Dear RBS, where has all our money gone?

April 6th, 2009

Have RBS Lombard Direct spent it all?

Lombard Direct are owned by Royal Bank of Scotland. Royal Bank of Scotland are owned by the British Taxpayer. The British government on behalf of the British Taxpayer has pumped countless millions into Royal Bank of Scotland in a bid to save the banking system and to get them to lend our money back to us. Sound confusing? 

Ok, so let’s accept that on some level all of this makes sense, after all we need to get the economy moving and the ability to borrow or lend money is a fundamental part of this. So why have Lombard Direct (Royal Bank of Scotland) now decided that they are going to stop lending money, and exactly where has all our money gone?

Tesco ‘Bank’ on Success

April 2nd, 2009

Tesco plan to open 30 bank branches in 2009

Tescos attempt at global domination seems set to continue with plans to open 30 bank branches within it’s stores by the end of 2009. Whilst the banking sector, as a whole is retracting and consolidating it’s position, Tesco once again seem to be bucking the trend.

A trial branch has already been running in Glasgow for some time now and the first new branches in Blackpool, Coventry and Bristol will be opened during the next month and Tesco plan to be offering current accounts within the next two years, with a wider range of services to follow.

The company already offer car, travel and home insurance, credit cards, loans and savings accounts under the Tesco Personal Finance brand with plans to possibly move into the mortgage market.

Last month, Tesco said the amount of money deposited in its savings accounts had nearly doubled in the previous six months, although the last few months have seen general industry growth in this sector, as consumers make provision for an uncertain economic period ahead.

Whether Tesco have the midas touch remains to be seen, but they certainly seem to possess one vital factor that is lacking in the country as a whole, consumer confidence, and this alone can make or break a company or country for that matter.

Tesco for government? Who knows!

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February 17th, 2009

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