But some, it appears, are not so concerned. This was another piece of mail waiting for me on return from holiday.
Exhibit 1: The Invitation
It is impossible from this side of the invitation to know if the raven haired lady is offering "personal coaching" of the telephone booth type; or some other strain of, hopefully, greater distinction. But turn over and all is revealed. Well, some.
Exhibit 2: The Disappointment - where is the vital savings rate stat?
Oh, right - cash coaching. From ING Direct (France - does it need to be added?)
ING has, like many of its competitors of course, a large asset-backed security portfolio with exposure to the US. A recent Morningstar report on the group says:
"These subprime and Alt-A securities amount to 75% of equity, but 95% are rated AAA, providing a strong cushion from losses on the underlying collateral. ING has largely limited its exposure to higher-quality portions of the Alt-A market, with the underlying mortgages carrying virtually no loan/value ratios above 80% and no FICO scores below 680."Morningstar somewhat bravely rate the firm a Five Star buy on the back (mainly) of ING's growth prospects in Central Europe and, especially, Asia. Not those in France. Which means over there the "Invitations" probably use fabulous savings rates as eye candy rather than the unrelated vital stats of young ladies.
Or at least I hope so for holders of the equity.
Exhibit 3: ING share price