Bedtime Story

I was telling a bedtime story to my son. He asked me Pappa what do you do at the office? I said I am a Repo software developer in the Bank. The next question came very quickly, what is Repo? Now it started becoming really tuff.

Then I said, let me tell you a story that will explain what is Repo. Sounds like fun?

So, Alex, your friend is a very talented guy, he wanted to go to work, but when he reach the petrol station he realized that he do not have enough money to fill his car's petrol tank so that he can go to work. After thinking for a while, he called his friend Finn and asked for 10 pounds. Well, Finn said, I will give you 10 pounds but what is my benefit? So Alex promises to give him 1 pound extra when he returns from work. Finn was happy to lend 10 pounds to Alex. But then he said, what if you do not return the money? "I will give you my watch which is worth 13 pounds, you can sell it and get your money back", Alex said. Finn agreed to this and gave 10 pounds in exchange for a watch.

So Alex went to work, work very hard, and earned 20 pounds at the end of the day.

He return 11 pounds to Finn and took back his watch. And everyone is happy. This is called a Repo.

My son was happy with this story but came up with another question, what if Finn did not return Alex's watch or Finn thinks that it's too much trouble to sell it.

Then I just extended my story, well Alex and Finn said exactly that so they called their common friend Atharva. He is a good guy. And he also has good contacts in the market. He can buy and sell stuff easily without any trouble. They said Atharva can you keep this watch with you and in case Alex does not return his money just sell that watch in the market and give Finn his money. And it will be good for Alex also as the watch is with Atharva so Finn will not refuse to return Alex's watch.

And both agree to give Atharava 10p as a fee to hold watch for a day. And you just learned Tri-party repo.

By the end of the story, my son was already in his dreams now.