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"The strength and security of the United Kingdom"


Jamaldo

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Where do you think the money came from to bail out the banks in 2008/9? It was lent to the UK by the federal reserve, the UK didnt dip into a secret bank account with trillions, it will be repaid in future tax revenues.

Between all the banks that received government bailouts, Scotlands share of the liabilities ammounted to less than 2 billion, the vast majority of the RBS, HBOS and Lloyds exposure was overseas in the states. Had we let those banks fail, we couldve paid for the losses here ourselves, whatever they did overseas wouldve been somebody elses problem.

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I think it comes down to realization that there are consequences of taking a gamble rather than "strength and security". The No vote is one of common sense. As for labeling, the SNP have gone against the gentility and good manners of Scottish people and involved themselves in smearing their opponents and actively discouraged people from even listening to arguments which are reasonable. I have listened to theirs and some sound plausible but they're all conjecture and speculative.

A fair post !!

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What do you think would have happened to RBS in an independent Scotland?

Even Nichola Sturgeon seems to think that Scotland would have needed rUKs help to save the bank http://www.bbc.co.uk/news/uk-scotland-scotland-politics-17325032

The bailout would have been treated the way it was with Fortis in Belgium, Netherlands and Luxembourg, and as it was with the Scandinavian banks when they had to raise capital years before. The countries who would have been affected would all have chipped in proportionally. That actually means Scotland would have paid less per head than they did, given the number of employees RBS group has, where they are based, and where they do most of their business.

Cheers, a lot more detail in your article.

Thought it was interesting that Barclays, who received the biggest slice of the bailout pie, were portrayed in the media as never having required a bailout at all.

Barclays had their sales staff promote the "We weren't bailed out line" to absolutely everyone who would listen. Technically correct, but completely wrong. If not for the other bailouts, Barclays was f*cked. They also received a massive capital injection from the middle east, which rumour had it was guaranteed by various parties in the UK who wanted to make it look like it was independent of the other bail outs. You also have to remember that Barclays wanted to buy ABN AMRO, which was probably the biggest part of the problems that RBS Group faced. If Bob Diamond had been able to get his way with that, Barclays would have needed a bail out and guarantees that would make the rest of them look like pocket change.

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