In a scathing interview with The Times yesterday Lord Myners', Gordon Brown's City Minister, states that the UK's banks almost collapsed last October:
“We were very close on Friday, October 10. There were two or three hours when things felt very bad, nervous and fragile. Major depositors were trying to withdraw — and willing to pay penalties for early withdrawal — from a number of large banks.”
Mind you, we all know that Britain's banks are insolvent now anyway, so what's the problem?
Royal Bank of Scotland's analysts, 17th January 2009: "the domestic UK banks are technically insolvent on a fully marked-to-market basis."
Not bad considering they paid £650 million ($1 billion) in auditors fees since 2000.
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