Stephen Davis
speaker
25 appearances
1 recordings
1 series
first heard Aug 2011
last heard Aug 2011
Stephen Davis’s voice in public audio — every appearance, attributed to the second.
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Appearances
Tendulkar, 35 not out, so the stage really is set for him to score this elusive 100, which would be his 100th international century.
The scale of the financial disaster that befell both Royal Bank of Scotland and Halifax Bank of Scotland would have placed a crippling burden upon Scotland.
By being part of the United Kingdom we shared the risks, we're sharing the recovery and that is the right way forward.
It's true that there is such a convention, but it doesn't have any formal legal status.
It's really just a convention with a small c and understanding.
There are several things you could say.
One is that given the size of the liabilities of the two banks you mentioned, even 10% of that would have been a really considerable hit.
It's true that the British government or English government in this hypothetical situation would also have had to pay a very large amount out, even much more in Scotland, in fact, because, of course, RBS is basically...
a Scottish bank that took over a much larger English bank, NatWest.
But indeed, there's also the problem of the significant liabilities that RBS in particular has incurred outside the UK.
Now, some of this would be covered by foreign governments for reasons of self-interest, essentially, as was the case in the United States.
But it would be rather difficult to get many other governments to agree to do this.
And so I think that the two British governments would actually pick up a rather larger proportion of the total tab than a strict application of the convention would indicate.
Well, the obvious example is Iceland, where banks' creditors were not bailed out and had to take a pretty severe haircut.
I think that's a serious overstatement, and that's not comparing apples to apples, because the problem with Greece...
is not so much to do with anything to do with banks.
It's the fact that Greece is completely insolvent.
It's had an utterly irresponsible fiscal policy for a long time.
It has lied about its public finances.
And this has now, of course, come to light, and lots of people now believe, with very good reason, that it's an absolute certainty that they will default on their debt.
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