RBS loses over a billion
Just when you thought the financial crisis in the banks was over, then Royal Bank of Scotland posts a £1.1 billion loss. While the cause of the loses especially seems linked to the RBS subsidiary Ulster Bank, which has guaranteed 100% mortgages in the Irish Republic, it still shows that the European banking system still [...]
Why the Bank of England rate cut is wrong
This week’s move by the Bank of England to cut the interest rate to an all time low of 1% is a bad move for all of us, especially those trying to save money. It is an unfortunate double whammy, because while the tax payer is subsidising the banking system via RBS and Lloyds especially [...]
Global Financial Crisis News
While I’ve been away from blogging, the world has seen something that can only be described as a Global Financial Crisis. What began as a fall-out from sub-prime loans last year has spread like a disease through all aspects of the financial system: 1. Credit markets truly froze 2. Even banks could not get day-to-day [...]