Spectator on facebook

Spectator on facebook

FOCUS SHORT

Fortunes of European bankers

THE RESULTS of Lloyds TSB and the Royal Bank of Scotland were eagerly anticipated even though the only question was how big their respective losses would be. Both banks are partially state-owned, having been bailed out by the British government in 2008. The RBS reported a loss of GBP2 billion and Lloyds TSB fared even worse, reporting GBP3.5 billion in the red at the end of 2011.

THE RESULTS of Lloyds TSB and the Royal Bank of Scotland were eagerly anticipated even though the only question was how big their respective losses would be. Both banks are partially state-owned, having been bailed out by the British government in 2008. The RBS reported a loss of GBP2 billion and Lloyds TSB fared even worse, reporting GBP3.5 billion in the red at the end of 2011.

On the other hand, Europe’s biggest bank, HSBC, reported a GBP13.8 billion profit which was 17.2% higher than in 2010.

On the continent, Societe Generale and BNP Paribas posted preliminary Q4 2011 profits of €100 million and €765 million respectively.

Credit Agricole reported a €3.1-billion loss in the same period bringing its total 2011 loss to €1.1 billion.

Franco-Belgian Dexia reported an €11.6-billion annual net loss. Commerzbank, partially state-owned by Germany, ended 2011 with a net profit of €638 million, a 55-percent drop from 2010.

Some good news came at the end of February when the European Central Bank injected €530 billion into the financial system of the eurozone.

Topic: Finances and Advisory


Top stories

Námestie Slobody gets facelift Photo

The architectural tender will gather ideas for the redesign of the biggest square in Bratislava

Námestie Slobody will be redesigned into a kind of living room in the city.

When the state can’t keep a secret

A selective leak has tarnished President Kiska’s reputation. But he must continue to speak out about corruption.

President Andrej Kiska

Fundamental values explored at Divadelná Nitra 2017

This time round, the Slovak, European and US ensembles at the theatre festival focus on #fundamentals, i.e. basic values and the essence of all things.

Nature Theatre of Oklahoma: Pursuit of Happiness

Foreign rocket engines for North Korea: Why?

For Russia, the path to a weakened China could be through a major nuclear accident in North Korea.