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.... A decade ago, before its near-collapse, RBS employed more than 200,000 people around the globe. Ross McEwan, the chief executive who is focusing the operation on the UK and Ireland, has conceded that more jobs are at risk as he attempts to return RBS to profitability for the first time since its taxpayer bailout in 2008. ... [Read full article on Guardian ]
Tuesday 15th of August 2017 02:33:43 PM
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Latest Finance News related to Bailout

RBS preparing to cut nearly 900 IT jobs, says union image
Source : Guardian [Read Article] Tuesday 15th of August 2017 02:33:43 PM
.... A decade ago, before its near-collapse, RBS employed more than 200,000 people around the globe. Ross McEwan, the chief executive who is focusing the operation on the UK and Ireland, has conceded that more jobs are at risk as he attempts to return RBS to profitability for the first time since its taxpayer bailout in 2008. ...
Jacques Delors foresaw the perils of austerity. How we need his wisdom now | Mark Seddon image
.... Not only do we know that the catastrophic collapse in the Anglo-American financial markets resulted in precisely not a single banker being held accountable – but today it is still largely business as usual for the banks. Ironically, EU competition law that largely prevents state bailouts or nationalisation, was suspended in the case of the banks, who had trillions thrown at them or which were nationalised, courtesy of the taxpayer. ...
US firm Vantiv to buy British rival Worldpay for £9.3bn image
Source : Guardian [Read Article] Wednesday 9th of August 2017 01:55:20 PM
....Sir Michael Rake, chairman of BT and former Barclays deputy chairman, will continue at the merged group in the role of lead director, the US equivalent of a senior independent director in the UK. Launched in 1989, Worldpay was previously owned by Royal Bank of Scotland, which sold the business in 2010 to private equity firms Advent and Bain Capital as part of the terms of the bank’s 2008 taxpayer bailout. ...
Banks issue new sort codes in ringfencing of high street operations image
Source : Guardian [Read Article] Sunday 6th of August 2017 03:15:24 PM
. Barclays has started the process of moving up to 900,000 accounts to alternative six-digit sort codes as it prepares for the implementation of regulations intended to avoid taxpayer bailouts. ...
A decade after the financial meltdown, its underlying problems haven’t been fixed image
.... Local bank BNP Paribas announced it was freezing the assets of three hedge funds with heavy exposures to the US sub-prime mortgage market. A little more than a year later, after the run on Northern Rock and the bailout of Bear Stearns in the US, the full earthquake arrived in the form of the collapse of Lehman Brothers, one of Wall Street’s biggest banks. ...
RBS plans move to Amsterdam for post-Brexit EU hub image
Source : Guardian [Read Article] Friday 4th of August 2017 06:44:41 AM
....The the 71% taxpayer-owned bank made the announcements as it reported its first half-year profit for three years. The £939m profit compares with a £2bn loss a year ago, although the chief executive, Ross McEwan, warned a full-year loss was likely, which would be the 10th consecutive year of annual losses since its 2008 bailout. ...
How Britain fell out of love with the free market image
Source : Guardian [Read Article] Friday 4th of August 2017 05:00:34 AM
....That crisis and what followed – recession, prolonged weak growth, ballooning public and private debt, and seemingly endless austerity – has already destroyed or severely damaged the governments of Gordon Brown, David Cameron and Theresa May. It has necessitated contortions that suggest an economic system on life support: bank bailouts, unprecedentedly low interest rates, and quantitative easing – ie the Bank of England simply printing money and pumping it into the economy. ...
'It's hard to remember how fraught it was': Mark Carney on the credit crunch image
.... “Over the summer [of 2008], I remember saying this is going to be an interesting job but I’m rather regretting I’m going to be part of the mop up exercise and I’ve missed the main crisis,” said Lord Turner. He ended up joining the City regulator in the midst of the storm unleashed by the collapse of Lehman Brothers in September 2008 and the bailout of Britain’s banks. ...
Greek debt crisis: ‘People can’t see any light at the end of any tunnel’ image
.... Unemployment, austerity’s most pernicious effect, hovers around 22%, by far the highest in the EU, despite a 5% drop in the last two years. Although the worst is over in terms of fiscal adjustment, few believe Greece will be able to escape a fourth bailout even if Athens regains market access when its current EU-IMF sponsored programme ends in August next year. ...
