Monday, 15 August 2011


John Redwood has consistently spoken out against the bailout of the Royal Bank of Scotland and is the only MP I have ever heard raise the issue in Parliament.

In his usual informed, straight-talking style he gave an update this weekend on the state of this part-taxpayer owned bank. Will taxpayers be recompensed or is the bank frittering away the bailout cash?

Why aren't our MPs joining with John Redwood and insisting RBS come into line and pay back the country for their loan?

You can read Mr Redwood's summary here.


Anonymous said...

"Why aren't our MPs joining with John Redwood and insisting RBS come into line and pay back the country for their loan?"
Because they're 'all in it together' ;-)

Crinkly & Ragged Arsed Philosophers said...

Not impressed by Redwoods argument, he's cherry picked his points and makes no mention of Lloyds being in greater problems.

Truth be told RBS is in even deeper dodo than Redwood claims, but that dodo applies to all the world banks who at the moment are desperately manoeuvring to be at the head of the queue for a second tranche of public welfare.

Remember the 'flash' from Gordon - how he'd saved the world at our cost?
Well he got it wrong again; as it turns out all the trillions poured into the banks and their acolyte parasites hasn't managed to save even them.

Presently there's more substance, truth, integrity and value in Bond preceded by James than there are in any of the financial variety.

cynicalHighlander said...

BCA Research Finds "QE Is Good For The Rich, Bad For The Poor"

Prepare the lampposts.

Simonp said...

looking around RBS tier1 capital was mostly provided by the bailout, they have a lot of assets but this is based on valuations that will never be realised , if they were forced to liquidate assets a la Bank of America then there might not be enough to pay us back without causing the other banks to re evaluate their inventories valuations, that is why they are keeping interest rates low ans skimming fees to keep the wheels turning

subrosa said...

I thought that too Max.

subrosa said...

My lack of knowledge regarding banking matters makes be bow to your superior information Crinkly, although to be fair to John Redwood, he has posted about Lloyds recently too.

I think we should begin protesting about these state-subsidised banks because they're just making fools of hard working people who put their money into them.

I've removed all money from a state subsidised bank or building society.

subrosa said...

Thanks for the link CH. Excellent.

subrosa said...

Appreciate the information Simon. Many thanks.

Oldrightie said...

The NWO gets ever nearer. Note how, as forecast by many of us, The EU is using the debt crisis, (manufactured?)to move faster towards their EUSSR. Heavily encouraged by yet another traitor in wolf's clothing, Osborne.

English Pensioner said...

I didn't expect RBS to be brought instantly back to profit, but John Redwood is right to ask why the RBS is investing in Euro bonds when, according to press reports HSBC and Barclays are reducing their exposure.

subrosa said...

It does OR and we're not listened to at all. Indeed. Osborne has turned out to be a turncoat.

subrosa said...

They've already had 4 years EP and are still providing themselves with massive bonuses.

petem130 said...

My fairly unfeeling stance is to require all the banks who took bailout monies to prepare a proposal for paying every single penny back. Once this was received the banks should then be pressured and threatened into paying it back much more quickly and at a rate of interest well above the base rate.

The banks have been guilty of doing this to their customers for years. What's good for the goose etc. The government who act as the tax payer proxy should also empower the OFT to force the banks to repay the ridiculous charges as should have been done years ago.

How charitable of me.

subrosa said...

I think you're very charitable petem. Gordon Brown should have drawn up such a contract with RBS and Lloyds before he lent the money - but he didn't.

Hence their ongoing behaviour.

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