Tuesday, February 26, 2008
Nearly put my money into this lot. It’s a minefield out there!!
London Scottish, which has been in discussions with the City's top watchdog the Financial Services Authority (FSA) over its capital base for five months, said that it had a capital shortfall of £12.7 million on January 1. It has been ordered by the FSA to increase reserves dramatically, but said today that it has agreed a plan, which will mean selling parts of the business, reducing lending volumes, scrapping the dividend and seeking alternative funding