No-one would give Fred Goodwin a knighthood now, but that’s not a reason to take away the one he’s got. If the ex-banker loses his gong, then a lot of athletes, actors and artists should be ready to return theirs too.
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Companies are in no mood for mergers and acquisitions but the lack of takeover lack of activity risks leaving world business in a poorer state for the economic recovery.
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Sir Mervyn King is last in line for making a grab on the banks’ reserves. The Bank of England governor wants our lenders to preserve their capital but every other policymaker has already made a play for them.
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Originally there were 16 euro members bailing out Greece, but steadily nations have switched from the saviours to the salvaged. Germany looked like being the last strong man standing – but even it may have swapped sides.
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Nevermind whether it would have been better for the government to sell Northern Rock next year, should it have sold in 2010? As the shares of quoted banks have halved this year, the answer – with the full benefit of hindsight – looks like yes.
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Whatever happened to the big banking shake-up? Tesco plc (LON:TSCO) has delayed launching current accounts; Metro has given just 100 mortgages and Virgin hasn’t yet bought a branch. The old order remains unchallenged.
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As soon as Antonio Horta-Osorio went sick from Lloyds Banking Group plc (LON:LLOY) this blog suggested he might never return to the chief executive’s chair. Now investors too are realising that, but the revelation of a £3.9bn loss shows how desperately the bank needs a boss.
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Are Europe’s banks undercapitalised institutions that need rescuing – or over-profitable operations that can be milked? The European Union, like Britain’s government, really must make up its mind before imposing penalties on the banks.
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No-one wants the past system of banking, but do we want the one Sir John Vickers is proposing next? The words ‘horse’, ‘bolting’ and ‘stable door’ spring to mind.
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Is banking reform a necessity or a luxury? When Sir John Vickers was asked to review the UK banking industry it was part of the sector’s punishment, but now it looks as if he will be adding to the problem rather than solving it.
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