Tuesday, Apr 29, 2008
The penny's dropped!
The Telegraph: HBOS cash call: will it be enough?
What is also worrying is that the vast bulk of the banking losses declared to date have had absolutely nothing to do with the UK at all and all to do with the situation over the pond. With housing now showing signs of weakness over here as well it is not a great leap of imagination to conjecture at the potential liabilities encompassed by our own mortgage time-bomb and to believe that the big banks will need the cash not just to expand but to survive.
Arguments about the fundamentals being completely different between us and the States due to restrictions on the availability of housing stock are correct insofar as this line goes, but the same could have been said of Japan 17 years ago. They live on a similarly crowded island group with just as rabid protection of 'greenbelt' status - bu,
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