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While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
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Saturday 2nd August 2008
The Royal Bank of Scotland (RBS) is set to announce the largest ever loss in UK banking history this week with some analysts forecasting a lose in the region of £1 billion, but some suggesting it could be as high as £1.7 billion for the first 6 months of 2008. The loss is going to severely dent the reputation which the bank as built up over the decades and lead to major pressure on the company’s directors.
The bank is being forced to take a hit of around £6 billion in relation to problems caused by the credit crunch. This hit will wipe out the underlying profits of the group and lead to concerns about the banks funding position, even after the £12 billion rights issue. The last few months have been a complete disaster for the group with critics hitting the board from all sides.
The only real ray of sunshine was thought to have been the sale of the insurance division for around £7 billion but bidders have left in their droves and the prices has been falling. The group is said to be in advanced talks with US outfit Allstate but they are not prepared to pay anywhere near the £7 billion asking price. Watch this space.... |
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