The Scottish bank's loss of 24.1b was reported as comprising 7.8b of trading losses and 16.8b of writedowns caused by paying too much for acquisitions, notably ABN Amro.But, but, but, but, but we won't be affected by the banking crisis. A certain Michael Cullen told us so didn't he?
NZX chief executive Mark Weldon, chairing the jobs summit in Auckland, said the bank's withdrawal from New Zealand was a stark reminder that New Zealand could no longer rely on stimulus and funding from overseas.
"They are now largely owned by the Queen and are less willing to provide credit to Tauranga instead of Bristol it's that simple."
The fact that New Zealand investment markets had one less firm operating showed how vulnerable the country was to the global downturn, he said.
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