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February 26, 2010


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Your comment above "cohesive hole" is most appropriate even though I am sure that is not what you meant. It certainly seems more like a black hole not a cohesive whole:-)

RBS has received £12bn in repayments more than it lent to businesses in 2009, a negative net lending figure.

The world is living in a financial "fool's paradise", according to the Governor of the Bank of England, Mervyn King he said that the case for "narrow" or utility banks – forbidden from taking part in riskier investment-banking activities – is "irrefutable".

Robert Peston says:
But perhaps the most chilling numbers are these: we as taxpayers put in £25.5bn of new equity into this bank last autumn, the second instalment of the £45.5bn we have invested in total; but over the past year, the equity of this bank has increased by less than £16bn to £80bn.

So almost £10bn of the £25.5bn we've only just put into RBS has already been wiped out by losses.


Interesting piece.

This draconian showdown - do you reckon that is coming whoever is in power after the election?

What form do you expect it to take?

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