Realistbear Posted August 4, 2008 Share Posted August 4, 2008 http://www.telegraph.co.uk/money/main.jhtm...04/cnrbs104.xml Royal Bank of Scotland to post record loss By Philip Aldrick Last Updated: 6:33am BST 04/08/2008 Royal Bank of Scotland will this week post the biggest loss in British banking history when it reveals that the £5.9bn of writedowns taken against its "toxic" credit market assets have pushed it about £1.3bn into the red for the six months to June, compared with £5bn profit last year. Questions will be raised about Barclays' credit market impairments when RBS's closest rival reports half-year numbers on Thursday. Barclays is expected to take another £500m of provisions, net of any gains on its own debt, on top of the £1bn already disclosed this year and £1.6bn taken last year. ROYAL BK SCOTL GR (LSE:RBS.L) Last Trade: 215.50 p Trade Time: 8:29AM Change: 0.25 (0.12%) Up up up! Tis the silly season for sure. Perhaps they think there will be a bid from someone foolish enough to take on toxic debt by the shedload? Quote Link to comment Share on other sites More sharing options...
Joey Buttafueco Jr Posted August 4, 2008 Share Posted August 4, 2008 http://www.telegraph.co.uk/money/main.jhtm...04/cnrbs104.xmlRoyal Bank of Scotland to post record loss By Philip Aldrick Last Updated: 6:33am BST 04/08/2008 Royal Bank of Scotland will this week post the biggest loss in British banking history when it reveals that the £5.9bn of writedowns taken against its "toxic" credit market assets have pushed it about £1.3bn into the red for the six months to June, compared with £5bn profit last year. Questions will be raised about Barclays' credit market impairments when RBS's closest rival reports half-year numbers on Thursday. Barclays is expected to take another £500m of provisions, net of any gains on its own debt, on top of the £1bn already disclosed this year and £1.6bn taken last year. ROYAL BK SCOTL GR (LSE:RBS.L) Last Trade: 215.50 p Trade Time: 8:29AM Change: 0.25 (0.12%) Up up up! Tis the silly season for sure. Perhaps they think there will be a bid from someone foolish enough to take on toxic debt by the shedload? one would almost think this "news" had been priced in for the last xx months Quote Link to comment Share on other sites More sharing options...
Realistbear Posted August 4, 2008 Author Share Posted August 4, 2008 HSBC will set the trend today, when it discloses another $2bn-$3bn (£1bn-£1.5bn) of credit market provisions in its global markets business for the half. The bank will also reveal another $4bn of bad debts for the second quarter in its US retail business, HFC . It seems to be policy to let the bad news out in little tranches each reporting session. IMO, the total loss will be around £2TR* based on a very rough and ready estimate drawn from the ONS report several months ago that claimed UK PLC was "worth" just over 8TR pounds of which 60% was house price "values." Drop houses 50% and you see the size of the hole in the credit market. £2TR will evaporate in the crash and the banks will have to create even more "creative instruments" to hide the losses--or go bankrupt. _________________ * Two thousand billion, or £2,000,000,000,000,000.00 (or a sum representing the size of the average mortgage had Gordon managed to keep his HPI bubble going for another decade!) Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted August 4, 2008 Share Posted August 4, 2008 its not really the silly season RB<all depends what people were expecting and whst in the price. How much is priced in for the next report and when is it? Quote Link to comment Share on other sites More sharing options...
Ted Posted August 4, 2008 Share Posted August 4, 2008 The b*llsh1t just keeps pilling up. How long before these guys are technically insolvent? Right now, if anyone did come out and admit it, their share price would probably skyrocket. Quote Link to comment Share on other sites More sharing options...
Joey Buttafueco Jr Posted August 4, 2008 Share Posted August 4, 2008 How much is priced in for the next report and when is it? Results on Friday. Reuters poll is suggesting loss of £1.2bn. Quote Link to comment Share on other sites More sharing options...
Joey Buttafueco Jr Posted August 4, 2008 Share Posted August 4, 2008 Results on Friday. Reuters poll is suggesting loss of £1.2bn. HSBC numbers out - credit writedowns more than expected http://news.bbc.co.uk/1/hi/business/7540404.stm Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted August 4, 2008 Share Posted August 4, 2008 Results on Friday. Reuters poll is suggesting loss of £1.2bn. Thanks, but I meant the NEXT lot of results. one would think they would be pricing THOSE in at the moment, unless they are a year away. Quote Link to comment Share on other sites More sharing options...
Joey Buttafueco Jr Posted August 4, 2008 Share Posted August 4, 2008 Thanks, but I meant the NEXT lot of results.one would think they would be pricing THOSE in at the moment, unless they are a year away. Approx six months time Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted August 4, 2008 Share Posted August 4, 2008 Perhaps the BoE is buying the shares? They've moved from currency support to share support? Quote Link to comment Share on other sites More sharing options...
Dave Spart Posted August 4, 2008 Share Posted August 4, 2008 What date and time will RBS report their results to the world? Quote Link to comment Share on other sites More sharing options...
Van Posted August 4, 2008 Share Posted August 4, 2008 Jesus H Christ, RB. +0.12% is hardly "Up Up Up". Considering that the shareprice has fallen something like 60-70% over the last year, don't you think this is a case of confirmation of what the market was expecting? Nothing to see here. Move along. Quote Link to comment Share on other sites More sharing options...
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