Tuesday, October 07, 2008

EU Finance Ministers actions stop the rot


The 50,000 euro pledge on savings accounts seems to have little effect in the real world as can be sen by the implosion of the Royal Bank of Scotland whose shares plunged nearly 40% to a 15-year low today wiping around £10 billion off the value of the business.

Other banks to be hit were Halifax Bank of Scotland which collapsed 41%, Lloyds TSB down 13% and Barclays which fell 9%.

All this seems to be prompting talk of an Irish style nationalisation of the entire UK banking sector.

This evening Brown and Darling are having what can only be called crisis talks with the Governor of the Bank of England Mervyn King and the Financial Services Authority's chairman Lord Turner.

Who's next?

1 comment:

johnpetersen said...

Interesting concept and site. You'll have to keep us up to date on how things progress over time.