The Royal Bank of Scotland (RBS) has reported Britain’s largest ever corporate loss, sparking fears that Gordon Brown’s second bank rescue package announced on Monday will fail to ward off more fallout from the credit crisis.
For the year to December 2008 the bank reported a loss of £28 billion (A$61 billion).
While the collapse of RBS would be a blow to the UK it would also be disappointing news for corporate Australia – which relies heavily on foreign lenders such as RBS for finance.
With international turmoil threatening the Australian arms of many international banks prime minister Kevin Rudd has promised to take action to ensure Australian businesses have access to credit, The Australian Financial Review reported today.
“We will continue to work in partnership with the private sector to support Australia’s credit markets,” he said.
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