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.
Should we believe the Nationwide forecast for the property sector?
Despite the fact that many analysts and economists are downbeat on the prospects for the UK economy in 2010, today's Nationwide report on UK property sector seems to offer a very different opinion of the prospects for the UK. The report suggests that UK property prices will increase by around 10% in 2010 which is something many people do not agree with. So who should we believe? There is no dou...Read More
Credit card companies given two weeks to cut rates
The government has today put the credit card industry on alert and suggested that if rates do not move in the next two weeks there will be more formal action by the government. This is a serious escalation in the fight between the government and the financial sector with many issues and future regulatory elements under discussion.
While the recent headlines have centred upon mortgag...
UK motorists warned of fuel price rise
The AA has today confirmed that it expects UK fuel prices to increase over the next few months and break the previous record high of 121.61p a litre figure set in May this year. A five pence rise from the 117.7p a litre price at the moment would take the cost of fuel to new levels due to a mixture of increased demand, a rise in the oil price together with higher VAT payments coming in next year. A...Read More
Do credit card benefits have a role in your decision?
While at the moment you are unlikely to be successful when applying for a new credit card, let alone receive any benefits from a card, this area of the market will flourish again in the future. But when you look at a credit card which offers benefits such as air miles, discounts at certain shops and other similar offers, should they play a role in your decision to apply for a card or not?
Credit card reward schemes 'are worthwhile'
Credit card reward schemes can prove worthwhile for some customers, according to advice from Sainsbury's Finance.If borrowers ensure they redeem points and choose the card best suited to their financial situations the products can prove fruitful, said the company's head of cards Donald MacLeod.He advised consumers to think about how a card with rewards would benefit their needs before signing up f...Read More