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Posts tagged ‘Royal Bank of Scotland’

Is The ECB Implementing ZIRP or ZEURP: Zero European Union Return on Potential

By Reggie Middleton

I’ve been very bearish on the EU and their banks and sovereign debt in particular, since Q! 2010 – way before most – reference Pan-European sovereign debt crisis. Yesterday morning if you were to Google the term EU recovery, you would see something like this in return…

Well, somebody better tell Draghi, as per Bloomberg: ECB Cuts Key Rate to Record Low to Fight Deflation Threat

The European Central Bank cut its benchmark interest rate to a record low after a drop in inflation to the slowest pace in four years threatened its mission to keep prices stable.

Policy makers meeting in Frankfurt today reduced the main refinancing rate by a quarter point to 0.25 percent. The decision was predicted by three of 70 economists in a Bloomberg News survey. The ECB kept its deposit rate at zero and trimmed the marginal lending rate to 0.75 percent. ECB President Mario Draghi will hold a press conference at 2:30 p.m.

The ECB now has just one more quarter-point cut left before reaching zero, increasing the likelihood of unconventional tools such as quantitative easing or a negative deposit rate if prices slow further or the economic recovery stalls. Euro-area inflation is less than half the ECB’s target and unemployment is at the highest level since the currency bloc was formed in 1999.

“There comes a point where inflation is so weak, and coming in weaker than anticipated, that the case for loosening policy becomes too hard to resist,” said Richard Barwell, senior European economist at Royal Bank of Scotland Group Plc in London, who predicted the cut. “Bad unemployment numbers only make the case stronger.”

Does it seem like I’ve predicted the future hear once again as that Financial Nostradamus Dude???……………………………

full article at source: http://boombustblog.com/blog/item/9171-is-the-ecb-implementing-zirp-or-zeurp-zero-european-union-return-on-potential

Comment:

If you are trading in this market you need to be listening to this guy !

The markets are been pushed up and there is nothing underneath to keep them there or at current values! The art of trading has all but vanished as we are now pit against algorithms and super computers and to survive you must be hedged at all times and well informed .This site (boombustblog.com) is a great start!

Royal Bank of Scotland fined US$612m for rate rigging

Royal Bank of Scotland is to pay US$612 million in fines to regulators in the United States and Britain for rigging interbank lending rates, the kind of market manipulation the Hong Kong Monetary Authority sought to stave off yesterday by unveiling new measures in setting rates in the city.

More than a dozen traders at RBS offices in London, Singapore and Tokyo manipulated the London interbank offered rate, which is used to price trillions of dollars worth of loans, from at least 2006 until 2010.

Britain’s financial regulator, the Financial Services Authority (FSA), said at least 21 people from RBS were involved in rate rigging.

The lender will pay US$325 million to the US Commodity Futures Trading Commission, US$150 million to the US Department of Justice and US$137 million to the FSA, the commission said.

RBS Securities Japan has agreed to enter a plea of guilty to one count of wire fraud relating to yen Libor, the British bank said…………………

full article at source: http://www.scmp.com/business/banking-finance/article/1144342/uks-rbs-braced-libor-rate-rigging-punishment

TORY DISGRACED CASH FOR ACCESS MAN RUNS BIGGEST BROKER INVOLVED IN LIBOR

Michael Spencer

Could Michael Spencer NOT have been aware of LIBOR manipulation?

Talking to a close friend last night, we laid a bet on how long it would take to wind up the Banker pr machine in order to start salting the media ground with ‘don’t bash bankers’  bollocks. I said (from yesterday) 72 hours. He thought five days. Already this morning, he’s lost. I’ve counted five already, and as you might expect, the Torygraph has two of them. The first of these by Robert Watts is standard issue stuff, and not likely to increase the collar-temperature too much. But Iain Martin in his piece sums up the Westminster hypocrisy to a tee. As I blogged last week, when the political dimension of LIBOR starts leaking out, then we really shall see some fun and games

full article at source: http://hat4uk.wordpress.com/author/hat4uk/

Why the global political class lies in fear of the LIBOR scandal?

 By John Ward at the slog reports:

A couple of Torygraph journalists were exchanging tweets this morning about Bob Diamond’s cockup being “only the start” of the LIBOR scandal. It could well be that the time has come for some noisy skeletons to walk out of the Westminster cupboard.

An international investigation into the alleged 2008 Libor manipulation scandal has been necessary pretty much right from the start. Without wishing to seem too obvious here, that’s because what happened was internationally arranged. On April 12th 2011, The Slog reported that Vienna-based asset management concern FTC Capital GmbH – and two funds it operates in Luxembourg and Gibraltar – announced their intention to sue twelve major investment banks. FTC accused the banks of conspiring to artificially depress Libor, and limit trade in Libor-based derivatives from 2006 to 2009. The defendants as listed in the suit were Bank of America Corp, Barclays Plc, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase & Co, Lloyds Banking Group Plc, Norinchukin Bank, Royal Bank of Scotland Group Plc, UBS AG and WestLB AG.

full article at source :http://hat4uk.wordpress.com/2012/06/28/exclusive-why-the-global-political-class-lies-in-fear-of-the-libor-scandal/

Libor stands for the London Inter-Bank Offered Rate and is the average cost of   borrowing for banks, calculated daily. That average is taken as official   Libor, which is used to price trillions of pounds of loans and financial   products across the world. The rate is worked out by asking banks to submit   their borrowing costs, discarding the top four and bottom four rates, and   taking the average of the rest. There are, in fact, several Libor rates   measuring the cost of borrowing for different lengths of time, of which   three-month Libor is seen as the benchmark. Just to complicate matters,   Libor is also calculated for different currencies of which Euribor, in   euros, is one.

