The Royal Bank of Scotland is now nationalised in all but name thanks to the breathtaking generosity of British Taxpayers, who have just pumped another £25.5 billion north of the border, and are on the hook for even higher losses on the asset-protection plan than was originally envisioned. Yet even after all this, RBS’s capital ratios were so anorexic that the Treasury had to stump up an extra £13 billion to buy B shares with an option for £6 billion more to support new lending.
To support new lending? Of course, that is why we were putting all this money into RBS – to revitalise lending and thus the housing market. We were saving all our futures and hard working British families who needed a roof over their head.
A neat piece of social engineering is now under way – hard working British families have mortgaged their grandchildren’s future to support RBS – and RBS today announce a £1.7 billion package to help re-invigorate the Scottish housing market……..
The lending package includes £500m released through the Treasury’s Asset Protection Scheme, aimed at bringing financial stability to Britain’s banks during the global downturn.
Paul Geddes, chief executive of consumer banking at RBS Group, said: “Our message to customers in Scotland is very clear, we are now more than ever open for mortgage business. We hope the latest commitment goes some way to refuelling the Scottish economy and provides borrowers with the financial means to get back on track and realise their plans for the future.”
Royal Bank of Scotland needs to declare whether it is a ‘UK Bank’ or a ‘Scottish Bank’ – some of us are beginning to smell a rat.
OH Update: I do recommend that they change the graphics on the Graduate recruitment site
Just one of many…..hit refresh
