Rate climate boosts forex profits for RBS and HBOS

NEWS

LONDON -- Royal Bank of Scotland and HBOS -- the newly merged Halifax and Bank of Scotland -- reported strong dealing profits in their 2001 financial results announced last week. Both banks cited last year’s favourable interest rate climate as a boon to their trading businesses.

Brian Crowe, treasurer at RBS in London, told FX Week: "All dealing activities benefited from more favourable market conditions last year, resulting from interest rate cuts by the Federal Reserve, the Bank of England