Lloyds takes fresh £1bn hit from PPI compensation claims image
Source : Guardian [Read Article] Thursday 27th of July 2017 08:29:53 AM
....1bn since it first started taking provisions in 2011. António Horta-Osório, the bank’s chief executive, acknowledged that the costs marred what he described as “an important day for Lloyds” as it is the first set of results since the government sold off all its shares after the 2008 bailout. ...
Greece's €3bn bond sale doesn't mean its debt crisis is at an end | Nils Pratley image
....Compare and contrast. As Greece raised money in the bond markets for the first time in three years on Tuesday, prime minister Alexis Tsipras declared that the fundraising was “the most significant step to finish this unpleasant adventure”, meaning the country’s bailout. ...
Greece plans return to bond market as Athens sees end in sight to austerity image
....Government sources say valuation will take place on Tuesday 25 July. The market test is crucial to Greece for not only judging sentiment of the market, from which it has been essentially exiled since the start of its economic crisis, but also for weaning itself off borrowed bailout funds. ...
Dublin is streets ahead of EU rivals as City firms plan for Brexit relocation image
.... The collapse of the economy went deeper than the UK, with house prices slashed by up to 70% and taxpayers left on the hook for toxic banking debt guaranteed by the state, which in turn was bailed out by the International Monetary Fund and the European Central Bank. However, while the public is still nursing debts and negative equity, the IMF bailout seems a very distant memory in Ireland. ...
The rehabilitation of RBS is painful, costly – and nowhere near over | Nils Pratley image
.... One wishes McEwan luck, but we’ve learned from experience with RBS to believe it only when we see it. Not for the first time, one is left with the sinking feeling that rehabilitating RBS would have been easier to manage if the bank had been split between its good and bad parts at the moment of bailout in 2008. ...
How healthy is the global financial system? | Mohamed El-Erian image
Source : Guardian [Read Article] Monday 10th of July 2017 09:00:47 AM
.... Moreover, the process for resolving failing – and failed – banks has been improved. In addition to strengthening the banking sector, policymakers have also made progress toward standardising derivative markets and making them more robust and transparent, which also reduces the risk of future taxpayer bailouts for irresponsible institutions. ...
Theresa May defends public sector pay cap under pressure from Labour image
Source : Guardian [Read Article] Wednesday 5th of July 2017 07:23:29 PM
.... That does not help nurses or patients,” she said. Comparisons with Greece were repeatedly used by George Osborne in 2010 to justify public spending cuts, as riots erupted on the streets of Athens over the stringent bailout conditions imposed by the International Monetary Fund and the eurozone. ...
Worldpay buyout by Vantiv reignites debate over foreign takeovers image
Source : Guardian [Read Article] Wednesday 5th of July 2017 03:04:35 PM
....Launched in 1989, Worldpay provides the technology that allows retailers and other business to accept card payments and online or mobile transactions. It was previously owned by Royal Bank of Scotland, which sold the business in 2010 to private equity firms Advent and Bain Capital as part of the terms of the bank’s 2008 taxpayer bailout. ...
£8bn battle looms for credit card processor Worldpay as rivals circle image
....5bn and pre-tax profits leaping to £264m from £19m in 2015. Previous owner Royal Bank of Scotland sold the business in 2010 under the terms of the bank’s 2008 British taxpayer bailout, with private equity firms Bain Capital and Advent International taking control. ...
Barclays former CEO and three bankers in court to face fraud charges image
....Varley is scheduled to appear along with Roger Jenkins, Tom Kalaris and Richard Boath following the announcement by the Serious Fraud Office last month that they were to be prosecuted over the way Barclays raised billions of pounds from Qatar in 2008. They are the first senior bankers to face criminal charges for events dating back to the banking crisis almost a decade ago, when Barclays avoided a taxpayer bailout by raising £11. ...
Barclays sees the beak about the bailout image
Source : Guardian [Read Article] Sunday 2nd of July 2017 05:59:20 AM
....The four are charged with offences following a five-year investigation into the events surrounding the £11. 8bn emergency fundraising conducted by the bank in 2008 that allowed it to avoid a bailout by the taxpayer. ...
