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.
Car insurance trips to bring down driving costs
With the recent rise in the price of petrol keeping the cost of driving high, motorists have been advised to look for savings elsewhere, with a review of their car insurance policies likely to save them money.According to a survey undertaken by American Express, just 57 per cent of drivers have shopped around to find the best car insurance deal, despite the fact that one in five claimed that risin...Read More
Is Bradford And Bingley On The Brink?
While it has been common knowledge in the City for some time, Bradford and Bingley seem to be hitting some serious turbulence with regards to their attempted fund raising. The shares took a sharp lurch downwards just before the close of markets today with many now questioning whether the recently announced £300 million fund raising will still go ahead. The shares are now trading at 114p again...Read More
Gordon Brown snubbed by IMF
Gordon Brown has today been snubbed by the IMF (International Monetary Fund) with regards to his "Tobin tax" plan which has also been rebuked by the G20. This is a crushing blow for Gordon Brown who apparently went ahead with his plan to introduce a Tobin tax to the mix despite the plan being rejected by the Treasury. It now appears as though Gordon Brown is on his own and ignoring internal govern...Read More
Did you know that the ISA deadline is coming up?
24/02/2015 The ISA deadline is catching up with us and will be here on the 5th April. Time is running out for you to make the most of your 2014/2015 tax efficient ISA allowance, as any tax-efficient savings allowance that is not utilised before the 5th April deadline will effectively be lost. The ISA, which stands for ‘Individual Savings Account’, is a tax efficient savings plan that a...Read More
What will happen now that the PPI market has been opened up?
While the recent government announcement that payment protection insurance cannot be sold for up to seven days after a loan or credit card agreement has been signed has been welcomed by consumer groups, there is concern about who will actually "pay" for this potential loss of business. As with the bank overdraft charge saga it always seems that the customer is made to endure higher charges in due...Read More