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Independent Commission on Banking - why HBOS failed


HBOS

Why did it fail?

The 'Vickers' Commission View.......[ one sentence]........

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.

The The Scottish Financial Risk Academy held its Inaugural Risk Colloquium yesterday in Edinburgh

Asymptotix participated in the first Risk Colloquium organised by the SFRA which took place in central Edinburgh on 4 November 2010. The Colloquium addressed the theme of “Risk Lessons from the Financial Crisis”, and provided an outstanding programme of speakers over two sessions. The Colloquium also introduced the recently-established Academy, providing a forum for members of the financial services and academic communities to meet and learn more about the Academy’s aims and the compelling arguments for active membership.

The Scottish Financial Risk Academy (SFRA) was established in April 2010 by a consortium of founder members led by the Maxwell Institute for Mathematical Sciences. It is funded by a grant of £335,000 from the Scottish Funding Council and contributions by founder members. The consortium of founder members of the SFRA comprises the Maxwell Institute, Scottish Financial Enterprise, The Actuarial Profession, Aberdeen Asset Management, Barrie & Hibbert, and Lloyds Banking Group.

RBS 'horror story' as UK job cuts top 20,600

In an announcement to staff in its business centres across Britain, RBS yesterday said it was cutting another 3,500 jobs, taking the total number of UK-based staff made redundant to 20,600. Workers unions Unite described the cuts as a "horror story" for the UK and said it was "appalled" by the bank's actions, which come only a month after it reported a profit for the first half of the year of £1.1bn. "Just three weeks ago staff were boosted to hear of the £1.1bn half-year profit yet today thousands of them are told that they have no future at the bank," said Rob MacGregor, Unite national officer. "It will be a bitter pill for staff to swallow as RBS has decided to move some of the jobs abroad to the Far East, India and America."

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.

Why the RBS and Lloyds Capital raisings are seriously bonkers

kuk skulptThis is actually patently obvious to anyone who considers it for more than a moment, it does need to be written down, articulated, specified through layers of abstraction as a constantly twittering software engineer in my timeline is currently obsessing about.

Its not complex, its simple, basic even; it's the rules of trading, the basics of exchange. You do not buy an obvious 'pig in a poke' no matter how little the government is trying to sell it to you for! 

I wont bore you with a 19th century econo-agricultural explanation of the metaphor. I am no Corporate Finance Guru, I never was the whiz kid in a Porsche because of silkily advising on mergers and acquisitions but I know the basics.

"We left the money in the UK because of the cost of swapping it"!!!

clydesdaleNAB's group treasurer Eric Williamson said £500 million ($1.02 billion) raised by the bank through an oversubscribed debt issue in May was kept in NAB's two UK subsidiaries, Clydesdale and Yorkshire Bank. 

and its not too good in Edinburgh either ....

Royal Bank of Scotland is set to part company with a third member of the senior executive team that presided over the disastrous acquisition of ABN Amro, which left the bank needing to be bailed out by the taxpayer.

According to a weekend report, Royal Bank will confirm that Guy Whittaker, the group finance director who was a key lieutenant of discredited former chief executive Sir Fred Goodwin, is on his way out.

More Fallout in Scotland from the RBS debacle

Johnny CameronIt is like 'fallout' is it not? Debacle is not too strong a word, really. Anyway the West of Scotland "Herald" newspaper (what used to be called 'The Glasgow Herald') would have enjoyed this tale of East of Scotland shenanigans as a result of the fallout from the Royal Bank of Scotland debacle. There is not much humor as a consequence of RBS but this is a little on the lite side. The content does, of course, have interesting relevance and implications also.

 

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