hbos banking crimes

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HBOS Banking Crimes

For those who might benefit from unequivocal evidence that Halifax and Bank of Scotland did not have any money to lend when they purportedly loaned you a sum of monies during the noughties, please absorb and comprehend the implications of the gap between loans and deposits, which was discovered by the parliamentary commission on banking standards when they were investigating the cause of the infamous banking collapse:

“There is a shocking story that has still not been properly told. It concerns how the Halifax, a staid former building society, and safe-as-houses Scottish institution Bank of Scotland could embark on a £30bn merger and collapse just seven years later – with all of that value completely wiped out – into the arms of Lloyds, with a £20bn injection from the taxpayer to prevent it crashing.

The parliamentary commission on banking standards made a good stab at it last week. The trio at the top – Lord Stevenson, the bank’s chairman “from its birth to its death” and successive chief executives Sir James Crosby and Andy Hornby – were roundly blamed for the colossal failures that led to its collapse.

Its risk department, with power devolved to individual business heads, was unable to keep pace with lending that grew so quickly that, by the time the bank collapsed in 2008, the gap between loans and deposits had exploded to an eye-watering £213bn.”

http://www.theguardian.com/business/2013/apr/07/hbos-collapse-lessons-disastrous-rescue

In simple terms, the HBOS group has committed fraud on an industrial scale by pretending to lend money it never had in its possession; whilst the courts continue to issue void possession orders in its favour, based entirely upon fraudulent documents from that period, resulting in people being thrown out of their homes because they cannot meet extortionate compound interest payments that were deliberately set at an unpayable rate to provide the banking group with the maximum foreclosure potential on valueless extensions of electronic credit.