A Rosy View Of RBS Troubled Assets
by Anorak | 4th, November 2008
We were right.
Yet again.
I’m sure you will all remember the voodoo accounting measures pushed through the EU by banking lobbyists and panicking pols; we were very rude about the likely consequences of banks taking a rosier view of their Troubled Assets than fair open market values provide. Investors really don’t like that sort of thing.
The Royal Bank of Scotland decided to use those provisions, and today announced it had taken a hit of £206 million, instead of the £1.4 billion it would have reported under the old rules.
Somehow I don’t think that Anorakers are going to be terribly surprised to hear that RBS shares tanked…
– Chenier
Posted: 4th, November 2008 | In: Money Comment (1) | TrackBack | Permalink
