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Download Hubris: How HBOS Wrecked the Best Bank in Britain by Ray Perman PDF

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By Ray Perman

Based on records and dozens of interviews with insiders, this account follows the financial institution of Scotland’s trip from being the financial institution of selection for the high-rolling Monte Carlo megarich to wasting 10 billion kilos. In 1995, the financial institution of Scotland celebrated three hundred years as Britain’s oldest advertisement financial institution; it was once lauded because the “most popular bank,” revered via opponents, applauded through traders, and depended on via buyers. below 15 years later—reviled as a part of the remarkable cave in of HBOS, the conglomerate it had joined—the financial institution of Scotland grew to become one of many high-profile sufferers of the credits crunch and its excellent fall brought on seismic surprise waves through the monetary international. during this advanced global of contemporary worldwide finance, this is often ebook serves as a cautionary story.

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Extra info for Hubris: How HBOS Wrecked the Best Bank in Britain

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Hamilton was captured at the battle of Preston (and subsequently pardoned) and Panmure at the battle of Sheriffmuir, although he escaped to live in exile. The rising was crushed, but not before there had been another run on the Bank which forced it to stop trading for eight months, with loss of business and profit. The participation of the two directors in the insurrection and the fact that the Bank’s Treasurer raised funds for Jacobite prisoners, were enough to brand the Bank as sympathetic to the rebels, with substantial political and commercial consequences.

By 2008, as the global banking crisis took hold, HBOS found itself hopelessly over-exposed and facing collapse. It had no option but to agree to a takeover by Lloyds Bank in September of that year. HBOS was not alone in lending billions of pounds on the back of rapidly rising house prices and a property market which seemed to promise limitless returns. In Ireland, the banks were similarly exposed. So too was HBOS and RBS, through its subsidiary Ulster Bank. The sheer scale of the losses incurred by the Irish banks were to bring down the Irish government which was forced to go to the International Monetary Fund and to fellow eurozone members for a bail out.

Branches were ordered to return as much cash as possible to Edinburgh, the Bank began to call in its loans and demanded that its subscribers stump up a further 20 per cent of the authorised capital, precipitating a dispute between the Scots shareholders, who paid up promptly, and the Londoners, who were more reluctant. 17 This was effectively the first run on a bank in British history and the directors of Bank of Scotland learned one of the fundamental lessons of banking: always ensure you do not run out of cash.

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