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Cannel 4 News tonight.....was this what we suffered thanks to RBS?


The Mongoose
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There was an interesting item on Channel 4 news tonight about RBS and a company they used to close down companies that did not need to be closed, just to get their money back to try and keep the bank afloat.

Could we have been a victim of this?

http://www.channel4.com/news/rbs-whistleblower-grg-business-destroy-video

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Pretty sure it's Lloyd's and the bank of Scotland not RBS

You may well be right there....but is it not possible that a similar thing happened to us ? Found it interesting that there seemed to be so many things that happened to the companies were similar to what happene to us

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Halifax merged with Bank of Scotland creating HBOS. They were forced by the Government to merge with Lloyds TSB creating the LBG group.

RBS kept as a standalone bank, not sure how much they got in the bailout, hundreds of billions I believe.

Just thought I would clear that up

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Halifax merged with Bank of Scotland creating HBOS. They were forced by the Government to merge with Lloyds TSB creating the LBG group.

RBS kept as a standalone bank, not sure how much they got in the bailout, hundreds of billions I believe.

Just thought I would clear that up

(tu) Should of read this before I put my 10p in.

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I think it has been well documented that lloyds put pressure on murray to sell so as to reclaim their money but as far as liquidating goes I fail to see any benefit to it in our case. although that said I am hardly a financial expert lol

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The banks are all Highway Robbers it's just that they wear suits and ties instead of masks. Pretty sure all the banks have been embroiled in this scandal, like the PPI con, closing viable companies for their assets will come back to bite their arse, i hope.

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Don't think it's the same thing although banks will do anything to mini use their own losses or risks - remember Fairpak?

Either way it seems Lloyds are rebranding a lot of their branches up here as TSB. Stay away from both as they are one!

No they're not. TSB are a standalone bank.

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Financial mismanagement at BOS coupled with an economic crisis fucked us. Lloyds just decided to call in debts.

To be fair other banks are writing off footballing debts, not calling them in. We were far better placed to service an £19m debt than Dundee Hibs are a £3m debt.

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Without particularly defending Lloyds or any bank, we can't blame the banks for Murray having financial problems much of which were of his own making. The MIH and RFC loans were not with Lloyds, they were taken out with BoS which became HBOS. The banking crisis meant that the government forced Lloyds to take over HBOS. Lloyds then looked at the MIH debt and the RFC debt. RFC was handling the debt OK but the spectre of losing the EBT case forced the bank's hand. Donald Muir was Lloyds man on the RFC board and he flagged up the distinct possibility that HMRC would win. Remember it still isn't a closed case as the UTTT still has to decide. The prospect of the £18m becoming anything up to £90m or whatever when added to the MIH group debt of many more millions meant the bank acted to force Murray to sell RFC to the first bidder who would clear the RFC debt. Normally any bank would check where the cash came from to prevent money laundering or other criminal activity but clearly they didn't bother too much in this case. Part of the leverage used against Murray to force the sale was the promise of a debt for equity swap with the MIH. group. Shortly after the RFC sale Lloyds did a £150m debt for equity swap with MIH.

Oh yes, and none of this had anything to do with RBS.

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To be fair other banks are writing off footballing debts, not calling them in. We were far better placed to service an £19m debt than Dundee Hibs are a £3m debt.

Nevertheless, no one was to blame for our predicament other than David Murray. Craig Whyte, Lloyds, HMRC: they're all supporting cast in this film, Murray is the main antagonist.

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Without particularly defending Lloyds or any bank, we can't blame the banks for Murray having financial problems much of which were of his own making. The MIH and RFC loans were not with Lloyds, they were taken out with BoS which became HBOS. The banking crisis meant that the government forced Lloyds to take over HBOS. Lloyds then looked at the MIH debt and the RFC debt. RFC was handling the debt OK but the spectre of losing the EBT case forced the bank's hand. Donald Muir was Lloyds man on the RFC board and he flagged up the distinct possibility that HMRC would win. Remember it still isn't a closed case as the UTTT still has to decide. The prospect of the £18m becoming anything up to £90m or whatever when added to the MIH group debt of many more millions meant the bank acted to force Murray to sell RFC to the first bidder who would clear the RFC debt. Normally any bank would check where the cash came from to prevent money laundering or other criminal activity but clearly they didn't bother too much in this case. Part of the leverage used against Murray to force the sale was the promise of a debt for equity swap with the MIH. group. Shortly after the RFC sale Lloyds did a £150m debt for equity swap with MIH.

Oh yes, and none of this had anything to do with RBS.

All true, but even a potential £90m was a drop in the ocean to HBOS as it was then.

Bad debts at MIH was about £760m iirc and the only asset Murray was 'forcibly' sold was RFC.

There is absolutely something in him being told by Lloyds to sell us when he did, rather than PPG or MIM which were trading at substantially higher losses than RFC.

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Nevertheless, no one was to blame for our predicament other than David Murray. Craig Whyte, Lloyds, HMRC: they're all supporting cast in this film, Murray is the main antagonist.

Absolutely...I never suggested any different, however we could have expected a better deal from a bank who made tens of millions in interest from us through the years...a bit like what's happening now with Utd and Killie.

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