Royal bank of Scotland goes under - except they haven't really, sorry about that.

The Mad Rapper said:
No. It's under the Government umbrella, so I expect life will continue as normal for those with savings or current accounts. Mortgage business may change as a result obviously.
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It's going to lead to all sorts of awesome conversation at the bank
Me: "May I borrow 10,000 pounds please"
Bank Manager "No"
Me: "But I own this bank, you work for me"
Bank Manager: "Erm, true"
Me: "So give me my money biatch before I sack your ass"
 
Gaspode said:
so...as I 'own' my bank now does it mean they can still hit for bank charges?
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Yes. Or put it this way, you and another 60 odd million people own it so you can either cough up to the bank or you can cough up to them individually for your charges - I'd suggest the postage costs on the £0.000001 you need to give each person will make it simpler and cheaper to pay the bank.

Pity about the RBS but somewhat inevitable really.
 
I hope my Betfair funds are safe.

If RBS did go under, would each client of a company like Betfair be covered by the 50K guarantee or would all clients have to share 50K or would all clients get £0? :eek:
 
:confused:

It's not gone under in the slightest. It's taken advantage of the cash for shares deal offered by the government (acting as a shareholder) to bolster it's market position. As a consequence, the government has bought a large number of shares in the bank, giving it a (slight) majority holding.

How is that going under?

If they'd sold the shares to another bank, would you still classify them as going under?
 
Dolph said:
If they'd sold the shares to another bank, would you still classify them as going under?
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The problem is that they *couldn't* sell those shares to other banks/investors. So while they haven't 'gone under' the government has stepped in to make sure the capital was raised by the bank and its balance sheet is kept legal.

That's sailing pretty close to bankruptcy in my books.

"The UK government on Friday became the majority owner of Royal Bank of Scotland with a stake of almost 60 per cent after the bank revealed that just 0.24 per cent of its capital raising had been taken up by investors."

.24%. Now there's a vote of confidence for you, eh? :-)

Andrew McP
 
Andrew_McP said:
The problem is that they *couldn't* sell those shares to other banks/investors. So while they haven't 'gone under' the government has stepped in to make sure the capital was raised by the bank and its balance sheet is kept legal.

That's sailing pretty close to bankruptcy in my books.

"The UK government on Friday became the majority owner of Royal Bank of Scotland with a stake of almost 60 per cent after the bank revealed that just 0.24 per cent of its capital raising had been taken up by investors."

.24%. Now there's a vote of confidence for you, eh? :-)

Andrew McP
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Would they have even made those shares available if it wasn't for the government? Would private investors have been as reluctant to take them up without the government intervention creating them in the first place?
 
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My Mum works for the RBS, but has recently been told her job is going to be relocated to India...damn recession! :(
 
Who bought the 0.24% of shares on offer at a higher price than they could have bought them for on the open market? :p
 
RBS own Natwest, another one of the large high street banks. Luckily the goverment has bailed them out, i dont think your money is safe anywhere these days apart from a safe under your bed.
 
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