Bank of England makes £1bn profit from bailouts after riding to rescue of high street lenders

Bank of England makes £1bn profit from bailouts after riding to rescue of high street lenders

business.timesonline.co.uk

The Bank of England revealed yesterday that it had racked up record profits of almost £1 billion in the year to February as its fee-earning activities burgeoned amid the global financial and economic turmoil.

During a crisis that has brought some of the mightiest forces in global banking to their knees — and some to collapse and oblivion — the Bank emerged as having thrived while famed commercial institutions foundered.

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So this is one of the places where "our" bail out money goes at the end of its travels.

Figures released yesterday in the Bank's annual report showed that in the 12 months to February 28 it raked in profits before tax of £995 million. This marks a more than fivefold rise from £197 million in 2008 and is the biggest figure since its establishment in 1694
business.timesonline.co.uk...

This looks like an enormous rise in profits in these times of economic resession?
To me it looks like it is cash in time for the powers that actualy own most of the money.

business.timesonline.co.uk
(visit the link for the full news article)

I guess at the end of the day not many people even care where "their" bail out money went.
Even if it did not go to the local factories and industries to save the economy and keep the jobs going.

Its been obvious from the beggining that someone was going to profit from all that money - and it wasnt going to be your average joe.
I care where my bailout money went - but i couldnt find out WHO it was going to and why. Why should i have to know? I am merely a slave to a system that demands my trust and ignorance.

Everyones making money except the people working the jobs.

I hope they make a bloody sight more than that over the years. We're going to need every penny.