£850bn: official cost of the bank bailout

[Black Swan]

Government support for Britain's banks has reached a staggering £850bn and the eventual cost to taxpayers will not be known for years, the public spending watchdog says today. The National Audit Office (NAO) revealed that £107m will be paid to City advisers called in to work on the rescue because the Treasury was too "stretched" to cope with the sudden financial crisis which broke in the autumn of last year.

How to spend £850bn bailing out the banks... and £107.1m on financial advice

£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

£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

http://www.independent.co.uk/news/u...fficial-cost-of-the-bank-bailout-1833830.html

 

[maiden22]

Big deal, we can afford it.

We were "uniquely well-placed" entering the recession, thanks to 10 years of prudent economic stewardship.

Then everything was spoiled by greedy Americans.
























The biggest joke is that some people seem to think that the Tories will sort the mess out. How exactly? A couple of years ago they were going to "share the proceeds of growth". Another bunch of big government half-wits.

 

[Black Swan]

Big deal, we can afford it.

We were "uniquely well-placed" entering the recession, thanks to 10 years of prudent economic stewardship.

Then everything was spoiled by greedy Americans.

The biggest joke is that some people seem to think that the Tories will sort the mess out. How exactly? A couple of years ago they were going to "share the proceeds of growth". Another bunch of big government half-wits.

The establishment. on both sides of the pond, were (are) obsessed with keeping the status quo, whether we take the blue or red pill at the next election matters not. There is a huge swathe of Americans beginning to wake up to the fact that their last election may as well have been rigged/arranged by Simon Cowell...Obama's deliberately hypnotic "change" rhetoric is now consigned to the deep subconscious whilst the current administration is unrecognisable from the last....

I hope the mass media run with the bank bail out running total bill, some of the payments in the jobs for boys columns need thorough investigation. However, I don't think Joe 6 pack has the energy to fight, for the most part (moving aside the city) we're all too busy making sure bread is in the table...

 

[gooseman]

many of these figures are "maximum loss" figures.....this is a sensationalist artcile. as usual. perhaps you are following your moniker too closely.

 

[Black Swan]

many of these figures are "maximum loss" figures.....this is a sensationalist artcile. as usual. perhaps you are following your moniker too closely.

I reckon we can work that out for ourselves, it's a 'maximum' exposure situation and IMO it underestimates the counter party risk/s, and that's assuming of course that we're being told the whole truth and no further bail out/s will be needed...