[MoF] eUK Rewards Advance Scheme
Bank of England
Hello Citizens!
eUK Rewards Advance
The currency price has crept up and following a question raised in Congress we have blown the dust off the vault and see what we can do to assist anyone experiencing a cash flow problem. Through discussion with the MoD and President the Bank of England is offering an Rewards Advance.
In plainer terms, we will give you cash up front as an advance on your reward payments. The sum taken will be paid back via eUK reward schemes - i.e. you will not receive the rewards* but the GBP value of payouts you are eligible for will be taken off what you owe the Government. As this is an advance and not strictly a loan, it will be interest free.
*How this will work is detailed below.
How much can I get?
You can ask for a value between 50k and 300k (in 50k increments). This will be paid to you. The amount to pay in advance will be agreed between the applicant, Mof and MoD.
So how do I pay it back?
There are various schemes across Government that give citizens resources. The recipient of an Advance can pay it back via any Gov scheme. However, some schemes will have mandatory payback in place so that the money can be regained. This is set out below:
Christmas Air Programs - GBP Earnt on the Air Program will be used to payback the advance on a mandatory basis from October.
BAF Q7 Program - The GBP equivalent of Q7 weapons earned will be used to payback the advance on a mandatory basis from October.
Bounties & Hunt the Hunter/Open Season - Any GBP earnt from the bounty system can be used to pay back the advance on an optional basis. There will be an option on the claims form to offset any reward against the remaining sum.
MoHA/MoEnt Games - Any GBP earnt participating in eUK competitions can be used to payback the sum on an optional basis, simply record that as your intention as you play or let me know (Mr Woldy) once you have won.
Lump Sums - At any time the recipient of an Advance can pay off part or all of the remaining sum by sending us cash. Please message if you want to do so.
Other rewards - if at any point you receive GBP or items from the Government you may use it to offset your remaining sum (using the GBP equivalent if items and not CC).
For any rewards or prizes to be used to offset the amount owed you must meet all eligibility criteria (including CS) and have followed any guidelines for each respective award.
Update on eUK’s Debt Position
Since the start of the term we have been chasing money owed to the eUK and will shortly pay out what we owe to other nations. These debts are largely accrued via TW arrangements. This followed from a period of having my auditor hat on and going over the records to consolidate our data in one place and confirm actual amounts owed. The following table shows what has been paid by those nations who occupy an eUK Region:
My thanks goes to Betafoxtrot for chasing up foreign Governments for me. We are in the process now of confirming what we owe other nations (my audit hat has produced some large figures so these will be cross-referenced with records held by partnership nations). Our debts to others surpass 1mil GBP so on this occasion there won’t be anything to dump into the treasury for fun things once our debt position is consolidated. Where possible day 5770 is being used as a benchmark for pay periods so we can shift to a payment cycle that better maps to Presidential terms.
Thanks for reading,
Mr Woldy
Comments
based on my terms of service, I'd like to borrow the entire BoE please
60 days in, I'm still blown away by how serious this game is.
Super serial
Interesting report! Thank you!
I love maths, I love statistics. I'd like to see more of it in the game.
Is "department of statistics" a thing?
The department of statistics has existed for 0.87% of Presidential Terms.
And if you think I have just randomly made up that number - good luck fact checking that with the Department of Statistics.
Marvelous.
What about the ministry of silly walk?
Following Min of silly walks we could have department for abuse?
V + c
following the department for abuse, someone needs to establish a party for the quest of the holy grail. We could name it "the round table"
do we have anyone named Arthur in eUK?
Highly likely!
For me this is the most ridiculous thing I ever seen involving game money in eRepublic.
People are in depts in real life and try to escape in the game to find some happy moments.
Instead of helping these people free to stay in the game you are offering them as loans. How very rude. This money is contributed by all and it should help all free. Whoever thought of this idea must be a very stingy person.
I disagree with that, there’s no fixed payments - in fact there’s no payments made by the person at all - the money you got for getting your kills the last couple of weeks in the MoD Christmas scheme is the money here, we are offering people the option at the moment to request that. So for example, I’m not sure what you got yourself but say you were to have received 30k cc, you had an advance for 60k cc then the next 4 weeks of the MoD scheme the money you would have got for it is cancelling out the advanced you took so there’s no loss of money.
I still do not understand what is going on and what this is all about. I give it a rest.
