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	<title>Comments on: How much is enough? The HBOS edition</title>
	<link>http://ftalphaville.ft.com/blog/2008/04/28/12649/how-much-is-enough-the-hbos-edition/</link>
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	<pubDate>Sat, 06 Sep 2008 03:29:40 +0000</pubDate>
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	<item>
		<title>by: Anonymous</title>
		<link>http://ftalphaville.ft.com/blog/2008/04/28/12649/how-much-is-enough-the-hbos-edition/#comment-19110</link>
		<pubDate>Mon, 28 Apr 2008 10:45:03 +0000</pubDate>
		<guid>http://ftalphaville.ft.com/blog/2008/04/28/12649/how-much-is-enough-the-hbos-edition/#comment-19110</guid>
					<description><![CDATA[HT - thanks.  Might wade through the detail later!]]></description>
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		<title>by: Helen Thomas</title>
		<link>http://ftalphaville.ft.com/blog/2008/04/28/12649/how-much-is-enough-the-hbos-edition/#comment-19086</link>
		<pubDate>Mon, 28 Apr 2008 10:14:20 +0000</pubDate>
		<guid>http://ftalphaville.ft.com/blog/2008/04/28/12649/how-much-is-enough-the-hbos-edition/#comment-19086</guid>
					<description><![CDATA[Morning Monkey,  more detail in the linked story - but think Caz's point is that Hbos only has to mark to market in the P&L on their trading book so you're looking at a £2.4bn portfolio to worry about, not £7.1bn.  The rest gets marked to market through the AFS reserve and doesn't hit regulatory capital - unless there's a realised loss through defaults or it's sold at a loss.

Agree that ultimately you've still got a bunch of stuff not worth as much as it was - but their point is that a straight read across of -50% from RBS doesn't work in terms of the current need for a capital raising.]]></description>
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		<title>by: Monkey</title>
		<link>http://ftalphaville.ft.com/blog/2008/04/28/12649/how-much-is-enough-the-hbos-edition/#comment-19080</link>
		<pubDate>Mon, 28 Apr 2008 09:57:22 +0000</pubDate>
		<guid>http://ftalphaville.ft.com/blog/2008/04/28/12649/how-much-is-enough-the-hbos-edition/#comment-19080</guid>
					<description><![CDATA[Does it really matter whether Cazenova believe HBOS are going to see underlying losses related to defaults on its books?   If the market thinks differently and they mark to market they have an accounting loss and they will need to cover it surely?  Unless they dont mark-market.  Which is worse.  Or is it?  I don't think there is an easy answer to this question - and it is a question that is causing massive problems to monolines and anyone else who has perceived high quality debt that no one wants to buy for love nor money.]]></description>
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		<title>by: VP</title>
		<link>http://ftalphaville.ft.com/blog/2008/04/28/12649/how-much-is-enough-the-hbos-edition/#comment-19078</link>
		<pubDate>Mon, 28 Apr 2008 09:42:48 +0000</pubDate>
		<guid>http://ftalphaville.ft.com/blog/2008/04/28/12649/how-much-is-enough-the-hbos-edition/#comment-19078</guid>
					<description><![CDATA["If" they do come out with a rights issue, it further raises questions about bank management - heavy buyers of their own shares on that "criminal" tank (seemingly not criminal to fail to put out a "no reason" RNS whilst buying your own co's shares).

Hard to have faith in any of them to see beyond the end of their own noses - Fred saying no rights issue needed, and all raising their divis at a time when the market was showing with housebuilers and share prices which way the wind was blowing.]]></description>
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