Thursday 22 February 2018

Busted flush

• The UK should hang its head in shame at its role in the Irish crisis. Bank of Scotland sparked the entire mortgage price war and loose lending with its foray into Ireland -- a country, let us not forget, about the size of Yorkshire.

The latter-day HBOS and RBS pumped huge amounts of credit into the market and prices took off as the smaller domestic banks were forced to compete on a like basis.

Based on these asset prices, they were able to borrow more and more and they entered the UK market en masse.

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