'Tourism is our lifejacket': debt-stricken Greece gets record number of visitors image
.... Its hotels are brimming, its cafes are full, and its footpaths and monasteries lure busloads of tourists decanted daily from other parts of the Peloponnese. Either side of the main road that splits the mountain village – in a world far removed from talk of emergency bailout funds, international stewardship and gruelling austerity – Greeks are hard at work, running boutique guesthouses, eateries and bars in the stone mansions that line Dimitsana’s cobbled streets. ...
RBS to cut hundreds of UK jobs in move to India image
Source : Guardian [Read Article] Sunday 25th of June 2017 03:48:43 PM
....Last year the bank shed more than 500 jobs as part of a plan to replace the staff giving investment tips with “robo-advisers”. The bank has been trying to cut costs since a £45bn government bailout nearly 10 years ago at the height of the financial crisis. ...
Jailing Barclays bankers won’t save us from another financial crash | Joris Luyendijk image
.... Even worse, the fundamentals of the system that made it possible were retained intact. It is feasible that some of the top brass at Barclays will now go to jail for the way they raised billions from Qatar to avoid a government bailout – though the accused deny breaking any laws. ...
Athens: thousands of public-sector workers march against austerity image
Source : Guardian [Read Article] Thursday 22nd of June 2017 06:41:34 PM
....5bn (£7. 4bn) of bailout funds aimed at putting the debt-stricken nation back on the road to recovery. ...
SFO has clear public interest in pursuing Barclays case | Nils Pratley image
.... It is the notion that the Serious Fraud Office should have let whatever sleeping dogs there might be lie in the Barclays case. This argument holds that, whatever went on with the bank and Qatar in 2008, the UK Treasury avoided having to fund another expensive banking bailout, to sit alongside those at Royal Bank of Scotland and Lloyds TSB. ...
Paul Myners: Barclays realised taxpayer bailout would hit bonuses image
Source : Guardian [Read Article] Tuesday 20th of June 2017 06:01:43 PM
. Barclays has paid out an estimated £18bn in bonuses since 2008, the year it raised almost £12bn to bolster its financial position and avoid a taxpayer bailout. ...
Barclays: who are the four charged bankers? image
Source : Guardian [Read Article] Tuesday 20th of June 2017 02:17:46 PM
....John Varley, 61, is viewed as the archetypal patrician British banker. He was the first bank boss to apologise during the financial crisis, and was proud of steering Barclays through the crisis without need for a government bailout. ...
Senior Barclays bankers charged with fraud over credit crunch fundraising image
....This is the first time criminal action has been taken against any senior bankers for events dating to the 2008 financial crisis. At the time, Barclays raised billions of pounds from Qatar in a move that allowed the bank to avoid taking a taxpayer bailout. ...
The eurozone must reform or die | Kenneth Rogoff image
Source : Guardian [Read Article] Friday 16th of June 2017 05:00:00 AM
....But all is not well. Greece is still barely growing, after experiencing one of the worst recessions in history, although those who blame this on German austerity clearly have not looked at the numbers: with encouragement from left-leaning US economists, Athens mismanaged perhaps the softest bailout package in modern history. ...
Creditors agree terms to disburse Greece's €8.5bn bailout funds image
Source : Guardian [Read Article] Friday 16th of June 2017 12:05:16 AM
....5bn (£7. 4bn) of bailout funds aimed at putting the debt-stricken nation back on the road to recovery. ...
Greek bailout funds on the cards as creditors narrow differences image
Source : Guardian [Read Article] Thursday 15th of June 2017 05:25:49 PM
. Greece is on track to receive vital bailout funds, after its international creditors narrowed their differences in a long-running dispute about the country’s vast debt mountain. ...
Democrats say Dodd-Frank repeal is 'wrong choice' image
Source : BBC [Read Article] Friday 9th of June 2017 08:42:41 PM
....Democrats are slamming a Republican bid to dismantle financial rules put in place after the 2008 crisis as the "wrong choice" for the country. House Republicans approved a sweeping measure on Thursday that would ease rules on banks, weaken consumer protection and scrap federal bailouts for major financial institutions. ...
