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More Trouble In Store For Uk Banks

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HSBC has already been fined £1.2bn for breaching money-laundering rules and Royal Bank of Scotland and Barclays hit with major penalties for rigging Libor, but over the past two weeks Britain's major banks have warned shareholders of the wide range of investigations they still face that could lead to even more fines.

Some of the information in more than 30 pages of legal disclosures released during the banks' recent results dates back more than 10 years – such as HSBC's admission about a long-running complaint relating to its takeover of Household International in the US in 2002. Other details reveal a common theme, such as ongoing investigations into Libor rigging that saw Barclays and RBS pay £290m and £390m respectively.

A number of the banks cite the implications of a competition investigation into interchange fees in the MasterCard network as well as European investigation into credit default swaps, the derivatives that were thrown into focus during the eurozone crisis when they provided a gauge to market fears of a country defaulting on its debt.

In many instances the banks are unable to quantify, as yet, the impact of ongoing cases – although RBS provided the most detailed warning of potential future fines by setting aside £385m to cover legal costs associated with unspecified regulatory actions.

A nice long list at the link, which obviously include our taxpayer banks.

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That's it. As a member of the great unwashed, I fully intend to withdraw everything I have from these crooked institutions.

One small problem... How exactly DO you withdraw a negative balance?

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  • 406 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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