Don’t I know Libor from somewhere?

You might remember the term from the Northern Rock crisis. Having effectively   matched the Bank of England’s base rate for years, Libor started creeping up   after the credit crunch struck. As a visible daily metric, it became the   instrument by which financial stress was measured – bringing the arcane   technical term into households a bit like “quantitative easing” today.   Stress could be seen in the cost of Libor over base rate, which peaked in   October 2008 after the collapse of Lehman Brothers at 1.68 percentage   points. In April this year, the spread was back down to just 0.56 points.

Comment:

So after almost 4 years of Bank clean ups we are still uncovering corruption and fraud coming from the banks .Irish government’s financial dealings through the equally questionable dealings at the Toxic Bank/property front is no better. a nod and a wink    seems to be the way business is done but for whose benefit? The Irish taxpayers are been forced to pay 1.5 billion Euros of the gambling debts, of faceless unsecured bondholders. Why??  With what we now know is it possible that there is a case for the Irish government to sue Barclays??

With the clueless and gutless Irish minister of Finance we are not likely to see any such action we will not even see an investigation into the possible effects of this uncovered fraud in the Libor Markets might have had on Irish mortgages and bank interest charges. As far as I can see we are still no better off the banks are still running the show!  Our own Bank fraud (Anglo Irish Bank) (and the attempt by Irish Life and Permanent to help doctor the books with a 7 billion dig out) investigation continues and to date not one person has been brought to justice! One law for the Banks and one law for the rest of us!

Meet the real Taoiseach of Ireland “Peter Sutherland”

Goldman is doing the business in Ireland and is well placed within the Government as Peter Sutherland is the top advisor to Edna Kenny .Sutherland a former attorney general and EU commissioner, was also a board member at Royal Bank of Scotland (RBS) during the financial meltdown, is well placed within Fine Gael party and is Chief Executive of Goldman Sachs international.

What more can I say .We are truly screwed .Democracy is dead in Ireland the Banker dictatorship is in total control .It’s time for a second republic to replace the old leach infested and totally corrupt one .With unelected moneymen like this running around government offices advancing the Goldman agenda our country is no longer a democracy. Kenny is a front man, a mouthpiece, a puppet who is been manipulated along with his turncoat Labour champagne socialists who will agree to anything to stay in power. There is an air of change in Europe and the gutless blue shirts and their clueless Labour partners are about to end up with egg on their faces touting tickets for a match that is all but over.

A wave of revolt against German inspired Austerity  is sweeping Europe and the Germans are beginning to feel the heat .Merkel,s own party colleges in Berlin are openly calling for a change in direction .If the Irish government is not going to listen to its own people they will pay the consequences very soon and it won’t be pretty.

Related articles:  http://www.indymedia.ie/article/97934

http://www.irishleftreview.org/2012/03/29/eu-rewards-goldman-sachs-greek-debt-scheme/

By indymedia.ie

Listen folks, do your homework. Goldman Sachs has taken over Ireland and the Irish Government. Research the people they have put in place around the EU to manage the takeover of other countries. Peter Sutherland is their man on the ground in Ireland.  People must now wake up to the fact that this banking dictatorship has plundered the middle classes and caused increased levels of poverty in this country and others.  If the people of Ireland in particular do not start fighting back through a policy of non – compliance we are all finished. We need our government to get the message that we know who pulls their strings.  The only way we will ever break free of the Goldman Sachs parasitic financial tyranny that has enslaved Ireland is to refuse to pay back any money owed to a financial arm associated with Goldman Sachs, and force the government not to comply with them, or their demands. It will be hard at first, granted, but the long term result will be freedom from the tyranny we now live under. One of the main reasons why this Government (and the last one) refused to take back the Oil and Gas the resides of the west coast of Mayo is that the Goldman Sachs financial policemen, the IMF and ECB, threatened to cut off the bailout funds if Ireland reversed the contracts granted to Shell and the other Oil companies who are stealing our resources at present. Please!, for the sake of children make some change that will mark the end of this nightmare, because if you don’t you will have to defend your cowardice to them when they start asking hard questions.

full article at source: http://www.indymedia.ie/article/100982

Comment:

