View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
October 5, 2009

ST: Run almost broke RBS and Coutts

By Spear's

A SECRET run on Royal Bank of Scotland almost forced the bank into collapse on each of the last four trading days before it was bailed out by the government last October, The Sunday Times can reveal.

A SECRET run on Royal Bank of Scotland almost forced the bank into collapse on each of the last four trading days before it was bailed out by the government last October, The Sunday Times can reveal.

Between £1 billion and £2 billion was being sucked from RBS every day for more than a week, according to sources involved in the bailout. This created an even bigger funding problem for the bank, which was already struggling to finance overnight credit lines in global money markets.

Coutts, the private banking arm of RBS, was hit by wealthy individuals spreading deposits around different financial institutions to prepare for any potential collapse. At the time, only £35,000 of any individual’s savings were safe in the event of collapse — substantially less than the average balance held by Coutts clients.

To read the full story, visit timesonline.co.uk

Content from our partners
Spies and secret ops: How espionage has inspired London’s most exciting hotel
High-flyers: TAG Aviation explains that it's not about the destination, it's about the journey
Finding a purpose for family wealth during uncertainty 

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network