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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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Friday 30th May 2008
They may have been the first to test the market’s resolve to bail the banking sector out of the current crisis, they may have priced the fund raising at an attractive price but there are still many in the City that are not convinced about the long term positives of the Royal Bank of Scotland fund raising. Initially the move to raise £12 billion in new capital and strengthen the balance sheet was well received but is seems that some investors are starting to think again.
Decision day for shareholders looking to take up their new rights issues shares is Friday at 11am and while the company seem to have sufficient institutional support to see the issue through there are concerns than a significant amount of shares will be left with the underwriters.
The problem for those institutions that signed up to underwrite the issue is the further fall in confidence and the economy since the issue was first announced. We are seeing gloomy reports about the prospects of the housing market, concerns that the UK is on the verge of its own sub-prime mortgage crisis and a government that has lost the confidence of the City.
This week will be a very important few days for not only the banking sector but the London Stock market as a whole. |
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