Knackered Scottish financial institution saved!! Oh wait...

#1
Building society to be bailed-out

42 minutes ago

"The Government said it was stepping in to bail-out the loss-making Dunfermline Building Society.

Scottish Secretary Jim Murphy said that the society was facing "real and severe difficulties" as a result of "reckless" decisions by the previous management.

He told the BBC News channel said that the Government was now looking at a range of options, including underwriting some of the institution's "toxic" assets."


http://www.google.com/hostednews/ukpress/article/ALeqM5hO7L24jjJnEe7nD0uEyJN4C9Ymgg

Hurrah! What? Oh bugger!!!

Loss-making Scottish building society to be sold

Sat Mar 28, 2009 5:40pm GMT

"LONDON (Reuters) - Scotland's biggest building society, Dunfermline, is to be put up for sale after the British government decided not to rescue the struggling lender, Scottish authorities said on Saturday.

Scotland's First Minister Alex Salmond said Britain's finance ministry had rejected a bailout after talks with his government and the building society.

"(We) are deeply disappointed that the Treasury now believe it is not possible to sustain the society as an independent institution," he said in a statement.

A spokesman for the Scottish government added that the lender would have to be "put up for sale" because it could no longer operate as a going concern."


http://uk.reuters.com/article/businessNews/idUKTRE52R1J720090328

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#3
Can't afford to. Simple as.

msr
 
#4
Can it ever get worse? Probably I suppose with the fool Brown at the helm.

As I have said countless times, thankfully it is a Scottish society and not a society from southern England.

The man Brown really has to be 'put down'.
 
#5
No more money
I'm sure Brown would love to add another bank/building society to his portfolio but there isn't anything left to pay for it.
 
#6
jagman said:
No more money
I'm sure Brown would love to add another bank/building society to his portfolio but there isn't anything left to pay for it.
It does not seem to matter that "...there isn't anything left to pay for it." Brown has just taken on, on our the tax-payers' behalf, another billion pounds worth of dodgy debts!

Pity that this latest 'basket case' business is in Scotland and not Southern England - we could have been saved a billion pounds as it was allowed to sink!

PS. I wonder if 'Stalin the Incompetent' understands that the Nationwide BS is a southern based society? Bet he doesn't.
 
#7
Whats going to happen to my savings in DBS?

:cry:
 
#8
instinct said:
Whats going to happen to my savings in DBS?

:cry:
They will be safe.

In this case, where were the FSA and the auditors (Deloitte)?

FSA organised and authorised by: you'll never guess this - Brown G.

Auditors: well they (not always Deloitte) seem to have missed quite a lot.

Socialists, especially those masquerading as 'free-marketers', cannot ever organise or supervise an economy.
 
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