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.
Why is Cadbury such a weak target?
If you look at the Cadbury scenario, with a bid from Kraft Foods on the table and two potential bidders in the background, you may be forgiven for thinking that Cadbury is actually a minnow in the confectionery industry and not doing very well. However, the truth is Cadbury is a well-run business and has a well rounded reputation in confectionery industry although in the world like picture it is s...Read More
FTSE 100 companies request change in pension regulations
Tesco has come forward to ask the UK government to change the laws on pension payments and allow companies to reduce payouts where applicable. The ongoing demise of the UK economy and the UK stock market has placed significant pressure on the UK pension industry and many major companies are suffering. To give you an example of the current situation, Royal Bank of Scotland is currently valued at ju...Read More
HSBC to pay £218m compensation to loan customers
05/08/2014 HSBC are to repay £218m of interest charges to some of their UK loan customers who received insufficient paperwork. Under the Consumer Credit Act, lenders are required to use a customers annual statement to provide information about the option of making overpayments on a loan. However, the bank has admitted that they only provided the information when customers first took out...Read More
How Do MPs Justify Their Perks?
The Sunday press has been full of more revelations about MPs abusing the perks and expenses system but there is an interesting story doing the rounds about the controversial second home allowance. Apparently in exchange for giving up this allowance, which is worth around £20,000 a year, MPs have requested a £40,000 pay rise – which equates to around £25,000 after tax.
Northeast builder issues challenge to the Treasury
In a move which will no doubt catch the attention of first-time buyers in the north-east of England, Meadowcroft, a housing company in the region, has announced plans to offer financial assistance to first-time buyers. The company already offers a significant advice service regarding the various government rescue packages and mortgage schemes available, but they now believe it is time to go one st...Read More