Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Royal Bank of Scotland expects to report biggest full-year loss in British corporate history

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Topic Forums » Economy Donate to DU
 
girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 02:25 PM
Original message
Royal Bank of Scotland expects to report biggest full-year loss in British corporate history
RBS expects full-year loss up to 28 billion pounds

LONDON (AP) -- Crisis-stricken Royal Bank of Scotland took fresh help from the government on Monday and announced that its losses for last year could reach 28 billion pounds ($41.3 billion) -- the biggest ever for a British corporation.

The government raised its stake in RBS from 58 percent to 70 percent in a deal which will save the company 600 million pounds a year in interest charges, but the agreement ignited fears in the market that the bank could soon be fully nationalized. RBS battered shares lost two-thirds of their value in Monday's trading.

"Isn't this nationalization in all but name?" said Vincent Cable, a senior lawmaker from the Liberal Democrat party.

Prime Minister Gordon Brown, who separately announced a new round of bailouts for Britain's troubled banks, scolded RBS for what he called irresponsible risk-taking on mortgage-related securities in the United States and the expensive takeover of Dutch bank ABN Amro.

The bank said it expected to mark down the value of past acquisitions including the ABN Amro deal by 15 billion to 20 billion pounds, plus posting other losses up to 8 billion pounds after a dismal fourth quarter.

The largest full-year loss previously reported by a British corporation was 15 billion pounds, by Vodafone in 2006.

http://finance.yahoo.com/news/RBS-expects-fullyear-loss...
Printer Friendly | Permalink |  | Top
BadgerKid Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 02:29 PM
Response to Original message
1. This was referenced in this video (link).
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Fri Aug 22nd 2014, 04:46 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Topic Forums » Economy Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC