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.
UK government launches landlord feedback system
The UK government has today launched a new initiative which will allow tenants to post feedback on their landlords on a new online forum. There will also be a new hotline offering advice to tenants as well as a National Landlord Register which will allow prospective tenants to see how quickly their prospective landlords fix problems and how well their properties are maintained. While there is n...Read More
Insurance premiums on the up
The trend for falling home insurance premiums has come to an end and the cost of insurance overall in is on the up, according to the AA. The insurer blames this summer's flooding for the three per cent rise in home insurance premiums - the largest single increase the AA has recorded - and also reports a two per cent increase in home insurance premiums. "We now see the result of that devastation re...Read More
Can we prevent ID theft?
Over the last few years there has been a massive increase in the number of ID thefts occurring around the world with many people being left with significant debt by the fraudsters. Despite the fact that more and more people are now aware of ID theft it seems that many of us still believe it will never happen to us. Can we prevent ID theft? ID theft is basically the theft of your private details...Read More
Lenders Asked To Play Their Part In ISMI Changes
Lenders have been handed the baton by the government with changes to the Income Support for Mortgage Interest (ISMI). Currently anyone who loses their job will only receive assistance on their mortgage interest after 39 weeks of non-employment and only on the first £100,000 of their mortgage. Today's changes will see assistance kick in at 13 weeks and cover the first £175,000 of any mortgage....Read More
Sir Peter Burt attacks HBOS board
Sir Peter Burt, one of the Scottish white knights for HBOS, has launched an astonishing attack on the current HBOS management suggesting that not only are shareholders being shortchanged but taxpayers may also receive a minimum return on their investment. As the pressure mounts on the HBOS management there is speculation that the Lloyds TSB offer will in some way laps and place further pressure up...Read More