Taxpayer should take note of bail-out
That it should come to this. That Scotland's largest bank, indeed one of the world's largest banks, should require to be bailed out by the taxpayer.
Quite frequently, politics can seem remote, obscure even. That is certainly not the case with today's decisions announced by the chancellor and the prime minister in respect of the Royal Bank of Scotland and other banks.
I suspect that viewers, listeners and readers will have paid particular attention to the impact of these decisions. They affect us here in Scotland, as savers, borrowers and of course taxpayers. They affect Scotland's economy and Scotland's image.
You will hear a range of analysis with regard to Royal Bank of Scotland. You will hear arguments that the bank remains fundamentally sound and profitable. You will also hear however, suggestions that Royal Bank of Scotland overreached itself, particularly with regard to the takeover of the Dutch concern ABN Amro.
The chancellor, Alistair Darling, dealt upon the latter point this morning when offering an explanation of the necessity to intervene. However, he also stressed that the objective was to maintain a strong British banking system.
The chancellor made two fundamental points: that the UK Government was leading with a model of rescue which others would follow; and that, within the British isles, only the UK Government had the clout and cash to rescue RBS. This was of course an implied criticism of the SNP with their programme of independence.
With regard to HBOS, it would appear that the takeover by Lloyds TSB is a done deal.
It would appear that the insipient muttering last week to the effect that HBOS need not be taken over is unlikely to come to much. Certainly, the rescue package is predicted upon the merger going ahead.
I'm 
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