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    #41
    Originally posted by BrilloPad View Post
    NOTE: PLEASE DO NOT ASK WHAT THE VERDICT MIGHT BE IN DUE COURSE. ALL WE CAN ADVISE IS THAT THE LAWYERS AND COUNSEL FOR THE CLAIMANTS APPEARED TO DO AN EXCELLENT JOB IN REPRESENTING THE CLAIMANTS CASE.

    what a bunch of creeps!

    I'm sure that they would not expect anything less, considering the cost !!

    Comment


      #42
      http://www.telegraph.co.uk/finance/n...t-lending.html

      Government will use Northern Rock to boost lending

      The plan would come alongside the creation of a state-owned "bad bank which will house the major lenders' toxic assets. The Government will also unveil plans to implement Sir James Crosby's proposal to guarantee new loans to homebuyers and businesses.

      When the Government nationalised Northern Rock in February last year it imposed strict limitations on the new lending of the Newcastle-based lender so it did not fall foul of the European Union's rules on state aid. Capping Northern Rock's lending also meant it could make large repayments on the £27bn the Government loaned it.

      However, it is understood that the Treasury has been working on a reversal of this policy. Ministers now believe the bank presents an opportunity to increase lending as many other lenders have cut the amount of business they are doing.

      The plans come as the banking sector suffered another dramatic day on the stock market. Barclays lost a quarter of its value, leaving it down more than 40pc on the week. Shares in rivals were also hit, with Royal Bank of Scotland sliding 13pc to 34.7p, Lloyds TSB down 5pc to 98.4p and HSBC off 2pc to 535p.

      The final hour marked a dramatic reversal of the day's earlier trading which had seen Barclays' shares up 5pc and RBS rise 9.5pc on hopes governments on both sides of the Atlantic will again bail-out the battered sector.

      Barclays attempted to shore up confidence with a statement after the market closed in London, saying that the board expected its full year profits for 2008 to be "well ahead" of analysts' consensus of £5.3bn. These profits would be achieved after all write-downs on bad debts, the bank said.

      Barclays also said its capital ratio would be 9.5pc and its equity tier-one ratio would be 6.5pc.

      Barclays said of the dramatic fall in its shares: "We know of no justification for the fall in our share price. We are fully aware of our reporting obligations. We have not said anything."

      Barclays did not take money from the Government as part of its £37bn bail-out of the banks in October. However, analysts believe that the bank will be given no choice by the Treasury and Financial Services Authority over the bad bank and will be forced to participate. This may mean Barclays has to take more write-offs on the value of its assets, which could reduce its capital ratios.

      Other banks which will participate in the bad bank include Lloyds, which has bought HBOS, and RBS. The Government is a major stakeholder in both Lloyds and RBS and they are not thought to have put up significant opposition to the plan. HSBC, which has not taken any Government money, would also be expected to take part.

      The Prime Minister yesterday indicated he was readying fresh action to thaw out the financial system and attacked the past "irresponsible" lending of British banks now being supported by the taxpayer.

      Forming a plan for a bad bank will be highly complex, sources said, and the Government is only expected to have a blueprint ready by tomorrow or Monday. It will then have to thrash out the detail with the different lenders.

      Comment


        #43
        I don't really care what they use the Rock for now, and the Plaintiffs also said this in the court case. What we want is fair value for a profit-making company that had liquidity problems which every bank has had since. What HMG do to the Rock and how bad they try to make it look for political purposes, I am past caring about.
        I will settle for 3 to 4 quid a share and HMG can continue to foul-up the entire national debt etc to their hearts content.
        I will certainly not be a major taxpayer bailing them out in the future because I will be drawing my comfortable pension. I just feel so sorry for the children and taxpayers of the future. Never before has so much damage been done by one government.

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