Scuzzle
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| posted on 26/8/14 at 11:09 PM |
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I think if Scotland gets independence then the Shetland Islands should demand independence straight afterwards. Now they could live very comfortably
on revenue from 'their oil'.
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daviep
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| posted on 26/8/14 at 11:20 PM |
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quote:
Originally posted by Scuzzle
Perhaps all the people in the UK who lost everything when the Icelandic banks collapsed can get a job there to rebuild their savings then.
Nobody in the UK lost anything, the UK FCS compensated everybody as far as I am aware.
Cheers
Davie
“A truly great library contains something in it to offend everyone.”
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jeffw
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| posted on 27/8/14 at 05:27 AM |
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Again not true. Large numbers of local authorities/police authorities and local government pensions had money in Icelandic Banks which is gone
forever....somebody has to pay for this and the compensation to individuals and that someone is the Taxpayer.
http://en.wikipedia.org/wiki/2008%E2%80%9311_Icelandic_financial_crisis
Maybe Scotland should ask Iceland for a currency union.
[Edited on 27/8/14 by jeffw]
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daviep
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| posted on 27/8/14 at 09:04 AM |
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quote:
Originally posted by jeffw
Again not true. Large numbers of local authorities/police authorities and local government pensions had money in Icelandic Banks which is gone
forever....somebody has to pay for this and the compensation to individuals and that someone is the Taxpayer.
http://en.wikipedia.org/wiki/2008%E2%80%9311_Icelandic_financial_crisis
Maybe Scotland should ask Iceland for a currency union.
[Edited on 27/8/14 by jeffw]
The Icesave compensation cost the UK tax payer £3.25 billion, personally I don't grudge that. These were people who were sensible and trying to
save, they didn't gamble, they put there money in an institution where it should have been safe.
The banking bailout cost the £141 billion (as of Mar 2013) not taking in to account the drop in share prices of the institutions the UK bought shares
in which have lost £26billion. This all spent to repair an economy damaged by irresponsible behaviour of our greedy bankers who buggered off with the
money and left the tax payer holding the baby. This I do grudge.
Cheers
Davie
“A truly great library contains something in it to offend everyone.”
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jeffw
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| posted on 27/8/14 at 09:23 AM |
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Amusingly the biggest bailouts where for Royal Bank of Scotland and HBOS (which Lloyds where forced to buy without due diligence). So Royal Bank of
Scotland and Bank of Scotland where the two biggest recipients of state funds.
Did you want either back once the SNP default on Scotland share of the national debt when they don't get currency union?
[Edited on 27/8/14 by jeffw]
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mcerd1
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| posted on 27/8/14 at 09:33 AM |
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quote:
Originally posted by jeffw
Maybe Scotland should ask Iceland for a currency union.
no thanks - all there coins have pictures of fish on them 
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daviep
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| posted on 27/8/14 at 09:36 AM |
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quote:
Originally posted by jeffw
Amusingly the biggest bailouts where for Royal Bank of Scotland and HBOS (which Lloyds where forced to buy without due diligence). So Royal Bank of
Scotland and Bank of Scotland where the two biggest recipients of state funds.
Did you want either back once the SNP default on Scotland share of the national debt when they don't get currency union?
[Edited on 27/8/14 by jeffw]
Have you considered using your crystal ball to win the lottery?
Cheers
Davie
“A truly great library contains something in it to offend everyone.”
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jeffw
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| posted on 27/8/14 at 12:03 PM |
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Actually, funny you should mention that. I did win big over the weekend, £2.90 !
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jeffw
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| posted on 27/8/14 at 12:04 PM |
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quote:
Originally posted by mcerd1
quote:
Originally posted by jeffw
Maybe Scotland should ask Iceland for a currency union.
no thanks - all there coins have pictures of fish on them
Didn't know that....kinda works though.
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mcerd1
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| posted on 27/8/14 at 12:42 PM |
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quote:
Originally posted by jeffw
quote:
Originally posted by mcerd1
quote:
Originally posted by jeffw
Maybe Scotland should ask Iceland for a currency union.
no thanks - all there coins have pictures of fish on them
Didn't know that....kinda works though.
besides a currency union with Poland would work out better for me - I've got far more Zloty than Krona left from various holidays 
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jeffw
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| posted on 27/8/14 at 01:13 PM |
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hahahaha....I have some Lira you could use to get yourselves started, couple of thousand I think 
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jeffw
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| posted on 27/8/14 at 01:17 PM |
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I have the answer.....The Scottish Groat
http://en.wikipedia.org/wiki/Groat_(coin)
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Irony
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| posted on 27/8/14 at 01:36 PM |
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Personally I believe that 90% of the voters in Scotland and the casually interested in England have very little idea about the side effects to both
economies if Scotland break away. I think that 90% of the yes voters will be ill informed english haters who know nothing about economics.
