Results tagged “RBS” from Business Insider Blog

I'm sure I am not the only person scratching my head in wonder at the punishment delivered to Johnny Cameron (no relation) by the Financial Services Authority.

The full details can be read here with the FSA statement here but basically the former head of Royal Bank of Scotland's investment banking operation has agreed not to work full-time in a bank or insurer ever again.

As a result the FSA is not going to pursue any further action against him. So basically he has been cleared of any wrong doing, did not admit any guilt and was not fined.

Oh and the independently wealthy 55-year-old can still work in lucrative part-time consultancy roles.

The revelation of 'secret' loans totaling £62bn to Royal Bank of Scotland and Halifax Bank of Scotland last year is startling.

Equally eye opening was the answer City minister Lord Myners gave when asked what other banks had received covert loans.

In a rather convoluted way he told Channel 4 News: "The very definition of covert is that is not a question I am going to answer."

What is important to differentiate here is the fact these were not loans made in the traditional sense, but rather the Bank of England (BoE) stepping into the role of lender of last resort after the money markets closed up following the collapse of Lehman Brothers.