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HBOS in crisis

Keith Parkins | 20.03.2008 13:03 | Globalisation | World

Halifax Bank of Scotland is in crisis. The next Northern Rock?

"There has been a series of rumours in the market today. A number of ill-founded and malicious rumours about the UK banking system in the markets. These rumours have not a shred of substance whatsoever. They are lies." -- HBOS

"There has been a series of completely unfounded rumours about UK financial institutions in the London market over the last few days, sometimes accompanied by short-selling." -- UK Financial Services Authority

Yesterday saw HBOS shares go into free fall, a 17% drop in a single day.

 http://news.bbc.co.uk/1/hi/uk/7306122.stm

HBOS blamed speculators for spreading rumours, but was this a smokescreen to cover massive black holes? Does the bank protesteth too much?

 http://news.bbc.co.uk/1/hi/business/7305039.stm

I have an account with Halifax. They have been zapping it with unlawful charges, which I refuse to pay. They have twice agreed to pay this money back, but because I refuse to sign a declaration that I will have no further claim against the bank, I have yet to receive a single penny of what is owed.

 http://www.indymedia.org.uk/en/2007/02/363556.html

Now the bank is chasing me with cowboy debt collectors. When I offer to counter sue, they back off.

Speaking with a friend, he has experienced exactly the same problem with Halifax. Multiply that up over all their account holders, and a massive multi-million pound black hole opens up.

The property market is expected to crash in 2010. Halifax is a major mortgage lender. Revalue all their assets, a multi-billion pound black hole opens up in their accounts.

All it will take is one picture of a queue outside a Halifax branch, and HBOS will go the same way as Northern Rock.

I was at a meeting a couple of years ago at which Treasury people were present. It was an open secret that the banks were facing meltdown. It was not openly discussed for fear of triggering the very crisis they feared.

The problem is debt and bad lending. Debt that is not sustainable.

All the banks are chasing bad debts which they know are unrecoverable. Debts that should be written off.

This morning the major banks went cap in hand to the Treasury demanding credit to bail them out.

 http://news.bbc.co.uk/1/hi/business/7306058.stm

Keith Parkins

Comments

Hide the following comment

Chain reaction.

20.03.2008 14:16

Halifax has always been a shitty bank from my experience. They make many mistakes but try getting them to rectify them. I had a big argument with them over one and their attitude was, "we don't make mistakes". When I proved they did, they didn't have the decency to apologise. Very arrogant and huge contempt for customers.

They took over The Bank of Scotland and got rid of staff who had worked for the BOS for years. They didn't do this fairly, used dirty methods to make people resign. One worked for BOS for over 30 years, they harassed her so much she had a breakdown and had to leave for the sake of her health.

BOS was derived from North west Securities and other similar credit companies who specialised in pushing people to borrow money regardless of whether they could afford it. It was a loan shark type outfit who did well and grew as a result. This was partly due to the fact they specialised in tax avoidance and did their best not to pay any tax on their huge profits.

Hope they sink without trace.






Jolly Roger


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