Northern Rock
Another £3bn of our money has been set aside to fund the black hole that is Northern Rock.
£3bn that is unlikely to be recovered in any way, and which is being set aside to help pay for the wind-down of the business, hence reducing it's value even further. This is another shining example - as in a shiny turd - of the Government displaying political, economic and business ineptness of staggering magnitude.
The 'good news' is that Northern Rock has managed to repay £9.4bn of the £27bn loan. And now it can be trumpeted that £12.4bn has been 'repaid'. That's 'repaid', as in not repaid. As in creative accountancy. As in window dressing.
Of course, the loans and advance have reduced by £14.5bn during the period with a plan to shed 60% of its total mortgage business within the next few years. That should free up some £45bn to repay debts and leave an unsaleable asset into which we have pumped large sums of money to ensure it has enough capital to compete in the market that, er, it is getting out of as quickly as it can and for which it doesn't need the capital.
If these guys - The Badger and the Captain of the Titanic* - ran a business they would be bankrupt within months; but then they don't have the intelligence to do so, which is why they are professional politicians.
* © John Prescott - with friends like this.... you need a gag.
£3bn that is unlikely to be recovered in any way, and which is being set aside to help pay for the wind-down of the business, hence reducing it's value even further. This is another shining example - as in a shiny turd - of the Government displaying political, economic and business ineptness of staggering magnitude.
The 'good news' is that Northern Rock has managed to repay £9.4bn of the £27bn loan. And now it can be trumpeted that £12.4bn has been 'repaid'. That's 'repaid', as in not repaid. As in creative accountancy. As in window dressing.
Of course, the loans and advance have reduced by £14.5bn during the period with a plan to shed 60% of its total mortgage business within the next few years. That should free up some £45bn to repay debts and leave an unsaleable asset into which we have pumped large sums of money to ensure it has enough capital to compete in the market that, er, it is getting out of as quickly as it can and for which it doesn't need the capital.
If these guys - The Badger and the Captain of the Titanic* - ran a business they would be bankrupt within months; but then they don't have the intelligence to do so, which is why they are professional politicians.
* © John Prescott - with friends like this.... you need a gag.
3 comments:
Excellent blog Angus, it looks like
captain Darling has steered the ship on to the rocks at sober island, no wonder he is hiding up in Uig with a bottle of old Inverness and a paranoid look on his face.
I can't believe there is no comments on this blog yet.
Have you been compromised Angus?
With all these (truthful) anti-NuLabour posts, Angus, it appears you've driven at least one regular local Labour ranter from your blog into the letters page of the Gazette...
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