scottish economics

[johnm]

A Scotsman walks into the Bank of England in Central London and tells

 

the manager that he is going to Australia on business for two weeks and

 

needs to borrow £5,000.

 

 

 

The manager tells him that the bank will need some form of security for

 

the loan, so Hamish hands over the keys and documents of a new Ferrari

 

parked on the street in front of the bank. He produces the log book and

 

everything checks out. The manager agrees to accept the car as

 

collateral for the loan.

 

 

 

The bank's General Manager and its officers all enjoy a good laugh at

 

the rough looking Scotsman for using a £120,000 Ferrari as collateral

 

against a £5000 loan. An employee of the bank then drives the Ferrari

 

into the bank's underground garage and parks it there.

 

 

 

Two weeks later, Hamish returns, repays the £5,000 and the interest,

 

which comes to £15.41. The manager says "Sir, we are very happy to have

 

had your business and this transaction has worked out very nicely, but

 

we are a little puzzled. While you were away, we checked you out and

 

found that you are a multimillionaire. What puzzles us is why would you

 

bother to borrow £5,000?"

 

 

 

Hamish replies "Where else in London can I park my car for two weeks for

 

only £15.41 and expect it to be there when I return?"