Republicans take aim at Dodd-Frank financial rules image
Source : BBC [Read Article] Thursday 8th of June 2017 02:18:10 PM
....A Republican push to overhaul US banking rules put in place after the 2008 financial crisis may be gaining momentum. The US House of Representatives approved a bill on Thursday that would scrap federal bailout powers, ease requirements on banks and weaken the Consumer Financial Protection Bureau. ...
Santander and RBS haunted by ghost of financial crisis image
Source : Guardian [Read Article] Wednesday 7th of June 2017 06:00:26 PM
. The shadow of the 2008 financial crisis loomed over the banking sector again on Wednesday when a Spanish lender was rescued from collapse by Santander and Royal Bank of Scotland racked up a £1bn bill to end a legal battle sparked by the bailouts by UK taxpayers nearly a decade ago. ...
RBS court case called off but some investors still refuse settlement image
Source : Guardian [Read Article] Wednesday 7th of June 2017 11:58:42 AM
.... Nash said he expected a significant number of the 13% yet to sign up would do so. The bailed-out bank offered to double the amount of compensation agreed with shareholders who lost out when they backed the rights issue, which took place six months before the bank teetered on the brink of collapse and required a £45bn taxpayer bailout. ...
Some RBS investors still refuse settlement image
Source : BBC [Read Article] Wednesday 7th of June 2017 11:29:00 AM
....A nine-year battle between RBS and angry shareholders ended at the High Court on Wednesday as a judge agreed to stop the case. The majority of the RBS Shareholders Action Group of 9,000 investors have agreed to accept a £200m settlement relating to a £12bn bailout in 2008. ...
Fred Goodwin escapes high court appearance as RBS settles lawsuit image
Source : Guardian [Read Article] Tuesday 6th of June 2017 11:50:13 AM
....New funding is needed after Trevor Hemmings, the football club owner and businessman who had previously been funding the case, accepted the offer. Goodwin has kept a low profile since leaving RBS at the time of its taxpayer bailout in October 2008. ...
Greece approves $8bn Chinese-backed resort project outside Athens image
Source : Guardian [Read Article] Friday 2nd of June 2017 06:57:42 PM
.... Now the consortium plans to build a 200-hectare (494-acre) park along with apartments, hotels and shopping malls at the site, which also includes some venues from the 2004 Olympics. Greece committed to sell off state assets under the terms of the international bailout keeping its economy afloat since 2010. ...
Three Mile Island faces shutdown without financial rescue from Pennsylvania image
....Exelon and other nuclear power plant owners have made the pitch that zero-carbon nuclear plants are better suited than natural gas or coal to fight climate change. So-called nuclear bailouts have won approval in Illinois and New York but the potential for higher utility bills in Pennsylvania is drawing pushback from energy companies, manufacturers and consumer advocates. ...
Greece warns recovery threatened if debt deal is blocked at next talks image
....“It is incumbent on all sides to find a solution,” he told foreign correspondents. “There is very little point in entering a [bailout] programme if the goal is not to leave the programme. ...
Greek minister warns 'no excuses' on bailout deal image
Source : BBC [Read Article] Monday 29th of May 2017 06:28:57 PM
. The Greek finance minister has warned there are "no excuses" for the country not to receive the next instalment of its multi-billion-dollar bailout. ...
Judge expects update on Royal Bank of Scotland settlement negotiations image
....The investors are bringing their claim against RBS, Goodwin and three former directors. The last time Goodwin – who left RBS in the wake of the 2008 bailout – accounted for his actions in public was in February 2009 when he had appeared before MPs and issued a “profound and unqualified apology for all of the distress that has been caused”. ...
Brighter skies over eurozone as growth and employment pick up image
Source : Guardian [Read Article] Saturday 27th of May 2017 03:00:30 PM
....Greece has the highest unemployment and youth unemployment in the eurozone, and households have been hurt by austerity policies pushed through to appease international creditors. More recently, sentiment has been hit by uncertainty about Athens’s ability to afford loan repayments that fall due in July after eurozone finance ministers meeting this month failed to agree a deal to unlock a tranche of bailout funds for Greece. ...
