NatEx won't take a hit claims Peston

The BBC's Robert Peston exposes NatEx's limited East Coast exposure.

National Express, has very limited financial exposure to the losses being incurred by NXEC, the holder of the East Coast franchise - and believes it can hand back the franchise to the government with near impunity.

As Shriti Vadera observed, TOC's are "thinly capitalised equity profiteers of the worst kind".