They will vote with their hearts not their heads. Not the best basis for a fledging country. In my opinion of course.
[Edited on 27/8/14 by Irony]
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jeffw
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| posted on 27/8/14 at 01:45 PM |
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I'm sure you can say the same thing about every general election.
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daviep
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| posted on 27/8/14 at 02:46 PM |
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quote:
Originally posted by Irony
Personally I believe that 90% of the voters in Scotland and the casually interested in England have very little idea about the side effects to both
economies if Scotland break away. I think that 90% of the yes voters will be ill informed english haters who know nothing about economics.
They will vote with their hearts not their heads. Not the best basis for a fledging country. In my opinion of course.
[Edited on 27/8/14 by Irony]
Nobody knows what will happen to the economies, there are far too many variables, nobody knows what will happen to the economy if we remain together.
The Better Together campaign have focused on the uncertainty of a split, but the future together is just as uncertain for everybody, except those with
time machines and crystal balls. Pretty sure the banking crisis wasn't a planned event.
You are aware that it's not just the Scottish who will be voting?
I find it amusing that there has been no bigotry in the whole thread, apart from a couple of individuals one of whom definitely isn't Scottish,
pedalling a myth that all Scottish hate the English.
Cheers
Davie
“A truly great library contains something in it to offend everyone.”
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ceebmoj
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| posted on 27/8/14 at 02:52 PM |
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quote:
Originally posted by jeffw
Amusingly the biggest bailouts where for Royal Bank of Scotland and HBOS (which Lloyds where forced to buy without due diligence). So Royal Bank of
Scotland and Bank of Scotland where the two biggest recipients of state funds.
Did you want either back once the SNP default on Scotland share of the national debt when they don't get currency union?
[Edited on 27/8/14 by jeffw]
Have any statements been made about what would happen to RBS if Scotland left the UK? As I understand it they would have to move there head office to
the England because of where most of there trading is done by EU law. If any one else has a better understanding of this I am interested to know.
Also would the Scottish government have to pay buy the bank from the UK government or would the loss be split or some other solution?
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daviep
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| posted on 27/8/14 at 03:36 PM |
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quote:
Originally posted by ceebmoj
quote:
Originally posted by jeffw
Amusingly the biggest bailouts where for Royal Bank of Scotland and HBOS (which Lloyds where forced to buy without due diligence). So Royal Bank of
Scotland and Bank of Scotland where the two biggest recipients of state funds.
Did you want either back once the SNP default on Scotland share of the national debt when they don't get currency union?
[Edited on 27/8/14 by jeffw]
Have any statements been made about what would happen to RBS if Scotland left the UK? As I understand it they would have to move there head office to
the England because of where most of there trading is done by EU law. If any one else has a better understanding of this I am interested to know.
Also would the Scottish government have to pay buy the bank from the UK government or would the loss be split or some other solution?
I'm not sure I understand it better but the first thing I would comment on is that I believe the directive is only effective between two member
states, so if doom and gloom brigade are to believed it won't be a problem as Scotland will never be allowed to join the EU. Sorry I
couldn't stop the hint of sarcasm
However back in the real world where Scotalnd has been fast tracked into the EU. There is a little ambiguity in the wording of the directive, it can
be read that the head office cannot be in a different state to avoid stricter standards OR that it must be in the state where it does most business.
See the extract below to make up your own mind. It has never been tested in court so nobody knows how it will be interpreted. To me it is logical to
read it as too prevent the avoidance of regulations but it could be that the EU just like their address book to be tidy.
(7) Whereas the principles of mutual recognition and of home Member State supervision require that Member States' competent authorities
should not grant or should withdraw authorization where factors such as the content of programmes of operations, the geographical distribution of the
activities actually carried on indicate clearly that a financial undertaking has opted for the legal system of one Member State for the purpose of
evading the stricter standards in force in another Member State within whose territory it carries on or intends to carry on the greater part of its
activities; whereas a financial undertaking which is a legal person must be authorized in the Member State in which it has its registered office;
whereas a financial undertaking which is not a legal person must have its head office in the Member State in which it has been authorized; whereas, in
addition, Member States must require that a financial undertaking's head office always be situated in its home Member State and that it actually
operates there;
I'm neither an economist or a lawyer so I am quite open to education.
