Who defaults on Covid loans, with Maurizio Fiaschetti (University College London)
How to Lend Money to Strangers
Brendan le Grange
5 • 2.6K Ratings
🗓️ 23 November 2023
⏱️ 23 minutes
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Summary
No good deed goes unpunished and no well-intentioned government loan program goes undefaulted upon, even more so when that government program was designed and implemented in the chaotic early days of the COVID lockdowns.
We've all seen the headlines, but what do the numbers say, what sort of businesses have been defaulting on COVID loans in the UK? Well, Dr Maurizio Fiaschetti is writing the paper on it - along with Drs Ahmed Barakat, Meryem Duygun, Eddie Gerba (PhD), Tian Han, Enrico Onali, Afshin Sabri, Mike Tsionas and Huamao Wang - so I sat down with him to learn more.
You can reach out to Maurizio at https://www.linkedin.com/in/maurizio-fiaschetti-6979073/ to learn more about the research and the publication schedule
If you're interested in studying further at UCL, or indeed in reading their research, you can find the Institute of Finance & Technology at https://www.ucl.ac.uk/institute-finance-technology/ucl-institute-finance-technology
And they're also on LinkedIn (https://www.linkedin.com/company/ucl-institute-of-finance-and-technology/)
Surprise, surprise, LinkedIn is also where you'll find me, and when you do, send me a connection request: https://www.linkedin.com/in/brendanlegrange
My action-adventure novels are on Amazon, some versions even for free, and my work with ConfirmU and our gamified psychometric scores is at https://confirmu.com/ and on episode 24 of this very show https://www.howtolendmoneytostrangers.show/episodes/episode-24
I met Maurizio while in Edinburgh at the 18th meeting of the Credit Scoring and Credit Control Conference - the next one is in two years' time and it’s well-worth planning for. In the meantime, follow the CRC’s work at https://www.crc.business-school.ed.ac.uk/home
If you have any feedback or questions, or if you would like to participate in the show, please feel free to reach out to me via the contact page on this site.
Keep well, Brendan
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Transcript
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| 0:00.0 | This is a passenger announcement. You can now book your train on Uber and get 10% back in credits to spend on Uber eats. |
| 0:11.0 | So you can order your own fries instead of eating everyone else's. |
| 0:15.0 | Trains, now on Uber. T's and C's apply. |
| 0:20.0 | Check the Uber app. As a counterintuitive as it seems, basically being granted a COVID loan is the single most important factor of an increase in the default of standard loans, non-cove loans. |
| 0:35.0 | No college loans. |
| 0:36.0 | I've just opened Google and typed in COVID loans and now I'm scrolling through the |
| 0:47.8 | results of the new section. Banks embroiled in row over COVID taxpayer loan guarantee, Sky News. |
| 0:55.0 | Audi loving fraudster stole 3 million pounds from firm and government COVID loans. |
| 1:00.1 | ITV news. |
| 1:01.9 | COVID loan defaults up 40% among mid-sized firms, construction times. |
| 1:07.5 | Taxpayer hit by Starling's COVID loans. |
| 1:10.6 | The Times. |
| 1:11.9 | COVID loans. |
| 1:13.0 | It's more than I spend on Fisher Month. |
| 1:15.0 | Yeah, that last one was from BBC News and I too was intrigued. |
| 1:19.0 | It turns out they were speaking to the chef and owner of a restaurant up in Yorkshire who's bounced back loan |
| 1:23.6 | repayments are now a big drag on his business. But let's not get too deep |
| 1:28.1 | into the weeds. My point is just that if the various forms of COVID loans are going to leave a single legacy, |
| 1:35.0 | it's likely to be one of runaway defaults. |
| 1:38.0 | I've just looked at the UK government's published figures, |
| 1:41.0 | and only 76.3% of buyback loan facilities are either |
| 1:46.8 | fully repaid or are on schedule to be fully repaid. Yeah not great and someone |
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