THE word from North of the Border is that 17 September 2008 will go down as Scotland's blackest day for 300 years. Nothing to do with Celtic's failure to beat Aalborg in the European Champions' League despite home advantage and a penalty chance.
No, the depression stems from the take-over of HBOS by Lloyds TSB in the latest financial shotgun marriage of the week.
The unlovely acronym HBOS stands for Halifax Bank of Scotland, which only confuses the issue. Is there a Halifax in Scotland? Probably not -- this is the Yorkshire Halifax whose long-establish Building Society merged its business with the Royal Bank of Scotland. The Halifax often used one of its singing employees, Howard Brown, in TV commercials but Mr Brown was dropped recently because his cheerful mien was thought inappropriate to more cautious economic conditions. Those who noticed that change should have sold their shares immediately.
Clearly, any diminution of HBOS's Scottish standing will be a blow to a nation which prides itself on its financial acumen and the angry comments of
Alex Salmond, leader of the Scottish Nationalist Party, were wholly predictable. But would he have preferred a total wipe-out of the company?
From all accounts that was a very real possibility as HBOS had increasing difficulty in finding the five million pounds it required every day to stay in business; sensing the crisis, shareholders began to sell.
Gordon Brown is said to have been involved in the subsequent deal - the right thing to do, but not likely to help Labour in the coming Glenrothes byelection.
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