Two UK banks make it into World’s Top 50 Safest Banks list
The annual Top 50 World’s Safest Banks list for 2009 has been published with the HSBC and the Nationwide Building Society rated 18th and 46th respectively.
The two banks are the only two UK financial institutions to make it into New York-based Global Finance Magazine’s annual Top 50 list, which is in its 18th year.
However, Lloyds Banking Group, which is 43% Government-owned, and the Royal Bank of Scotland (70% owned by the Government), have dropped out of the list.
The ranking has become a recognised and trusted standard of credit worthiness for the entire financial world.
The list was complied through a comparison of the long-term credit ratings and total assets of the 500 biggest banks throughout the world by using ratings from Moody’s, Standard & Poor’s and Fitch.
Meanwhile, five banks from the US made the list with the Bank of New York Mellon Corporation the top-ranked US bank - coming in at number 32. However, no US bank appeared in the top 10.
Global Finance publisher, Joseph D. Giarraputo, comments: “It’s been a bumpy two years for the rating agencies and many of the banks they evaluate.”
“More than ever customers around the world are viewing long-term credit worthiness as the key feature of the banks with which they do business,” adds Giarraputo.
In first place was Germany’s KfW Bankengruppe, while France’s Caisse des Depots et Consignations was in second.
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Limited Company businesses are not allowed to trade if they are no longer able to cover their debts.
Why has the Government allowed the banks to trade in such a way that it has been necessary for the British public to bail them out allowing the National Debt to rise to the largest deficit in history which the British public will have to repay?
Why has not the current Goverment made balance sheets available for the start and finish of the previous period when Mr Brown was in charge of the UK finances?