+1 212 318 2000
Europe, Middle East, & Africa
+44 20 7330 7500
+65 6212 1000
Sarah Jane Leake | Bloomberg LawThe failure of the Royal Bank of Scotland – Financial Services Authority Board Report, 13 December 2011 After an investigation that has spanned some 33 months, the UK Financial Services Authority (FSA) has published its much anticipated report on the failure of the Royal Bank of Scotland (RBS). The FSA attributes RBS' failure to a wide array of factors, including over-reliance on short-term wholesale funding. Not surprisingly, deficiencies in RBS' management, governance, and culture are also cast as having played a significant contributory factor in causing the bank's collapse. Moreover, the FSA admits that flaws in its own supervisory approach provided insufficient challenge to RBS, and, indirectly, facilitated poor decision-making at the bank. The detail of the report seeks to underpin and explain the FSA's rationale for deciding last year1 that there were no grounds for pursuing enforcement action against the bank or its former top executives with a reasonable chance of success.
The CollapseIn October 2008, at the height of the financial crisis, RBS failed and became part-nationalised. From 7 October, it became reliant on the Bank of England Emergency Liquidity Assistance for funding and, six days later, the Government announced it would inject up to
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).