RBS and the scale of the debt
A must hear interview with Stephen Hester on Radio 4 this morning. He put in a great performance describing today’s results announcement. It looks like RBS’ new favourite phrase is:
[The balance sheet..] is the largest time bomb ever assembled in history.
but the best factoid mustered by the PR team, that will have woken everyone from their breakfast slumber this morning was:
We have reduced the liabilities on the balance sheet by £700 bn. That’s twice the entire debt of Greece.
One company, of humble Scottish roots.
JR
