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Moodys downgrades 12 British Financial Institutions

vivatifosi
vivatifosi Posts: 18,746 Forumite
Part of the Furniture 10,000 Posts Mortgage-free Glee! PPI Party Pooper
in Debate House Prices & the Economy
and RBS shares fall 5% in early trading.

This is breaking news on Sky. Thought I'd post it and then someone could add a link later if that's ok. I don't have anything else at the moment.

Sky saying that they reviewed 14 institutions and downgraded 12. This earlier article by City am says they are downgrading 14.

http://www.cityam.com/news-and-analysis/exclusive-moody-s-slashes-ratings-uk-banks

Sorry, off to work, so can't do any more on this for now.
Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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Comments

  • abaxas
    abaxas Posts: 4,141 Forumite
    I blame mortgage rationing (c) Hamish 2011
  • Aberdeenangarse
    Aberdeenangarse Posts: 1,262 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 7 October 2011 at 8:27AM
    Lloyds, BOS, HBOS, CO-OP, Clydesdale,Leeds and Britannia,Nationwide and Santander

    http://www.moodys.com/research/Moodys-downgrades-12-UK-financial-institutions-concluding-review-of-systemic--PR_227067
  • Dan:_4
    Dan:_4 Posts: 3,795 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I hope Lloyds TSB approve my loan application I made this morning :(
  • Dan:_4
    Dan:_4 Posts: 3,795 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    http://www.bbc.co.uk/news/business-15211230
  • kabayiri
    kabayiri Posts: 22,740 Forumite
    Part of the Furniture 10,000 Posts
    Will the taxpayer get their money back on RBS anytime this decade ?

    I bet the government wished they had disposed of the shares one year ago.
  • Rinoa
    Rinoa Posts: 2,701 Forumite
    Think this was anticipated. At time of posting biggest faller is Lloyds at -2.80%. A regular occurrence these days. FTSE actually up.
    If I don't reply to your post,
    you're probably on my ignore list.
  • wotsthat
    wotsthat Posts: 11,325 Forumite
    It reminds me of the joke from not the nine o clock news talking about America.

    "Having been so late for the last two World Wars, they are determined to show up early for WWIII"
  • pqrdef
    pqrdef Posts: 4,552 Forumite
    So will our leaders ever realise that it's all about confidence, and stop undermining it?

    Lloyds is already paying 12% for 10-year money.

    Perhaps now somebody will realise that if the banks are ring-fenced, the investment arms will be junk and will be unable to raise capital at any usable rate.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • MissMoneypenny
    MissMoneypenny Posts: 5,324 Forumite
    kabayiri wrote: »
    Will the taxpayer get their money back on RBS anytime this decade ?

    I bet the government wished they had disposed of the shares one year ago.

    I think that was more a case of Brown helping anything that had his beloved word "Scotland" in it. He allowed RBS shares to go much lower than when the government stepped in to help the Halifax and all Halifax shares were all lost. Strangely, RBS shares have never been lost.
    RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
    Read the sticky on the House Buying, Renting & Selling board.


  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Robert Peston has a blog on this issue today which is interesting reading.

    Basically RBS has the right, under the terms of the government bailout, to sell further shares to the government, at 50p per share. Nearly double the shares value. Obviously this would be bad news for us taxpayers.

    If it gets to this point, which it may well do, it's likely we would look to nationalising RBS. Eeek!

    At that point, the management team could be removed...... and knighted. :D
This discussion has been closed.
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