December 4th in Uncategorized by jason2009 .

Accountants Enjoy Treasury Sponsored Fee Bonanza

The National Audit Office has revealed that the total value of support provided to the banking system, including the purchase of shares by the public sector, together with offers of guarantees, insurance and loans to banks totalled £850bn.

The NAO figures also showed that the government has spent £117bn bailing out the banks.

And those keen beans at the NAO also broke down those figures; for those that want to know:

- £37 billion of shares in RBS and Lloyds Banking Group;
- …

The NAO figures also showed that the government has spent £117bn bailing out the banks.

And those keen beans at the NAO also broke down those figures; for those that want to know:

- £37 billion of shares in RBS and Lloyds Banking Group;
- a further £39 billion of shares in both banks;
- Bank of England indemnity against losses incurred in providing over £200 billion of liquidity support;
- guarantees of up to £250 billion of wholesale borrowing by banks;
- approximately £40 billion of loans and other funding to Bradford & Bingley and the Financial Services Compensation Scheme; and
- insurance cover of more than £600 billion of bank assets, reduced to just over £280 billion

Then there was the £107m which was spent on fees…

A bumper £32.6m was shared between accountancy firms PricewaterhouseCoopers, KPMG and BDO Stoy Harward.

Law firm Slaughter and May did uniquely well compared to its peers – it is expected to receive a total of £32.9m for legal advice between September 2007 to next March.

And the rest went to other financial advisers including Credit Suisse, Deutsche Bank, Citi, Goldman Sachs and Morgan Stanley.

More Top Stories