Royal Bank of Scotland joins UK asset protection scheme
Despite attempting to wriggle off the hook, which is the UK government's asset protection scheme, the Royal Bank of Scotland has been forced to sign up and confirmed that this happened on 26 November. While there's no doubt that the scheme will protect the company's assets in the short to medium term, like Lloyds bank, the company had been attempting to negotiate an exit rather than pay the multibillion pound premium.
In a bizarre quake of fate, if the UK economy does take a further downturn, as some people believe it will in 2010, the scheme will become vital for Royal Bank of Scotland and Lloyds bank may well have made a mistake negotiating its own exit. The agreement which was signed by Royal Bank of Scotland is conditional upon approval by Royal Bank of Scotland shareholders and overall approval by the European commission which is now heavily involved in the UK banking sector and the restructuring of businesses such as Lloyds bank and Royal Bank of Scotland.
Now that the saga surrounding the asset protection scheme looks to be over there are hopes that the Royal Bank of Scotland management can look ahead to the future even though markets are still very difficult. This is a company which was the largest banking operation in the world at one stage, after a massive expansion programme, but has now come back down to earth with a bump and will need to rebuild from a very low base.
Forgetful Brits will owe bankers £12
The Royal Bank of Scotland group has announced that customers who forget to inform its credit card providers when they have moved home will incur a £12 penalty fee.The new rule will affect card holders at NatWest and Mint as well as the Royal Bank of Scotland from May 1st this year and will apply as soon as the bank has received two returned statements. .Since the Office of Fair Trading (OFT) rul...Read More
First stage of pension overhaul begins
27/03/2014 The first stage of the pension overhaul which was announced by Chancellor George Osborne in his Budget 2014 speech has begun. Pensioners will now have greater access to their pension pots, as they will be able to take up to a maximum of £30,000 from their pension as a lump sum, up from £18,000. The entire overhaul will come into effect as of April 2015, when pensioners will b...Read More
Do we depend too much upon credit rating agencies?
The ongoing argument between the Irish authorities and the S&P credit rating company threatens the medium to long-term position of credit rating companies around the world. The Irish authorities took the rather usual step of arguing about the basis upon which the Irish sovereign debt credit rating was reduced which appears to be a very different stance to that taken by the IMF and the European Uni...Read More
Regional recession index shows hardest hit areas of the UK
The uSwitch.com regional recession index has highlighted the varying degree of performance across the UK with regards to property prices and unemployment. Those living in the Swindon area will be dismayed to learn that the city has seen unemployment explode by 197% over the last 12 months making it officially the worst hit area in the UK.
Swindon has also seen a 16% fall in property...
Stockbrokers urge private investors not to ditch banking shares
Despite the fact that the UK banking sector is yet again at the centre of a controversial move by the authorities, stockbrokers in the UK have urged private investors not to ditch their shares. The US government has introduced not only a levy on the banking sector but also confirmed that the future size of banking institutions will be limited and some trading practices will be outlawed. While s...Read More