Cheers
Davie
“A truly great library contains something in it to offend everyone.”
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jeffw
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| posted on 27/8/14 at 05:03 PM |
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More wishful thinking by the Yes campaigner. Fast-track EU membership....yeah right.
RBS will be re-branded as NatWest (which the majority of it is really) and the head-office for that is already in the City of London. I think
you'll find the name RBS quietly disappearing as damaged brand. Bank of Scotland has already been consumed by Halifax which was then sold (as
HBOS) to Lloyds TSB Plc in a fire sale. A lot of what was HBOS and TSB has no been floated off from Lloyds Banking Group to form TSB.
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scootz
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| posted on 27/8/14 at 05:11 PM |
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Latest...
It's Evolution Baby!
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jeffw
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| posted on 27/8/14 at 06:48 PM |
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The markets will have this lot for breakfast. Very silly thing to be saying.
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scootz
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| posted on 27/8/14 at 08:19 PM |
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"The Scottish government minister told a BBC referendum debate if the UK seized all the assets of the currency it must also take all the
liabilities.".
quote:
Originally posted by jeffw
The markets will have this lot for breakfast. Very silly thing to be saying.
The remaining members of the UK will have lost a sizeable asset in Scotland if there's a 'yes' vote, but their debt would remain the
same. The markets would therefore have BOTH the UK and Scotland for breakfast if this came to pass. It's nasty... but some would argue
that it's no more nasty than a decision to refuse a currency union given that Scotland played its part in making the pound what it is.
It's Evolution Baby!
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Sam_68
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| posted on 27/8/14 at 08:36 PM |
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quote:
Originally posted by scootz
The remaining members of the UK will have lost a sizeable asset in Scotland if there's a 'yes' vote.
An 'asset' that's losing (depending on whose figures you believe) somewhere between £8.6 billion and £19.3 billion per year, and is
heading in a direction to lose lots more.
I think I'll stick with my ISA, thanks.
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scootz
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| posted on 27/8/14 at 08:41 PM |
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Never you mind this trivial matter Sam... get yourself over to my trike suspension thread, It's FAR more important! 
It's Evolution Baby!
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daviep
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| posted on 27/8/14 at 10:04 PM |
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quote:
Originally posted by Sam_68
quote:
Originally posted by scootz
The remaining members of the UK will have lost a sizeable asset in Scotland if there's a 'yes' vote.
An 'asset' that's losing (depending on whose figures you believe) somewhere between £8.6 billion and £19.3 billion per year, and is
heading in a direction to lose lots more.
I think I'll stick with my ISA, thanks.
Sam you are being disingenuous, I'm sure that you are aware that nearly every western country is running a budget deficit at the moment.
Scotland's deficit of £8.6 billion seems insignificant compared to the UK's £120.6 billion (not including the £28 billion plundered from
Royal Mail pensions).
A better indicator is %of GDP where Scotlands deficit is 5.9% of GDP compared to the UK's 7.5% of GDP.
The £8.6 billion figure is from the GERS report, GERS is an accredited National Statistic publication, which means that it has been independently
assessed by the United Kingdom Statistics Authority as being produced in line with the Code of Practice for Official Statistics. See
HEREHERE.
The £120.6 billion figure is from the ONS (Office of National Statistics) see
HERE. The rest of the figures are calculated from
the same page.
Cheers
Davie
“A truly great library contains something in it to offend everyone.”
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daviep
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| posted on 28/8/14 at 12:12 AM |
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quote:
Originally posted by jeffw
More wishful thinking by the Yes campaigner. Fast-track EU membership....yeah right.
RBS will be re-branded as NatWest (which the majority of it is really) and the head-office for that is already in the City of London. I think
you'll find the name RBS quietly disappearing as damaged brand. Bank of Scotland has already been consumed by Halifax which was then sold (as
HBOS) to Lloyds TSB Plc in a fire sale. A lot of what was HBOS and TSB has no been floated off from Lloyds Banking Group to form TSB.
If we definitely won't get accelerated entrance then why won't the UK government ask the question of the EU commission?
So according to Jeff after amalgamating a couple of his posts:
The largest bailout was to RBS group of which the majority is NatWest or National Westminster Bank to give it's full name.
The second largest bailout was to BoS which was actually the Halifax, presumably named after a town in England.
Your history on BoS, Halifax and HBOS isn't correct but I'll let it slide
Cheers
Davie
“A truly great library contains something in it to offend everyone.”
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