Friday, October 7, 2011
Does it really matter?
Confidence in UK banking system rocked as agency downgrades 12 bank and building society credit ratings
''Confidence in the UK's banking system was hit today after a credit agency downgraded the debt ratings of a dozen British banks because of doubts over the strength of the Government's support. Just a day after Bank of England Governor Mervyn King said the world was facing its worst ever financial crisis, Moody's Investors Service revealed the downgrades included a two-notch downgrade for government-controlled Royal Bank of Scotland. Lloyds TSB Bank, a unit of part-nationalised Lloyds Banking Group, was the subject of a single notch cut.''