Tuesday, June 10, 2008

Another Northern Rock in the making

FSA puts pressure on top five banks to support Bradford & Bingley rights issue

The Financial Services Authority took the unprecedented step of pressuring Britain’s five biggest banks into supporting the revised rescue capital-raising at Bradford & Bingley last week, The Times has learnt.

Posted by paul @ 07:06 AM (544 views)
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2 thoughts on “Another Northern Rock in the making

  • At least two of them have rights issues of their own, and they didn’t have those rights issues to raise money to bail out Bradford and Bingley. They had them to sort out their own problems.

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  • Is this a classic example of robbing from Peter to pay Paul.

    I understand it’s not good to have a bank fail.

    However if none of them have any money I’m somewhat mystified how they can actually support one another, particulary as people are not buying bank shares.

    Further, if the banks are writing off all this money now with 6-7% house price falls err what happens with the inevitable 25% house price falls.

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