Tax on test: do Britons pay more than most? image
Source : Guardian [Read Article] Saturday 27th of May 2017 06:00:20 AM
....Gross salary £100,000After tax £59,000Tax rate 41%. While Ireland remains a low-tax haven for giant multinationals, its resident population has suffered steep tax increases after its banks collapsed and it was forced into a £57bn IMF-EU bailout. ...
RBS shareholders refuse to settle in effort to force Goodwin to take stand image
....”. Mitchell said the public deserve to hear more about what led to the bank’s £45bn taxpayer-funded bailout after it nearly collapsed in 2008. ...
Former Anglo Irish chair Seán Fitzpatrick walks free as trial collapses image
....The chair of the bank that almost bankrupted Ireland has walked free from a Dublin court after being acquitted of misleading auditors about multimillion-euro loans. Seán Fitzpatrick was once head of the country’s biggest bank, Anglo Irish, which ended up requiring a €30bn (£26bn) government bailout and sent the country cap in hand to the International Monetary Fund for support. ...
Talks to avert RBS court case to continue into June image
Source : Guardian [Read Article] Wednesday 24th of May 2017 06:35:03 AM
....Some 15% of the group of investors who have yet to agree a settlement have died, 35% are pensioners, and 20% live abroad, according to court documents reported by Bloomberg. The bank has settled with 87% of the shareholders who brought claims relating to the 2008 rights issue, which took place six months before its £45bn taxpayer bailout. ...
How can Macron unite Europe? He could start with its armies | Hans-Werner Sinn image
.... Even if every member of the German parliament agreed to transfer part of Berlin’s fiscal sovereignty to a European-level institution, such a decision could still be made only through a formal referendum. Germany’s powerful constitutional court has already made it clear that eurozone bailouts and other interventions represent the outer limits of what is possible under the country’s basic law. ...
Last-ditch RBS talks continue as court is adjourned for a second day image
Source : Guardian [Read Article] Tuesday 23rd of May 2017 08:55:34 AM
.... But it is thought the bailed-out bank is offering about £200m to the 9,000 private shareholders and a handful of major City institutions over their claim that they were misled during the £12bn cash call. The rights issue, at the time a record-breaking fundraising, took place six months before the £45bn taxpayer bailout of the Edinburgh-based bank that left shareholders nursing heavy losses. ...
No bailout funds for Greece as eurozone finance chiefs fail to agree deal image
.... He said he hoped for a deal at the next eurozone meeting on 15 June. The eurozone-IMF standoff is the final obstacle to Greece unlocking a tranche of bailout funds that will let it repay €7. ...
Greece fails to secure fresh bailout funds image
Source : BBC [Read Article] Monday 22nd of May 2017 11:40:41 PM
. Greece has failed to secure a deal to unlock the next instalment of its multi-billion-dollar bailout after talks with eurozone finance ministers broke down. ...
RBS could rob us of the chance to see Fred Goodwin grilled in court | Nils Pratley image
....RBS’s attempt to settle with the 9,000 shareholders who claim they were misled into backing the £12bn rights issue in 2008 is not a great surprise. Chief executive Ross McEwan seems sick of a case that reminds the outside world of the state-backed bailout that happened six months after the rights issue was launched in April 2008. ...
Portugal back to fiscal health, says EU image
Source : BBC [Read Article] Monday 22nd of May 2017 11:27:55 AM
.... . After its 2011 bailout, Portugal saw austerity policies under a centre-right government until elections in 2015. ...
RBS offers £200m to avert court case brought by 9,000 investors image
Source : Guardian [Read Article] Monday 22nd of May 2017 07:15:06 AM
. Royal Bank of Scotland is racing to avert a high-profile court case by offering £200m in compensation to thousands of investors who claim they were misled into buying the bank’s shares in the run-up to its taxpayer bailout. ...
RBS court battle with investors adjourned image
Source : BBC [Read Article] Monday 22nd of May 2017 12:12:00 AM
....Legal action brought by 9,000 investors who are seeking compensation from Royal Bank of Scotland after losing money on shares has been adjourned for 24 hours. Investors say they were misled over the bank's financial health in the run-up to its near-collapse and £45bn government bailout in 2008. ...