Goldman is doing the business in Ireland and is well placed within the Government as Peter Sutherland is the top advisor to Edna Kenny .Sutherland a former attorney general and EU commissioner, was also a board member at Royal Bank of Scotland (RBS) during the financial meltdown, is well placed within Fine Gael party and is Chief Executive of Goldman Sachs international.
What more can I say ..Democracy is dead in Ireland. The Banker dictatorship is in total control .It’s time for a second republic to replace the old corrupt one .
Machholz

Euro-Irish Public Policy

So, Berlusconi was eventually removed, like Papendreou, by external forces in the ECB alongside European technocrats and anonymous bankers. The money markets decided that Italy must pay a premium on its bonds for having Berlusconi as head of government. Within days he was gone. We don’t know the fine details of the communication between ECB, international finance actors and domestic technocrats in Italy. But, we do know that it was not the millions of furious Italians that brought Berlusconi down. It was the political pressure of markets. Central to this nexus of political power is Goldman Sachs.

 What do Mario Monti (new Italian head of government), Lucas Papademos (new Greek head of government), Mario Draghi (new head of ECB) and Peter Sutherland (hugely influential in Irish public policy) have in common? They all worked for the American investment bank – Goldman Sachs. This is not a coincidence, there is a subtle takeover taking place in Europe, oriented around elite networks of business plutocrats…

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Calls for the Government to kick- start the property market

By JEROME REILLY

Sunday May 08 2011

THE Government should kick- start the property market with new initiatives, according to a Sunday Independent/Quantum Research poll.

More than 76 per cent of respondents believe the Fine Gael/Labour coalition should take decisive action to get movement back into the property market.

In the poll 53 per cent don’t agree with Standard & Poor’s (S&P) that Ireland‘s property market has reached the bottom; though 47 per cent do agree with the assessment by the international credit rating agency.

S&P said it believed property prices “have completed their correction”. It added the caveat that this does not mean the market will pick up again soon. The agency said in the report that house prices in Ireland at the end of 2010 were down 33 per cent from their peak — the largest price contraction in western Europe since the beginning of the crisis.

Ronan O’Driscoll, director of residential property at estate agency Savills, said that in broad terms he agrees with the S&P view that Ireland has pretty much corrected the excess of the housing bubble “depending on the location and type of property in question”.

Savills says there is evidence that prices have “reached the floor” for three and four-bedroom houses in main cities. However, Mr O’Driscoll said it is likely there will be some further drop in prices for trophy homes, apartments and rural housing.

S&P said it will take a couple of years before there are any “tangible signs” of market activity resuming in Ireland.

“We anticipate the British and French housing markets will likely fall back in the coming quarters, while the Spanish and Irish markets confront continued sluggishness,” said the agency.

POLL FINDINGS PAGE 25

According to the Sunday Independent telephone poll conducted with a sample of 500 people drawn from all over the country, 76 per cent want the Government to come up with some initiatives that would get movement back into the property market.

“Yes. They should try something, especially for first-time buyers. There is no confidence out there,” said one respondent.

Among the suggested measures put forward by respondents in favour of Government action were tax breaks and debt forgiveness for those who bought at the top of the boom.

Last November, 10 leading economists, including Constantin Gurdgiev, Brian Lucey and Stephen Kinsella, argued the time is now right for some form of debt forgiveness. They argued in an open letter to The Irish Times that the banks “must allow private home borrowers to revert to pre-crisis debt burdens”.

Among the 24 per cent who disagreed, many thought the market will correct itself and that state interference was one of the main reasons we got into so much trouble in the first place.

Rachel Doyle, mortgage manager of the Professional Insurance Brokers Association, said last week the biggest impediment to the property market bottoming out or stabilising is the lack of a functioning banking system.

“Unless the issue is sorted out in the foreseeable future, the housing market and indeed the entire economy will be at further risk,” she said.

Opinion is divided on whether the market has bottomed out. Among the 47 per cent who believe the market has reached the bottom many had the perception that there have been recent signs of stabilisation within the economy; for example no major announcements of job losses and figures which suggest modest growth.

Meanwhile, Royal Bank of Scotland, 83 per cent owned by British taxpayers, posted a pre-tax loss of £116m (€133m) for the first quarter of this year — much of it caused by its Irish loan book.

– JEROME REILLY

source:http://www.independent.ie/national-news/government-needs-to-give-irelands-ailing-property-market-a-shot-in-the-arm-2640873.html

Comment:

Asking the Government to meddle again in the property game is just pathetic. Buying and selling property to ourselves is no way to secure a future or to build an economy, all you are doing is trying to reinflate the burst property bubble. The vested interests are working hard to convince us that we now need to start this game all over again. Remember Brian Lelihan “We are turning the corner”  “Our plan in working” Now we know he didn’t have a plan and he was just carrying out orders from the ECB.W e as a people must learn that saddling ourselves with enormous mortgages for a place to live in is just madness .Spending most of our working lives paying off these mortgage at the cost of not been able to go out into the world and wake up to the opportunities that present themselves out there.  Most Germans rent and the government should adopt a more tenant friendly regime, allowing for this transmission .This is what the people need not stoking up a second property bubble so their pals in the property game can again rip off our children this time round .    

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