Royal Bank of Scotland

[Uncle Spielberg]

RBoS achieved a record corporate loss in 2008 losing

£ 24 000 000 000.

Still the chairman is trousering a tasty £ 600 000 a year guaranteed pension for life at 50.

Well done you Bankers :yahoo:

 

[Ditchboy]

****

 

[nevergoagain]

Share price up 20% though. Also not good job news for Sussex RSA to shed 1200 jobs in next 12 months.

 

[Gritt23]

Share price up 20% though. Also not good job news for Sussex RSA to shed 1200 jobs in next 12 months.

Amazing that isn't it. Just how bad a result were the markets pricing in?

 

[Titanic]

Share price up 20% though. Also not good job news for Sussex RSA to shed 1200 jobs in next 12 months.

It's 20% of bugger all though

Many thousands of bank employees have been persuaded over the years to invest in company shares though monthly share purchase schemes and re-investment of profit related bonuses.

These poor suckers not only face massive job cuts, but also have personally lost thousands of pounds of share value (from over £4 to 25p).

It's a very sad business indeed for the thousands of humble employees in branches, call centres and IT back office jobs

 

[Cadiz Seagull]

Here's a prediction. You heard it here first.

All these banks have toxic debts which are being underwritten one way or another by the Government, either by insurance schemes or by taking a big chunk of shares.

Some of this toxic debt will go belly up. But most of it won't. It's secured against bricks and mortar which has dropped in price dramatically over the last couple of years.

But what goes down will come back up again (no, I'm not talking about relegation) but at some time in the future the value of the assets that form this toxic debt will rise. Possibly rise significantly against it's current value.

At that point, some bright spark in Government will say "I know, why don't we sell off our holdings in the banks?". Then we will see another round of privatisation, just like in the old days when all the Building Societies converted to banks, and B.T., B.P. and many other Government owned companies were sold off.

And, politicians being what they are, they will be sold off at prices that will probably be below the real value so that they, the politicians, can be sure that the sell off is successful and that everyone will vote for them at the next election.

Lots of people will make a lot of money. The Government will get re-elected on the feel-good factor.

This won't happen for a while. 5 years, 10 years, maybe more, but happen it will.

You have not been charged for this information. But if in 10 years or so you decide you want to buy me a beer in appreciation of my brilliant piece of economic forecasting I will accept your kind offer.

 

[Springal]

What does this actually mean to me, as someone with a mortgage from them?

 

[SeagullEd]

Thing is, applying this to football as well to be honest, I do feel sorry for banks and clubs that go under.

But the Leeds, Lutons, RBS's, Northern Rocks etc enjoyed the glory days when they were spending above their means and reeping the rewards. So they have to take the rough with the smooth, but sadly it ends up the tax -payer who pays the biggest price.

 

[Napper]

Bonus's should be capped. Why should those at teh bottom rung that deserve bonus's be penalised

 

[strings]

Bonus's should be capped. Why should those at teh bottom rung that deserve bonus's be penalised

Word.

I have nothing against normal workers getting bonuses (apparently the avaerage bank cashier earns c. £19,000), I do have problems with people who are already earning huge amounts getting big bonuses.

 

[Lokki 7]

Amazing that isn't it. Just how bad a result were the markets pricing in?

The reason for the rally is that RBS is effectively removing the chance of this ever happening again as the government has insured £325 BILLION of it's loans. £325 BILLION. This is a f***ing scary figure however you look at it, no wonder the shareholders are happy. And no wonder the pound is going down the drain. This is an enormous risk for the government, and hence the UK tax payer.

 

[Gazwag]

Interestingly twice on the radio news this morning they seem to emphasise the fact that he would be paid this pension for LIFE, seeming to suggest he would not get it anymore once he was DEAD

 

[Badger]

Interestingly twice on the radio news this morning they seem to emphasise the fact that he would be paid this pension for LIFE, seeming to suggest he would not get it anymore once he was DEAD

Are you suggesting someone should end his life?........

 

[The Spanish]

Bet Alex Salmond and the partitionists are secretly pleased that horrible Westminster is still about to bail them out.

 

[Gazwag]

Are you suggesting someone should end his life?........

no I'm not at all, its just the way I felt they were broadcasting it on the news emphasising the word life.

 

[seagullsovergrimsby]

The employee share purchase schemes still guarantee the money put in plus the normal building society interest rates if the share price drops to an unrealistic purchase price compared to the discounted price preset at the start of the scheme.

 

[Titanic]

The employee share purchase schemes still guarantee the money put in plus the normal building society interest rates if the share price drops to an unrealistic purchase price compared to the discounted price preset at the start of the scheme.

Yes - but not the Buy as you Earn scheme, where the average price over the past 5 years would be in the region of £3 a share (and many shares would have been bought at over £4)... or the annual bonus share purchase program where shares are bought at market price (and only tax free if held for a number of years).

Both of the schemes were heavily promoted to and used by ordinary staff on fairly basic salaries.

 

[seagullsovergrimsby]

Yes - but not the Buy as you Earn scheme, where the average price over the past 5 years would be in the region of £3 a share (and many shares would have been bought at over £4)... or the annual bonus share purchase program where shares are bought at market price (and only tax free if held for a number of years).

Both of the schemes were heavily promoted to and used by ordinary staff on fairly basic salaries.

Same happened at BT with BAYE and the annual productivity shares that were held in trust for 3 years to avoid tax.

 

[Easy 10]

"RBS will have received more than £45 billion in public funds, equivalent to a penny on income taxes for more than a decade." - The Times, 26.2.09

Stuff pensions, these shysters should be facing criminal charges.

 

[seagullsovergrimsby]

Looks increasingly likely that RBS will be fully nationalised soon. How can the ex-Chairman take a £650k p.a. pension at 50 when the new rules on taking an early pension for everyone else starts at 55 ?