Cash machines were monitored every hour during banking crisis
City watchdogs were monitoring cash withdrawals from Royal Bank of Scotland every hour during the height of the banking crisis, the Guardian can reveal.
The Financial Services Authority demanded 60-minute updates on cash flooding out of the bank's branches and hole-in-the-wall machines in the days before Britain's historic bank bailout, which took place a year ago.
The regulators stepped up their surveillance after realising that confidence was draining from the banking system following the collapse of Lehman Brothers a month earlier, and that customers were concerned about the safety of their deposits.
The chancellor, Alistair Darling, sanctioned the government's taking a 70% stake in RBS, and 43% in the combined Lloyds and HBOS, after a series of frantic round-the-clock meetings that weekend. A year on, those shareholdings are creating a £4bn paper loss for the government.
The taxpayer breaks even when Lloyds shares rise through 122.6p and those in RBS trade above 50.5p. On Friday, the banks' shares closed at 94p and 48.34p respectively.
The Guardian has learnt that a year ago the City regulator was so concerned about customers' fears over the soundness of RBS that withdrawals on the high street were being scrutinised hourly, as well as the activities of big business and rival banks, which were also losing confidence in the troubled bank.
READ MORE
http://www.guardian.co.uk/business/2009/oct/11/banking-crisis-one-year-on
Comment
"Destroying the New World Order"
THANK YOU FOR SUPPORTING THE SITE!
Latest Activity
- Top News
- Everything
The Draconian Show
Sometimes I talk to my invisible friend, IkeHe comes from another dimension when magnetic fields…See More
"Listen man I know where you're at but back in October of 2023 thru December of 2023 for months…"
Architecton | Official Trailer HD | A24
SUBSCRIBE: http://bit.ly/A24subscribeWritten and directed by Victor Kossakovsky and starring Michele De Lucchi. ARCHITECTON – Coming Soon RELEASE DATE: Comin...
Genomic Surveillance in the Thrill Kill Medical Cult
SHOW NOTES AND COMMENTS: https://www.corbettreport.com/genomic-surveillance-in-the-thrill-kill-medical-cultZowe Smith of My Life in the Thrill Kill Medical C...
"May get really ugly over there?"
Latest Details on Missile Exchanges Between Iran and Israel
Latest information about the air attacks between Israel and Iran as the US moves another carrier…See More
"Some interesting information has come to light ( from the renaissance period ) which explains that…"
© 2025 Created by truth.
Powered by
You need to be a member of 12160 Social Network to add comments!
Join 12160 Social Network