DTA link, Imprezza Hello, my name is Nikolai Alessandros and I manage two small businesses.  My state-owned bank has a software problem with the result that all the funds paid in over the past week have failed to be credited to my accounts, whether by post, in-branch, or electronically. Across the two businesses there is now nearly a six figure sum due to me but presently floating in the ethernet, nor has my bank made payments on my behalf including statutory payments on behalf of my employees to Customs and Revenue who will now consider action for late payment.  I could of course telephone Customs and Revenue to explain but their call centre advises me it will take two to three weeks for someone to call me back.  I could instead write to them but their website advises that it will be eight weeks before anyone has time to read my letter.  In the mean time my employees are expecting their monthly salaries, the bank cannot guarantee to make the payments, they suggest we go to the branch and draw cash, many of my employees are on holiday no doubt looking forward to their bank account being topped up with their monthly salary…….. sadly this is not Greece but the state of affairs I faced yesterday in the UK, perhaps someone from RBS (can’t bear to call it Royal) would like to get on a plane and deliver the cash to my employees holidaying in Greece.
I am hugely relieved to report that yesterday’s little nightmare has passed and today the RBS systems at least appear to be functioning normally, however it provided an alarming insight as to what could go wrong.  As the EU leaders gather for yet another expensive summit on which Banking Regulation will appear high on the agenda perhaps they should realize that capital adequacy and over-lending issues are yesterday’s problem, that horse has bolted, for the future much greater risk lies in systemic failure or cyber-attack…

Another fine morning here, something different for the horses today, a few miles steady cantering up the tramlines in the barley fields, and great trip to the cinema last night to see The Angels’ Share, very enjoyable if you don’t mind plenty of Glaswegian “language”- good name for a horse that, taken sadly…