The latest bail out bank

[Snoopy]

http://www.telegraph.co.uk/news/newstopics/politics/scotland/5033053/Bail-out-planned-for-yet-another-British-building-society.html

The Dunfermline Building Society ~ one of Scotland's oldest etc etc. ~ is in need of a large Goverment handout of our money.

So that's two Scottish Banks, One Scottish Building Soc and one Northern Rock (Newcastle Based) Building Society.

Do I spy a bias here ~ Are Gordon, Darling and co playing us for mugs to ensure the Scottish Vote wins them another term like it did last time?

[The Moan Ranger]

http://www.telegraph.co.uk/news/newstopics/politics/scotland/5033053/Bail-out-planned-for-yet-another-British-building-society.html

The Dunfermline Building Society ~ one of Scotland's oldest etc etc. ~ is in need of a large Goverment handout of our money.

So that's two Scottish Banks, One Scottish Building Soc and one Northern Rock (Newcastle Based) Building Society.

Do I spy a bias here ~ Are Gordon, Darling and co playing us for mugs to ensure the Scottish Vote wins them another term like it did last time?

Don't be so cynical - the entire future of the world depends on a robust, liquid banking system. To suggest that favours are looked more kindly upon for these Northern institutions is purely mischevious. 

[Darwins Selection]

. . liquid banking system. .

Youngs Bank?

[Snoopy]

http://www.telegraph.co.uk/news/newstopics/politics/scotland/5033053/Bail-out-planned-for-yet-another-British-building-society.html

The Dunfermline Building Society ~ one of Scotland's oldest etc etc. ~ is in need of a large Goverment handout of our money.

So that's two Scottish Banks, One Scottish Building Soc and one Northern Rock (Newcastle Based) Building Society.

Do I spy a bias here ~ Are Gordon, Darling and co playing us for mugs to ensure the Scottish Vote wins them another term like it did last time?

Going ~ Going ~ GONE!

But only if Westminster guarantees the "Toxic Assets" and then it will be sold ~ another triumph of Scottish Independence then!

[Snoopy]

According to the BBC Radio News the Nationwide Building Society have bought the "good" bits of the Dunfermline Bld Soc and the Government will pick up the "Toxic" bits
Bloomberg however phrases it slightly differently:

The U.K. government will pay Nationwide Building Society 1.6 billion pounds ($2.3 billion) in cash to purchase Scotland’s Dunfermline Building Society and avert its threatened collapse.

The money was paid to Britain’s largest customer-owned lender “to cover the liabilities that we have taken on,” said Steve Blore, a Nationwide spokesman, in a telephone interview. In return, the Swindon-based lender will acquire Dunfermline’s 2.35 billion pounds of retail deposits, its 34 branches and a 1.02 billion-pound prime mortgage book, the company said. The deal excludes high-risk assets, Nationwide said.

So basically we have paid for them to take the scrapped building society away and convert it into profitability for themselves whilst we hang onto the bad bits that nobody wants and stand the loss. Fecking Brilliant Negotiation Mr Brown!


http://www.bloomberg.com/apps/news?pid=20601085&sid=aCEXg1wfJYXw&refer=europe