Friday, June 22, 2012

Moody's Banks' Downgrade & the RBS/NatWest Account Chaos

Yesterday the glitches within the RBS/Nat West account handling electronic systems affected my family as far apart as Chicago and SW France, although we do not use either bank on a day to day basis! What disasters that possibly lie ahead does last evenings downgrade of so many mighty names in world banking by the rating agency Moody's portend?

Some media sources suggest that the account guarantees offered by the sovereign authorities of the country in which such banks are domiciled give reason for us all not to worry, small comfort when a click of the mouse will take you to other crisis reports which describe how such sovereigns are themselves in hock to the self-same banks! Smaller still when looking at the calibre of the politicians who run the sovereigns that will supposedly stand behind such commitments. A large sack of spuds somewhere in the kitchen might be a better back-up. Nat West, Sky News has just announced, has some customer accounts that have gone without an update for three days and that the problems continue to be unresolved - this from a banking group almost entirely now owned by British taxpayers!

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