Thursday, 26 February 2009

Snap reaction to RBS's use of the Treasury Asset Protection Scheme

Is £325 billion out of £2.4 trillion enough?

Update. In honour of this auspicious day, a picture of a game of Find The Lady, taken from the top of a bus. The unshaven gentlemen with the cap doesn't look much like Fred Goodwin, but one never can tell.

I've also played around with some of the numbers assuming the Asset Protection Scheme is a CDO. Unsurprisingly it is impossible to conclude that the premium RBS paid is fair: this is (another huge) taxpayer subsidy.

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