Do You Have Collateral?

moneySeventy five year old Paddy wanted a loan of €1000 from his local bank.
The Bank Manager viewed his loan application with rather obvious apprehension.

“Paddy for what purpose do you need this money?” he asked.
“Sure I wants to visit me daughter across the water in Englandwas the response.
“Paddy, you will appreciate I hope, that €1000 is a considerable sum to lend, do you have any collateral ?” asked the banker.
“Sure I don’t understand, exactly what does you mean by collateral Sir?” asked Paddy mystified.
“Allow me to put it simpler for you Paddy, do you own anything of value that we could sell later in the event you should be unable to repay this loan. Have you got a house for example?” asked the Bank Manager.
“O begod I do Sir”, replied Paddy, “Sure I owns a solid stone, one roomed house, newly thatched and close to the bog in Glengoole“.

Not very impressed with this reply, the banker decided to probe his client further.
“Well do you own any livestock?” queried the Banker.
“Yis Sir, begod I have a herd of about two thousand Merino sheep grazing up in them Ballingarry hills” replied Paddy.
Some what happier with this disclosure, the Bank Manager finally decided to award Paddy his €1000 loan, subject to clarification, readers will understand.

One month later, to the very day, seventy five year old Paddy was back in the bank.
He pulled out a very large roll of €50 notes from his dirty jacket.
“I be’s here to pay me debts sir”, he informed the Bank Manager.
He then handed the banker the full required amount to clear his indebtedness to the bank.
The banker eyed the remaining large roll of €50’s still gripped tightly in Paddy’s fist.
“Well Paddy,thanks very much”, said the Bank Manager, “but do you mind if I ask you, what are you going to do with the rest of that money?”
“I be going to hide it safely under the mattress on me bed Sir” said Paddy, “Sure it will cover me funeral expenses when I die, and I won’t be a burden on anyone.”
“Well why don’t you deposit it safely in my bank,” the banker asked.
“What does you mean by deposit it.” asked Paddy suspiciously, gripping his money more tightly.
“You put the money in our bank and we take good care of it for you. If you want to use it anytime in the future you can come in here and withdraw it.” said the manager.
Paddy leaned across the counter “Don’t mind me asking, but do you have any collateral Sir?”.


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