Bank Charges
I was reflecting on the fact that we now own 84% of RBSand 43% of Lloyds-TSB after reading the latest estimate of the real cost of the bank bail-out. The total cost has now risen to £850,000,000,000 I think it is more appropriate in red.
This is made up as follows:

£76bn To purchase shares in RBS and Lloyds Banking Group

£200bn Indemnify Bank of England against losses incurred in providing over £200bn of liquidity support

£250bn Guarantee wholesale borrowing by banks to strengthen liquidity in the banking system

£40bn Provide loans and other funding to Bradford & Bingley and the Financial Services Compensation Scheme

£280bn Agree in principle to provide insurance for selection of bank assets

£671bn Total Government spending in the financial year 2009-2010

In addition the government has also paid the following in financial advice:

£32.9m Slaughter & May - Commercial legal advice

£15.4m Credit Suisse - Financial advice on a range of measures, including Bank Recapitalisation and the Asset Protection Scheme

£11.3m PricewaterhouseCoopers - Advice on APS

£8.7m Ernst & Young - Due diligence on APS, Northern Rock

£7.7m KPMG - Due diligence on APS

£7.4m Blackrock - Valuation advice on APS

£5.3m Deutsche Bank - Financial advice on a range of measures

£5m Citi Financial - Advice on Aps

£4.9m BDO Stoy Hayward - Valuation of Northern Rock

£4.5m Goldman Sachs - Financial advice on Northern Rock

£1.5m Morgan Stanley - Financial advice on Bradford & Bingley

£2.5m Other advisers - Financial advice on a range of measures and proposals to revive Britain's ailing economy

As I walked around Coventry I came across a cluster of banks. I know it is unscientific and unjustified and maybe even mischievous, but does the opulence of these bank buildings not tell us something?




Natwest (RBS)
84% owned by you and me











Lloyds-TSB
43% owned by us all








Barclays
Invited Middle East investment








HSBC
No help from anyone