Why aren’t we all in Monte Carlo driving Ferraris?
Northern Rock, according to the FTs 28 June edition, ‘surprised the City yesterday by saying it had been caught out by the effect of higher funding (i.e. interest rate) costs…warning that profits would be below forecasts… ‘Adam Applegarth , chief executive said: ‘If anyone had forecast a 70 basis point increase in two-year swap rates …
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