Re:Ask HN: How can I start my own bank? (Let's redesign banks)
by streety on Wednesday January 13, 2010 @09:08AM
(#1050136)
I don't know how true this is (I suspect at least part of that will be money you need to have on hand rather than spend as such) but I do know that Virgin have just bought an existing bank because it was quicker and easier than starting from scratch. It would apparently have taken 6 months to jump through all the regulatory hoops.
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Re:Ask HN: How can I start my own bank? (Let's redesign banks)
by lil_cain on Wednesday January 13, 2010 @09:53AM
(#1050196)
No, it took 6 months to buy an existing bank. There's at least one group who put in a request in 2008 for a license and is still jumping through hoops.
Re:Ask HN: How can I start my own bank? (Let's redesign banks)
by streety on Wednesday January 13, 2010 @03:39PM
(#1051073)
Without knowing who this other group is the fact that they started the process in 2008 and still hasn't finished does not mean that Virgin would be unable to complete it in 6 months.
I got my figures from http://www.fool.co.uk/news/investing/2009/12/30/virgin-break...