mixed messages from Telegraph re NRK
They say 40% of debts are toxic later saying that £19 billion of good mortgages will go into a clean company.That would leave £67 - £19 b = £48 b as toxic in other words 70% of NRK portfolio might beregarded as toxic. This I would consider more likely. NRK was the first failure. When I named the other banks susceptible to failure at the time, I got the Doom treatment like Rocky. NRK is still one of many UK asset problems. The problem remains that the underlying asset on which leverage is made are houses now valued at £4.2 trillion, which were valued at £1.4 trillion in 1997. QE delays the day when this property balloon must be $%^&ed until after the next election.