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I presume all betfair's customers money is still ring fenced with this bank?
Nothing to worry about, I presume???
Nothing to worry about, I presume???
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Care to further elaborate on the RBS comment ?
I'm interested to hear further details.
I'm interested to hear further details.
It was on the news two days ago. If I remember correctly he was being questioned by the commons select commitee.
As to which part of the bank he was talking about I'm not certain.
As to which part of the bank he was talking about I'm not certain.
He said he was going to put betfair's money on the first jolly at Ascot today and if it lost the taxpayer would bail punters out. Nobody with a modicum of common sense believed the financial parasites when they said they had found a way to eliminate risk but it turned out they had right enough.
Home > Savings > RBS boss Hester says ring-fencing banking could increase risk
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RBS boss Hester says ring-fencing banking could increase risk
RBS boss Stephen Hester said that separating banks could create more risk
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Stephen Hester the man in charge at the part-taxpayer owned bank, The Royal bank of Scotland has refused to support amendments to the banking system suggested by the Independent Commission on Banking (ICB) at a Treasury Select Committee.
The Committee set out plans to ring fence different banking operations, a policy designed to ensure that the risky investment side of a banks operations are separated from the financial assets of individuals such as mortgages and savings, and to ensure that the taxpayer never has to bail out the banks again. The Committee essentially is aiming to separate banks investment banking divisions from their retail departments.
However, Mr Hester insisted that he refuses to support the proposals and issued a warning to the Treasury Select Committee that such a move could lead to more risk in the banking sector.
Mr Hester said: “I believe that creating a ring-fence increases somewhat the systemic risk and decreases the ability of banks to withstand the risk and has significant costs.”
Mr Hester did admit during the meeting that some element of taxpayer funds used to help prop-up RBS could have been used to support the banks bonus payments.
In contrast, Douglas Flint, the chairman of HSBC said that a ring fence is required to protect individual consumers, though he admitted that he would prefer it if there wasn’t one.
The coalition government has commissioned the report from the ICB and the Treasury Select Committee is interviewing relevant parties in preparation for the full publication of the report in September.
Vince Cable was interviewed earlier in the day and said that if lending to small and medium-sized businesses did not meet the requirements under Project Merlin the government could raise the level of taxation against the banks.
Use the Myfinances.co.uk comparison tables to find the best deal on a new bank account
Follow Myfinances.co.uk on Twitter: @news_myfinances
Home Mortgages Insurance Savings Investments Pensions Loans & Credit Cut Your Bills Compare & Buy News Savings In-depth Product News Savings Companies ISA NewsFree Savings Brochures
RBS boss Hester says ring-fencing banking could increase risk
RBS boss Stephen Hester said that separating banks could create more risk
0
Related Articles
Vince Cable warns banks on lending targets
Business Secretary Vince Cable has warned the big four UK banks, Lloyds, RBS, HSBC and Barclays that they could face higher taxes if they don't meet the lending targets set out by Project Merlin.
Panorama report exposes UK banks mis-selling
A Panorama report to be broadcast tonight will lift the lid on the lack of accurate advice and the incorrect classification of customers risk profile by many of the UK's leading banks.
George Osborne's Mansion House speech backs banking reforms
Banks miss Project Merlin lending targets
Wednesday, June 08, 2011 5:55 PM
Stephen Hester the man in charge at the part-taxpayer owned bank, The Royal bank of Scotland has refused to support amendments to the banking system suggested by the Independent Commission on Banking (ICB) at a Treasury Select Committee.
The Committee set out plans to ring fence different banking operations, a policy designed to ensure that the risky investment side of a banks operations are separated from the financial assets of individuals such as mortgages and savings, and to ensure that the taxpayer never has to bail out the banks again. The Committee essentially is aiming to separate banks investment banking divisions from their retail departments.
However, Mr Hester insisted that he refuses to support the proposals and issued a warning to the Treasury Select Committee that such a move could lead to more risk in the banking sector.
Mr Hester said: “I believe that creating a ring-fence increases somewhat the systemic risk and decreases the ability of banks to withstand the risk and has significant costs.”
Mr Hester did admit during the meeting that some element of taxpayer funds used to help prop-up RBS could have been used to support the banks bonus payments.
In contrast, Douglas Flint, the chairman of HSBC said that a ring fence is required to protect individual consumers, though he admitted that he would prefer it if there wasn’t one.
The coalition government has commissioned the report from the ICB and the Treasury Select Committee is interviewing relevant parties in preparation for the full publication of the report in September.
