Summary
THE Bank of England is prepared to loosen its purse strings to prevent the UK economy from hitting the rocks, but Governor Mervyn King has made his disdain for the banking sector abundantly clear.
In no uncertain terms, King is pointing to the need for further rights issues by leading banks to bolster their cash cushions after being tardy in announcing writedowns on dodgy debt.See the full content of this document
Extract
Time for Banks to Own Up ; Comment
He praises the decision by Royal Bank of Scotland to grasp the nettle and predicts further capital raisings by others 'in the coming weeks' - presumably from a position of knowledge, perhaps after fireside c...
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