Royal Bank of Clusterfuck
November 8, 2016 Leave a comment
Two things in the news today about RBS, which we as taxpayers own 70-odd percent of.
The first is that they’re in hock to the tune of £400M for the way they’ve dealt with small businesses.
Which is just typical of this shower of fuck-monkeys.
The second is that their retail banking division – in the process of being spun out as William & Glyn – which has been hawked around the marketplace on and off for a while now is being looked for a second time by Santander…
… after the first attempt at taking this business fell through earlier in the autumn after much dancing round handbag.
The kicker is that Santander are likely to get a much sweeter deal now, as RBS have overstayed their reprieve from the EU. RBS were under order to breakup and divest their business as a consequence of the taxpayer bailout in 2008. The EU are threatening to take control of the bank’s carve-up, for failing to comply with this mandate in time.
That’s right. The EU is talking about stealing control over the destiny of an asset (albeit a pretty ratty asset) that belongs to UK tax payers, or forcing a firesale of the asset to a Spanish bank whose reputation and record in the UK retail banking sector has at times been appalling.
Well, whatever happens how, it looks like my relationship with RBS is going to draw to a close. I will just have to decide between Nationwide and First Direct as to who will get my custom.