Vince Cable was interviewed earlier in the day and said that if lending to small and medium-sized businesses did not meet the requirements under Project Merlin the government could raise the level of taxation against the banks.
Use the Myfinances.co.uk comparison tables to find the best deal on a new bank account
Follow Myfinances.co.uk on Twitter: @news_myfinances
Mr Hester did admit during the meeting that some element of taxpayer funds used to help prop-up RBS could have been used to support the banks bonus payments.
Interesting......
Interesting......
Ring fence the bonus payment scheme would be perfect I think.
These fckin bankers just don't get it.
They should be paying back past bonuses, not getting new ones supported by Govt monies.
Abslotely no accountability for past mistakes, nor any guilt it seems.
Absolutley unfckinbelievable and totally disgusting.
Gee I feel much better now but not better off unfortunately.
They should be paying back past bonuses, not getting new ones supported by Govt monies.
Abslotely no accountability for past mistakes, nor any guilt it seems.
Absolutley unfckinbelievable and totally disgusting.
Gee I feel much better now but not better off unfortunately.
frog,
"These fckin bankers just don't get it."
imho people on here don't get it. Banks offer these bonuses to attract bright people, the best, why the f*** would the public/govt be their no 1 priority??
Yes they have alot of responsibility, but ultimately it's dog eat dogm big bonuses=clever people=profit
"These fckin bankers just don't get it."
imho people on here don't get it. Banks offer these bonuses to attract bright people, the best, why the f*** would the public/govt be their no 1 priority??
Yes they have alot of responsibility, but ultimately it's dog eat dogm big bonuses=clever people=profit
Adding to comment, accountibality, no, NEW BANKERS I.E newly appointed look for ways to recover/profit for the bank not to pay back the public! they work and profit alot from their work, they work for the bank not for the average joe/public therefore they are not the main concern
Sounds like you might be a banker yourself kevtab ?
You certainly don't get it that's for sure.
Bonuses per se are not wrong, but the bonus system in the financial sector is certainly totally wrong and virtually criminal.
And I've met an awful lot of very, very senior financial executives/ bankers who are not the slightest bit " clever ".
Making money just for the sake of it, is not my idea being "clever " and, in fact , the last few years have just illustrated that these " clever " people are much better at finding "clever" ways of losing money.
As for accountability, the word is total anathema in financial circles.
Big bonuses =clever people = profit.
Gimme a break.
Where have you been living for the past decade ?. In a cave ?
You certainly don't get it that's for sure.
Bonuses per se are not wrong, but the bonus system in the financial sector is certainly totally wrong and virtually criminal.
And I've met an awful lot of very, very senior financial executives/ bankers who are not the slightest bit " clever ".
Making money just for the sake of it, is not my idea being "clever " and, in fact , the last few years have just illustrated that these " clever " people are much better at finding "clever" ways of losing money.
As for accountability, the word is total anathema in financial circles.
Big bonuses =clever people = profit.
Gimme a break.
Where have you been living for the past decade ?. In a cave ?
What responsibility kev? The bank goes bust and the government (we) bail them out. Five minutes later they are getting 'perfomance' bonuses again and they don't even have to pay the money back.
imho people on here don't get it. Banks offer these bonuses to attract bright people, the best, why the f*** would the public/govt be their no 1 priority??
Yes they have alot of responsibility, but ultimately it's dog eat dogm big bonuses=clever people=profit
WALOFS. The situation is akin to Man Utd being relegated 4 seasons running and their big money "superstars" saying that unless they get the same deal they'll go elsewhere. Man Utd then give them the same deal and put up the cost of a season ticket 50% to cover the costs of being relegated 4 seasons running. Of course in that situation they'd be playing to empty grounds unless that is they lived in a "democratic" society and were forced to buy a season ticket. I hope the forthcoming strikes turn to riots because we really should be guillotining these financial fkng parasites, not clubbing together so they can continue on their merry way. Guessers is all they are. The Thommos of the financial world.
NO PRISONERS.
Yes they have alot of responsibility, but ultimately it's dog eat dogm big bonuses=clever people=profit
WALOFS. The situation is akin to Man Utd being relegated 4 seasons running and their big money "superstars" saying that unless they get the same deal they'll go elsewhere. Man Utd then give them the same deal and put up the cost of a season ticket 50% to cover the costs of being relegated 4 seasons running. Of course in that situation they'd be playing to empty grounds unless that is they lived in a "democratic" society and were forced to buy a season ticket. I hope the forthcoming strikes turn to riots because we really should be guillotining these financial fkng parasites, not clubbing together so they can continue on their merry way. Guessers is all they are. The Thommos of the financial world.
NO PRISONERS.
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