Word: maughan
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Dates: during 2000-2009
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...have done either bank's prospects any harm. While Barclays and HSBC have both benefited from taxpayer loans or guarantees - part of a $2 trillion package of state and central-bank aid doled out to Britain's lenders - both "have worked hard on their balance sheets," says Simon Maughan, a banking analyst at MF Global brokerage in London. Having tapped Middle East investors last year in an effort to bolster its capital base, Barclays agreed in June to sell the investment unit BGI to U.S. fund manager BlackRock for $13 billion. HSBC, for its part, pulled in close...
...Scotland (RBS), Britain's largest taxpayer-funded lender, unveils first-half results later this week. After falling to a $40 billion loss last year, the largest in U.K. corporate history, RBS - more than two-thirds of it in government hands - should at least break even this time around, Maughan reckons. At the very least, it will be another report of improvement...
...Whether Brown's policies offer better solutions remains to be seen. While there's little more it can do to boost domestic banks' lending, the government is still "doing everything on an ad hoc basis," reckons Simon Maughan, banking analyst at MF Global in London. "There is a serious risk that if Gordon Brown's poll rating falls, then he'll do something else, but it won't necessarily be constructive. We're going to have a recession, and at some point, you've just got to suck...
...Hungary, which holds high levels of debt in foreign currencies, Bulgaria, Romania and the Baltic states have all been cited as potential candidates for rescue packages down the road. No bank operating in the region is immune. "This is a systemic crisis where everything gets sold," says Simon Maughan, an analyst at brokerage MF Global in London. "It doesn't matter whether you are less exposed to Hungary and more exposed to Poland. Eventually it's going to catch up with everybody...
...nervous about so-called "counterparty risk" - the possibility of not being repaid - that they have stopped lending to one another, bringing credit markets to a grinding halt. "We know who the strong banks are, but we don't know who the strong banks are exposed to," explains Simon Maughan, banking analyst at MF Global in London. In this treacherous environment, a bank doesn't just worry about its counterparty, he adds, but about its "counterparty's counterparty." The European Central Bank, working together with the Federal Reserve and other central banks, has reacted by making hundreds of billions of dollars...