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  • strict warning: Declaration of views_handler_filter::options_submit() should be compatible with views_handler::options_submit($form, &$form_state) in /home/asymptot/public_html/modules/views/handlers/views_handler_filter.inc on line 589.
  • strict warning: Declaration of views_handler_filter_node_status::operator_form() should be compatible with views_handler_filter::operator_form(&$form, &$form_state) in /home/asymptot/public_html/modules/views/modules/node/views_handler_filter_node_status.inc on line 14.
  • strict warning: Non-static method view::load() should not be called statically in /home/asymptot/public_html/modules/views/views.module on line 879.
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Scotland in the Crisis: Banking and the Future




scotland map2 Blog Post Essays about the Economics of Scotland, right now; 1) banking (microeconomics) 2) post independence, the euro? (macroeconomics)


  1. ..... what I really meant to say about Clydesdale and NBNK; its the macroeconomics stupid

  2. Models of Small Open Economies; Lessons from Ireland for Scotland in the Euro.

Ian Fraser: Cameron must not go soft on the banks

By Ian Fraser, published today at the Sunday Herald.

As leader of the opposition, David Cameron gave the impression he intended to be tough on the banks. In an interview with Sky News in January 2009, he called for criminal actions against bankers and earlier said we needed “a day of reckoning” for those who presided over the near-collapse of UK’s financial system. After 18 months in Downing Street, Cameron seems to have gone soft.

UK - Banks To Lend £190bn Under Deal With Government - Project Merlin

(9 February 2011) The UK's biggest banks have pledged to lend £190bn this year to small and medium businesses and pay lower bonuses, Sky News understands. The Government is hopeful of announcing a deal later today following a conference call between the bosses of the banks. Chancellor George Osborne is to make a statement in the Commons at lunchtime. The four participating banks - Royal Bank of Scotland, HSBC, Barclays and Lloyds - are due to hold talks to give Project Merlin their final sign-off. However concerns remain the details could be delayed until Thursday as fraught discussions continue.

Shocked by the evidence provided by PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young — to the House of Lords

(28 November 2010) From Ian Fraser: I was shocked by the see the “evidence” provided by the heads of the “Big Four” accountancy firms — PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young — to the House of Lords Economic Affairs Committee last Tuesday (see video clip below).

As Britain prepares to junk the FSA, some in the City still believe the market knows best

A blog published by QFINANCE yesterday Ian Fraser discusses the end of days of FSA. "There is no denying that the transition from the FSA's failed approach to the coalition government's proposed alternative is fraught with danger. However I, for one, am a little surprised that the FSA still has cheerleaders in the City."

Clueless banks happy to drift in sea of inexactitude

Do the world’s leading banks have a firm grip of the true value of their assets, their true exposure to risk (including the likelihood of their borrowers defaulting) and their own true capital strength? And if they do have such information at their fingertips, are they accurately communicating it into the public domain for the benefit of regulators and shareholders?

Such questions ought really to be top-of-mind for any politician or regulator who is seeking to re-regulate the banking sector in the wake of the global financial crisis. They are also questions which—depending on the answers—might cast doubt on the legitimacy of the results of the recent European Union “stress tests” designed to confirm the capital strength of 91 European banks and their ability to survive another downturn.

Clydesdale Bank and Yorkshire Bank could be merged with assets of Royal Bank of Scotland and Lloyds Banking Group


asymptotix GLW 2


Branches of Clydesdale Bank and Yorkshire Bank could be merged with assets of Royal Bank of Scotland and Lloyds Banking Group in an attempt to create a new retail banking competitor in Britain.

National Australia Bank (NAB), which owns Clydesdale and Yorkshire, said that it had been approached by industry players over potential consolidation involving both of the banks.

“We have been approached by a number of players in the UK market to see how we could work with them to participate in that consolidation,” said Cameron Clyne, chief executive of National Australia Bank, at the bank’s annual meeting.

“We are going to explore and assess what value these approaches offer for NAB shareholders,” he added. “We’re watching closely. We aren’t sure what assets will be divested.”

The move would support the European Commission’s objective of creating a new competitor in British banking. Neelie Kroes, the competition commissioner, is forcing RBS and Lloyds to sell parts of their businesses as punishment for receiving state aid.

Goldman Sachs boss defends Fair Value

Robert Longo.jpg

Goldman Sachs boss comes to defence of ‘fair value’ accounting

by Ian Fraser, award winning Scottish Financial Journalist


Turner’s review dangerously flawed

Lord Turner; image courtesy of Daily Mail


By Ian Fraser, Published: The Sunday Times, Date: March 22nd, 2009.






Last week I met two Edinburgh-based academics who specialise in the field of finance and risk. They told me that, in their view, Lord Turner’s review on the future of financial regulation, published last Wednesday, is flawed.

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