HTTP://WWW.STOPNATO.ORG.UK
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[Now, what would happen if you or I went out and robbed a bank
of 1 billion pounds?...
Bill]
[Via Communist Internet... http://www.egroups.com/group/Communist-Internet ]
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----- Original Message -----
From: Bronwyn Penn <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>
Sent: Sunday, December 02, 2001 6:42 PM
Subject: [mobilize-globally] British banks face heavy losses over Enron collapse
US-Enron-Britain
British banks face heavy losses over Enron collapse
LONDON, Dec 2 (AFP) - British banks face losses running into
more than one billion dollars from the seemingly unstoppable slide
into bankruptcy of the US energy trader Enron, British newspapers
reported Sunday.
The Sunday Telegraph said two of Britain's three biggest banks,
Royal Bank of Scotland and Barclays, were believed to have a
combined exposure of almost one billion pounds (1.45 billion
dollars) to Enron.
Meanwhile, Enron's British subsidiaries owe more than 600
million pounds to banks in Britain, the Sunday Times added.
As well as Royal Bank of Scotland (a gross exposure of 600
million pounds) and Barclays (300 million pounds), other British
institutions are also facing heavy losses.
The Sunday Times estimated the total for all creditor banks
could be up to 8.4 billion pounds (12.2 billion dollars).
Enron, which earlier this year was ranked seven on the Fortune
500 list of US firms, is expected to file for Chapter 11 bankruptcy
protection.
The meltdown came this week as a life-saving merger plan
disintegrated and its credit rating was slashed, requiring billions
of dollars to be repaid with little hope of getting new loans.
If Enron files for Chapter 11, having already demanded creditor
protection in Europe, it would be the biggest US bankruptcy in
history.
The money owed to British banks by Enron's subsidiaries in this
country is linked to project finance deals on a gas-fired power
station half-owned by the company in northeast England.
Abbey National, another British bank, said Friday it was
planning to write off 95 million pounds of a 115-million-pound loan
it had advanced to Enron.
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