Government Borrowings: October 2015

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties. Another deficit month, thus to bridge the gap, needs to borrow on the bond market.

In October 2015, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement.

There were “only” 4 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office ( to raise cash for HM Treasury :-

27-Oct-2015 2% Treasury Gilt 2025 £3,299.9700 Million
15-Oct-2015 0 1/8% Index-linked Treasury Gilt 2026 £1,500.0000 Million
06-Oct-2015 4½% Treasury Gilt 2034 £1,500.0000
01-Oct-2015 1½% Treasury Gilt 2021 £4,397.6500
When you add the cash raised:-

∑(£3,299.9700 Million + £1,500.0000 Million + £1,500.0000 Million + £4,397.6500) =  10,697.62 Million

£10,697.62 Million = £10.697 Billion

On another way of looking at it, is in the 30 days in September, HM Government borrowed:-

£345 million each day for the 31 days. We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature 2021, 2025, 2026 and 2034. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together…”