Brussels sprouts up to threaten to close banks down!

So the British government isn't really in charge. I knew that and most voters knew it last month. The eurocrats are in charge. Gordon Brown is the pudding stirrer but it is these wonders from the Wallonian wilderness who get to choose the ingredients. Sometimes it's all nice stuff, very tasty and tempting but likely to lead to overbloating. Sometimes, it's just a stick with no carrots!

They've allowed us to rescue the banks. Well, a lifeline more. If it isn't sorted in five years the lifeline gets cut. Philip Lowe, director general of the Commission's competition department, said that his officials were now looking at the long-term viability of Royal Bank of Scotland and Lloyds Banking Group and their ability to be weaned off state aid within five years. If they are unable to survive on their own, they will be closed down, as with other industrial sectors such as shipbuilding. "We will do that with the banking sector. We would impose a winding down if the viability of the bank isn't assured," said Mr Lowe.

So there you have it. De facto and de *****! Perhaps if Mr.Lowe is so keen to wind them down if they don't perform, he could start with the bonuses, which are still being squeezed out of the coffers like a wet blanket in the hands of a blancheseuse.

Posted in: banks,EU Commission,Lloyds TSB,Royal Bank of Scotland