Arab Today, arab today rbs is a disgraceswap victim
Last Updated : GMT 07:14:54
Arab Today, arab today
Arab Today, arab today

RBS is a disgrace,swap victim

Arab Today, arab today

Arab Today, arab today RBS is a disgrace,swap victim

Edinburgh - Arabstoday

London & Westcountry Estates (LWE), a family-owned operator of 28 business parks in southern England, blamed its collapse on a complex derivative RBS sold it in July 2008 – just before rates were cut to historic lows. As administrators from Ernst & Young were on Tuesday sent to LWE\'s Plymouth offices, the company\'s chairman, Michael Hockin, branded state-backed RBS a \"disgrace\". He claimed the lender\'s 10-year swap against a £57m three-year loan had cost his business at least £5m in extra payments over the past three years. \"We were given 24 hours to sign and told interest rates were about to shoot up, only for them to collapse,\" he said. \"It\'s absolutely disgraceful what RBS has done to our business.\" He said when he bought the product he was under the impression the swap could be terminated after three years through a break clause. However, last year he was informed the clause only allowed RBS to cancel the product – and not the other way round. Gary Streeter MP, who has been following the case, said he had been shocked by the behaviour of the bank, which is 82pc owned by the taxpayer. \"They have been utterly inflexible and are accountable to no one. This should not have been allowed to happen to what was a good and profitable business,\" he said. Mr Streeter called for a parliamentary debate on banks\' alleged mis-selling of interest swaps. He has written to Chancellor George Osborne and Business Secretary Vince Cable to ask them to look into the matter. Andrew Tyrie, chairman of the Treasury Select Committee, has already called on the Financial Services Authority (FSA) to investigate claims, after a Telegraph investigation, that thousands of small businesses could have been sold inappropriate interest rate swap products. Speaking on Tuesday he said: \"This appears to be just the sort of case the FSA should be getting its teeth into.\" Administrators to LWE were appointed by US private equity firm Blackstone, which last year signed a joint venture deal with RBS to manage a £1.4bn property portfolio. RBS sold the portfolio, including LWE\'s debt, for about £975m, with the bank retaining a 75pc stake and Blackstone taking a 25pc holding and acting as the asset manager. A spokesman for RBS said the bank had spent a \"considerable amount of time and effort\" to reach an agreement with LWE and that the administration process was the only \"viable option remaining\". RBS has always denied allegations that it mis-sold interest-rate swaps. Blackstone said its attempts to reach a constructive solution had been \"rebuffed\" and the administration was necessary to \"safeguard our investors\' interests and indeed those of LWE\'s tenants\". Barclays has apologised to \"a small number\" of business customers for telling them to keep their loan and interest rate swap complaints secret from the FSA. Acting after a Telegraph investigation of mis-selling complaints, Barclays\' head of compliance Mike Walters wrote: \"Nothing in this letter shall prevent the parties discussing the complaint, the settlement or any other related matter with the Financial Services Authority [or any relevant regulator] or their professional advisors.\"

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today rbs is a disgraceswap victim Arab Today, arab today rbs is a disgraceswap victim

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday