Royal Bank Of Scotland Share Discussion Threads

[blusteradjuster] 18/4/2017 10:46

True.

Also, the FCA has warned about rising levels of personal debt.

Tightening credit conditions won't help consumer spending - the engine of U.K. GDP growth.

It makes sense for May to bank her landslide now.

Labour strategists should celebrate too - it brings forward the day they can finally be rid of the bearded-trot..

[leedskier] 18/4/2017 10:46

“The pound plunged like a stone on news that Prime Minister Theresa May is about to make a major announcement outside Number 10 at 11:15 (BST).
The rumour mill says it’s going to be a snap election – that would throw up a huge cluster grenade of political risk, uncertainty and potential volatility in the markets. At the extreme this could even spark a reversal in the entire Brexit process.
May would have to get parliament to agree to this but we know most MPs are positively brimming to head back to the polls to seek fresh mandates in the wake of the Brexit vote. The Tories have a thumping majority in the polls at the moment so the PM may just be gambling on significantly boosting her rather slender majority in Parliament.

[leedskier] 18/4/2017 10:43

Theresa May was facing near certain defeat this week on the education bill in respect of the status of overseas students with even leading members of her own cabinet against her.

calling a general election could avoid that.

[leedskier] 18/4/2017 10:38

18 APRIL 2017 • 10:34AM
Theresa May is due to make a statement in Downing Street at 11.15am amid speculation the Prime Minister could call an early general election.

Mrs May is scheduled to make her statement immediately following a meeting of her Cabinet.

Downing Street is yet to comment on what Mrs May will say but statements outside Number 10 are highly rare and usually reserved for only the most significant announcements.

[avatar333] 18/4/2017 09:09

Morning.

;

[dope007] 18/4/2017 08:42

And thse who haven;t given up will soon see the futility of that decision

[gcom2] 16/4/2017 15:48

everyone given up here after the last 10 years.. tumbleweed

[avatar333] 13/4/2017 08:46

Morning.

;

[polar fox] 12/4/2017 21:55

The DT is working hard to keep us up to speed:

The European Commission has warned that a £750m plan that will allow Royal Bank of Scotland to abandon a troublesome sale of its Williams & Glyn business could eventually deal a £1.5bn hit to the taxpayer-backed lender.

Brussels has launched an investigation into a package of measures the UK Government has proposed that would see RBS boost competition in small business banking and would replace a forced sale of RBS’s 300-branch W&G division.

In a document the Commission has drawn-up ahead of a consultation on the plan, Brussels disclosed that the Treasury has estimated the upfront cost of the measures, the loss of earnings as customers leave RBS, and the money spent operating the package, could mean the total cost to the bank may ultimately double to as much as £1.5bn.

RBS took a £750m provision to cover the upfront cost of the plan in its annual results in February, a week after the package was first proposed the Government. The bank has also spent £1.8bn over almost eight years on various unsuccessful attempts to offload W&G.

In a fillip to RBS, which is still 71pc-owned by the taxpayer, the Commission said today that its “preliminary analysis” suggested “the alternative package appears to deliver an equivalent outcome with less execution risks” than a divestment of W&G, which will raise hopes Brussels will approve the plan.

However, it also warned that the lender might have to hike the budget it has set aside for one of the main initiatives in the package.

As part of the £750m plan, RBS has earmarked £100m plus a further £75m in costs for a so-called incentivised switching scheme that would provide dowries for rival challenger banks so that they can offer incentives to attract SME customers away from the taxpayer-controlled lender.

Brussels has cautioned that the switching scheme could fall short of a target of cutting RBS’s share of British SME banking by 2 percentage points.

“The Commission has doubts whether the incentivised switching scheme is large enough to ensure that a transfer of customers equivalent to a market share of 2pc of the SME market is reached with a high likelihood,” it said. Improving the scheme “could require increasing its budget”, Brussels said.

If approved by the Commission, the package would finally enable RBS to meet all of its EU state aid obligations in the wake of its £45.5bn taxpayer bail-out at the height of the financial crisis.

Brussels had originally demanded that following its 2008 rescue, RBS offloads insurer Direct Line, payments processor WorldPay, its stake in commodities business Sempra, and about 300 branches later dubbed W&G. While it has fulfilled its other obligations, the lender’s antiquated IT systems have meant divesting the branches has proved impossible to achieve.

An RBS spokesman said: “We believe that the proposed package of measures would provide increased competition in the SME market place, and enable us to deliver a solution on our remaining EC State Aid obligation more quickly and with more certainty.

“We now await the conclusion of the consultation and a formal decision by the EC so that we can move forward towards an assured solution.”

