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.
BT looks to clarify crown guarantee
This week will see a very important case come to court in a move instigated by the trustees of the BT pension scheme who are looking to clarify the extent to which the UK government would underwrite the pension scheme via its "crown guarantee". Both BT and the trustees of the BT pension scheme have been in talks for some time about reducing the £9 billion deficit which has built up over the last...Read More
European bank hit by cyber criminals
25/06/2014 Internet security company, Kaspersky Lab, has claimed to have found evidence of cyber-criminals stealing over £400,000 from 190 customers of a European bank. The attack is thought to have happened in January 2014, mainly affecting Turkish and Italian banking customers, who are believed to have lost between 1,700 euros and 39,000 euros each. However, whilst the authorities have...Read More
Uninsured homeowners risk 'a huge blow' to their finances
Homeowners have been urged to ensure they have adequate home insurance cover, in the wake of a study indicating that storm-related insurance claims are set to increase by over a third in coming years. The German study predicted that should Britain continue to suffer from the high winds and heavy downpours seen last summer, storm related losses are set to increase by 37 per cent. Last year, the tot...Read More
Why Is There No Talk Of Tax Cuts?
As the economy lurches from a slow down into a full blown recession it would have been reasonable to expect talk of tax cuts and returning money to the UK population. However, tax cuts have never been further from the table with many even suggesting that the UK is braced for another round of tax increase. But does this make sense?
The truth is that the UK public purse is in such a...
D2 Jeans announces move into administration
Today saw the first post-Christmas casualty in the UK retail sector when D2 Jeans, the company set up by Sir Tom Hunter, announced a collapse into administration. The company was acquired by a management team back in January 2008 although there have been concerns for some time about the company's rental arrangements which were considered to be relatively high and were causing financial difficultie...Read More