RBS shareholders take battle over cash call to high court image
Source : Guardian [Read Article] Sunday 21st of May 2017 01:03:31 PM
. A £520m case is scheduled to begin in the high court on Monday that will scrutinise the months leading up to Royal Bank of Scotland’s £45bn bailout at the height of the financial crisis. ...
Car loans, low rates, second mortgages: all the ingredients for a new credit crunch image
.... It will, as the current RBS chief executive Ross McEwan put it, “take the organisation back to 2008”. As it is, McEwan is still grappling with problems that date back a decade: the multibillion-pound penalty from the US authorities over the mis-selling of mortgage bonds, and disposal of 300 branches demanded by the EU as punishment for its bailout. ...
Five minute guide to investing in the UK's big banks image
Source : Daily Express [Read Article] Sunday 21st of May 2017 12:01:00 AM
....AJ Bell investment director Russ Mould says that even after accounting for the £3. 6billion cost of borrowing funds for the bailout, taxpayers are slightly ahead: “This is well beyond the expectations of many at the height of the financial crisis. ...
Ex-RBS boss Fred Goodwin returns to spotlight in £520m court battle image
....Goodwin is scheduled to appear at the high court over two days starting on the day of the general election, 8 June. It will be the first time Goodwin has been forced to publicly account for the bank’s £45bn taxpayer bailout since politicians on the Treasury select committee questioned him in February 2009. ...
Greece adopts more austerity measures in bailout bid image
Source : BBC [Read Article] Thursday 18th of May 2017 10:22:53 PM
. Greece's parliament has approved a new package of austerity measures needed to release the next instalment of its multi-billion-dollar bailout. ...
Greeks walk out in general strike over cuts image
Source : BBC [Read Article] Wednesday 17th of May 2017 08:32:45 AM
....MPs are set to vote on controversial reforms on Thursday that will cut pensions and end tax breaks. The left-wing Syriza government needs to make further savings before eurozone finance ministers agree to hand over further loan cash as part of its latest bailout deal. ...
Share sale returns Lloyds to private sector image
Source : BBC [Read Article] Tuesday 16th of May 2017 04:54:38 PM
....3bn of public funds used to buy the shares had already been recouped due to dividend payments made to all shareholders. At last week's annual meeting, Lloyds chief executive António Horta Osorio told shareholders he expected the government to make at least £500m from the bailout. ...
Tata Steel offers to pump £550m into closed pension fund image
Source : BBC [Read Article] Tuesday 16th of May 2017 04:01:04 PM
....". The size of the deficit at the old British Steel pension scheme is estimated to be between £300m and £400m, but the cost of a full bailout could range between £1bn and £2bn if Tata Steel UK went bust. ...
Greek economy sinks back into recession image
Source : BBC [Read Article] Tuesday 16th of May 2017 11:01:53 AM
.... . Greece is still struggling to secure a new bailout from international lenders. ...
Final taxpayer shares in Lloyds Banking Group to be sold off image
Source : Guardian [Read Article] Sunday 14th of May 2017 02:28:48 PM
....Eight years after pumping in £20bn to prevent the bank from collapsing, taxpayers will no longer own any shares in an institution that was created in the depths of the financial crisis when Lloyds TSB rescued HBOS. The share sale, in the midst of the general election campaign, will highlight the contrast between the progress of Lloyds and that of Royal Bank of Scotland, which is still 73% owned by the government and has yet to make an annual profit since its bailout. ...
Lloyds chief says taxpayer to make £500m on bank rescue image
Source : BBC [Read Article] Thursday 11th of May 2017 04:26:56 PM
....The taxpayer will make a profit of about £500m on the £20. 3bn bailout of Lloyds Bank Group during the financial crisis, its chief executive said. ...
Greece will avoid default after bailout deal – but faces more austerity image
....”. The deal ends more than six months of intense wrangling over the fiscal and structural reforms that Athens must implement in exchange for loans from its third, €86bn bailout programme. ...
UK needs £15bn in cuts or tax rises to clear deficit by 2022, says IFS image
....”. The financial crisis that began with a credit crunch in 2007 and escalated to the bailout of banks and a recession had led to a sharp reduction in national income for the UK, Emmerson’s analysis showed. ...

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