Thursday, Feb 26, 2009
Alister Darling Statement Soon
4UTV: RBS wrangles over toxic assets insurance
Amid hopes that an agreement could be sealed in the early hours of the morning, the Treasury was urging RBS to sign up to the so-called "asset protection scheme", which it hopes could become a model internationally. RBS, which had originally been expected to insure £150bn of assets, is now expected to put as much as £350bn into the scheme.
The bank, now almost 70% owed by the taxpayer, is expected to pay for the insurance - which could cost £10bn - by issuing shares that do not carry voting rights but pay dividends. If it was forced to issue ordinary shares, the cost of the insurance would effectively require the government to take full control of the bank, a situation Chancellor Alistair Darling made clear yesterday he wanted to avoid.
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WEALTH EXTRACTION
2 Comments
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1. happy mondays said...
Why are we not Rioting, massive bank losses which we & our children will be paying for, massive profits by energy companies which we pay,and massive pension funds and bonuses for those that f**ked us over, time & time again! Also where are all the creative angry musicians that protest at the way this country operates, why are we having to listen to silly girl/boy bands that are just another marketing scam..I may be sounding off a bit but just a bit naff-ed off at the moment..We just seem to keep rolling over for another kick in the nuts.....
Viva la revolution
2. inbreda said...
agreed. the complacency is depressing.