Wednesday, July 1, 2009

Green shoots

Northern Rock losses grow by more than £500m

Northern Rock is expected to heap further embarrassment on the Government next month when it reports losses for the half in excess of £500m, putting it in breach of even specially relaxed regulatory rules. Despite breaking the rules, the FSA is letting the bank continue to write new mortgages and take deposits.

Posted by devo @ 11:29 PM (1006 views)
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3 thoughts on “Green shoots

  • £500m? That’s chump change these days. Let’s print some more … Don’t you know there’s an election coming up?

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  • Rules that can be broken aren’t really rules at all.

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  • “specially relaxed regulatory rules.”……….more light touch regulation that caused this whole fiasco in the first place, just what the country needs. Gordon really is a moron.

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