Unquote

[avatar333] 12/4/2017 09:24

Morning.

;

[maxk] 12/4/2017 07:58

Either that, or the fix is in already.

Shurely they cant let Fred spill the beans.

[polar fox] 12/4/2017 07:54

Fred to appear in court. Should be fun!

From the DT:

Fred Goodwin, the former chief executive of the Royal Bank of Scotland, will appear in court at the start of June over allegations that the lender did not give investors a full picture of its finances at the time of a crunch fundraising in 2008.

Thousands of investors are bringing a civil lawsuit against RBS after buying shares in a £12bn fundraising at the height of the financial crisis, six months before the bank had to be rescued in a £45.5bn Government bailout.

Investors lost around 80pc of their money at the time.

RBS settled claims with four of the five investor groups who originally alleged omissions and misstatements from the lender last December, and last month, it reportedly increased its settlement offer with the final investor group bringing charges against it, known as the RBoS Shareholder Action Group.

This group includes 27,000 private investors, former and current RBS staff and about 100 institutions. Former RBS vice-chairman Sir Angus Grossart and Stagecoach founder Sir Brian Souter are among the plaintiffs.

The shareholder group is taking the bank to court for compensation for allegedly being misled in the run-up to the rights issue.

Mr Goodwin, who was stripped of his knighthood in 2012 after thousands of job losses at RBS, is scheduled to give evidence in court on June 8 and 9.

The high profile case, which will also hear from former RBS investment bank chief Johnny Cameron, is due to begin in May.

RBS denies the allegations.

Unquote

Presumably there could still be a pre-trial out of court settlement.

[chinese investor] 12/4/2017 07:25

Fred Goodwin, the former chief executive of the Royal Bank of Scotland, will appear in court at the start of June over allegations that the lender did not give investors a full picture of its finances at the time of a crunch fundraising in 2008.

Thousands of investors are bringing a civil lawsuit against RBS after buying shares in a £12bn fundraising at the height of the financial crisis, six months before the bank had to be rescued in a £45.5bn Government bailout.

Investors lost around 80pc of their money at the time.

RBS settled claims with four of the five investor groups who originally alleged omissions and misstatements from the lender last December, and last month, it reportedly increased its settlement offer with the final investor group bringing charges against it, known as the RBoS Shareholder Action Group.

This group includes 27,000 private investors, former and current RBS staff and about 100 institutions. Former RBS vice-chairman Sir Angus Grossart and Stagecoach founder Sir Brian Souter are among the plaintiffs.

The shareholder group is taking the bank to court for compensation for allegedly being misled in the run-up to the rights issue.

Mr Goodwin, who was stripped of his knighthood in 2012 after thousands of job losses at RBS, is scheduled to give evidence in court on June 8 and 9.

The high profile case, which will also hear from former RBS investment bank chief Johnny Cameron, is due to begin in May.

RBS denies the allegations.

[maxk] 11/4/2017 11:37

It's rich what gets the pleasure, and the poor what gets the blame.

[dope007] 11/4/2017 11:27

Panorama only telling us what we all know. The corruption is at the top and the orders are passed down the line. Then some small fry is thrown to the wolves in a show trial or jumps off a bridge

[smurfy2001] 11/4/2017 10:21

Panorama a real eye opener so it lead all the way up yet the grunts are the ones arrested. Worth a watch given the new evidence uncovered.

[dope007] 11/4/2017 09:15

Did I say tax reform plan down the pan? Stocks only rallied over 10% on the back of the promise of it...

[avatar333] 11/4/2017 09:10

Morning.

;

[dope007] 11/4/2017 08:23

Tax reform plan gone down the pan now

[polar fox] 10/4/2017 16:23

MSE has a news article this afternoon, detailing the launch of a legal challenge to the PPI deadline. Essentially, seeking judicial review. Martin Lewis is inside the loop, of course, as the piece makes very clear. Can't be good for sentiment, across the big banks.

[dope007] 10/4/2017 15:38

Trump tax reform goes the way of healthcare and US stocks rally on the failure on top of rallying on the promise.....

[polar fox] 10/4/2017 13:41

IMO, it's largely about timing. Months ago, I suggested that the bank has been "playing for time" - every quarter that passes is another quarter of underlying profit. And then Trump's unexpected election changed much - the direction of the political wind and the timing of policy/personnel changes of the incoming administration. One major risk for the bank now remains the exchange rate, influenced as it is by Brexit, and what happens in that regard in coming weeks/months.

[cfc1] 10/4/2017 11:27

Polar...good post but its amazing to think ALL other banks have had their fines issued bar RBS!