The issue with the logic on this is that, long-term, we're not actually getting rid of surplus cc at all if it's just being paid back
I'm also dubious how many would take up this offer compared to a simple grant
If the offer was made in conjunction with a grant, i.e. - here's some money, prod us if you need anymore based on reward payback - then to some extent that's a balance of risk I've learned on giving people motivation to stay/too much and them losing interest anyway
I have some serious issues with this program, one how come the congress weren't consulted before you put this plan out there, why didn't we vote on the type of program you wanted to roll out and we could've debated on the terms and conditions of the loans. Two how are we gonna enforce this if someone just decides to come in take a loan and just skedaddle out?
Loan programs have been ram throughout time and always involve a degree of trust. Likewise various governments are empowered to administer finances loans trading spending of every sort, this is a fairly straightforward program but ofc always open to more suggestions.
Ran*
I suggest to imitate the real life, when giving out the loans. Some conditions might be:
-be a eUK citizen for more than 30 days
-Having voted and engaged in the eUK affairs.
-Have some other eUK citizen stand security for you (if you bail out, the bank will turn against this fella for the money).
-Have a background check on the player: Was (s)he trustworthy in the past? Was (s)he involved in any fraud case. How is their spending habits?
-make them sign a term of agreement (by putting their ingame nickname at the end of the document). This is purely psychological of course, but just like putting a wooden fence around your house, it has some deterrence value.
-In case of bailing out, create a blacklist to share with other banks. Brand the citizen as untrustworthy wherevere they flee.
-Offer them the option to pay back the loan if they want to move to another country for whatever reason.
These could reduce the chances of unpaid loans.
to clarify: no real signature, the citizen just appends their nickname below the document.
It’s reward scheme money, Congress has already approved that in its budget
I'm with the unholy turkish-greek alliance above - this needs to be brought back to parliament for discussion until it's ready to be pulled out the oven tbh
-Debts are unhelpful and will just cause so many headaches in additional obliged paperwork for sucessive govs to offer done the line
-If the issue is we're just hoarding way more cc than spending it, then just work out how much you can give back via a flat grant like we used to - money will be recycled into the market and medals anyway as we want it to
we can also subsidize currency exchange by offering eUK citizens cheaper exchange rates from the gov, we can work out the details but it would be a huge help to those who emply workers and produce goods for our markets. It will help reduce prices, push out imported goods from our markets and help stabilize, at least, our currency rates.
A bit ambitious, you mean something like knocking off 50 quid/bar for a certain amount of gold etc?
gold used to trade for .001 but now it jumped to .002 I know the prices fluctuates but we can, with our tax money, stabilize it for our citizens. We can subsidize it to keep it at a stable .001 Its not a give away but it will boost our economy and citizen wealth in the long run
I think the only person I'd trust trying to reliably guess the long-term effect of that is Huey
I think it's too soon to try and intervene on the currency market. Let's see what black Friday does to it.
As for grants, I don't think it would be wise to give away tonnes of cc - this administration inherited a significant amount of debts to pay so books need balancing before cash is thrown around.
Personal loans and training ground loans have been tracked between different governments with ease in the past, there's no significant paperwork involved.
If you want to put a plan together for that then that would be good to see, it sounds like an interesting idea 🙂
As for Congress involvement, I’m not sure it’s in their remit to have to have involvement in. For example there see many schemes Huey has that are still in place that are loans essentially but congress had no discussion about those.
We've given housing grants and handouts in the past, it would essentially just be one of those - doesn't have to be a ridiculous amount of cc; just essentially a sort've tax rebate given it's our money 😛
I'd forgotten about black friday, fair point there on cc exchange
@beta I'd guess probably because they were agreed years ago and were never repealed
If the issue is an unspendable accumulated cc, we can hire mercenaries to fight in our wars.
Gentlemen, another idea would be investing this money: We could open nationalised companies to make profits for the gov. I'm not sure if game mechanics would allow such things though.
This company could be run by a ceo (who takes a small % of the net income), the rest goes to the gov coffers.
dunno about that; we used to have weapons communes back with the national army but no idea where they are now lol
you have actually reminded me of a point I'd missed though on the national debt - surely it's just transitionary from TWs as opposed to being properly on the books to 'pay off', and would only be around ~1-2% of reserves at a time anyway?
@Yigit I don't get the issue that would require subsidising, are you buying currency from the market instead of selling gold?
for the record I dont have any problems with anyone including greeks, I have many greek friends and george used to be one of them until his racist itch needed some scratching and he blocked me cuz I caused the rl cyprus war
so you were the one who sent Ayse to holiday? xd