‘Sleepwalking into the next financial crisis’

Sleepwalking into the next financial crisis

Former Prime Minister and Chancellor Of The Exchequer Gordon Brown has claimed the world is ‘sleepwalking into the next financial crisis’ while current Chancellor Philip Hammond says we are still feeling the after-effects of the last.

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Two thirds of Brits still don’t trust banks

Two thirds of Brits still don’t trust banks

A new poll has found that two-thirds of Britons still don’t trust their banks, a decade after the financial crash.

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RBS agrees $4.9 billion penalty to end US probe


by Mike Birkett, 10/07/2018

RBS agrees $4.9 billion penalty to end US probe

Royal Bank Of Scotland (RBS) has agreed to pay a $4.9 billion (£3.61 billion) civil penalty to close a long-running investigation into their financial dealings in America in the lead-up to the financial crisis.

The size of the penalty came as a surprise to many experts who had predicted the final settlement would be much higher. RBS said it has already set aside $3.6 billion in anticipation of the size of the penalty.

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RBS sets aside £175 million for PPI in 2017


Announcing its first profit for a decade, Royal Bank Of Scotland (RBS) revealed it could have been even higher had it not had to set aside £175 million for PPI compensation and a further £714 million for mortgage-backed securities in America.

Chief executive Ross McEwan called it ‘a symbolic moment’ when he announced the £752 million profit compared to a £6.95 billion loss for the year before.Read More


Barclays charged by SFO over Qatar loans


Barclays charged by SFO

The Serious Fraud Office (SFO) has charged Barclays with ‘unlawful financial assistance’ relating to billions of pounds raised from Qatar at the time of the financial crisis.

It’s the second time the same charges have been brought against the bank in relation to financial deals with the Middle East country in 2008.Read More


MPs slam RBS over ‘disgraceful’ memo


MPs debate disgraceful memo

Royal Bank Of Scotland (RBS) has been slammed by a group of MPs over the wording of a ‘disgraceful’ memo about the workings of their Global Restructuring Group (GRG).

They were commenting on a previously unpublished internal memo in which the department supposed to be helping businesses in trouble were told: “Rope – Sometimes you need to let customers hang themselves.”Read More


Interest rates rise for first time in a decade

Interest rates rise for first time in a decade

The Bank Of England has raised interest rates for the first time in a decade and governor Mark Carney has said the banks should pass the rate rise on to savers.

Base rate has been at a record low since August 2008 when it was slashed from 5.25% to the then record low of 0.5% as an emergency measure to stimulate the economy in the aftermath of the financial crisis.Read More


Government to sell another £3 billion of B&B loans

Government to sell another £3 billion of B&B loans

The government is lining up the sale of another £3 billion worth of Bradford & Bingley loans after selling off a massive £11.8 billion worth in April.

The sale is the latest step in the government’s plan to recoup as much money as possible from the bail-outs they were forced into at the height of the financial crisis.Read More


RBS could be sold at a loss – Hammond

RBS could be sold at a loss – Hammond

Chancellor Philip Hammond has admitted that the government could face a multi-billion pound loss by selling off its 73% stake in the Royal Bank Of Scotland (RBS).

Mr Hammond has told MPs that ‘we have to live in the real world’ in returning the taxpayer-owned bank to private ownership.Read More


Government share in Lloyds drops below 2%

Government share in Lloyds drops below 2%

The government’s stake in Lloyds Banking Group (LBG) has now dropped to below 2% from a figure of 6% in January.

The Treasury has continued its policy of selling down the shares to institutional investors and it is understood this batch of shares was sold to several buyers under the government’s trading plan.Read More