Saturday, 23 June 2012

The Banking System

I received an apology from NatWest this evening in case I had been affected by 'technical issues' which had disrupted their computer system. They are currently working 'around the clock' to resolve the problem. In the meantime certain customers had not had payments credited to their accounts on time.

My initial reaction was of little concern because as far as I know my accounts had not been affected. Then I received this and I began to sit up and take notice. Surely it is highly unusual for TWO major banks to have 'technical issues' at the same time?

It may just be a coincidence but we are constantly receiving warnings that the western economies are at breaking point. Already Greece is destitute and Spain is following suit. Major British banks are also having their credit ratings downgraded and there are further doubts about Santander

If there was a problem then I would bet that the public would be the last to know. It is all getting a little bit smelly. If a country the size of Spain requires a £400 billion bail out then I would suggest that it is insolvent. Is Italy next or is it Ireland or Portugal? What are the politicians doing about it all? I get the impression that everyone is waiting for Germany to bail them out and Frau Merkel is not keen on that plan. After all she too has to face an electorate!

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