Bank gave secret 62bn loan to HBOS and RBS November 24, 2009 THE Bank of England has revealed for the first time that it lent Royal Bank of Scotland (RBS) and HBOS £61.6bn in a bid to save the financial system from collapse. Governor Mervyn King yesterday admitted a secret deal had been done last November as the lenders struggled for survival. But the undercover nature of [...]
Cable would carve up rescued lenders July 20, 2009 AS Tory shadow chancellor George Osborne was laying out his blueprint for regulatory reform, Liberal Democrat counterpart Vince Cable was proposing his own solutions to the financial crisis, including the break-up of Royal Bank of Scotland and Lloyds Banking Group. Speaking at the London Stock Exchange, Cable said: “The Lloyds-HBOS merger should be unscrambled … [...]
Cable would carve up rescued lenders July 20, 2009 AS Tory shadow chancellor George Osborne was laying out his blueprint for regulatory reform, Liberal Democrat counterpart Vince Cable was proposing his own solutions to the financial crisis, including the break-up of Royal Bank of Scotland and Lloyds Banking Group. Speaking at the London Stock Exchange, Cable said: “The Lloyds-HBOS merger should be unscrambled … [...]
Darling and Osborne clash on secret loans November 25, 2009 A row broke out yesterday in the House of Commons after chancellor Alistair Darling and FSA boss Hector Sants defended the decision to keep secret the £61.6bn of emergency loans handed by the Bank of England to RBS and HBOS last year at the peak of the financial crisis. The loan facilities – £36.6bn for [...]
UKFI close to naming chair July 26, 2009 UK FINANCIAL Investments (UKFI) – the body which manages the government’s stakes in Lloyds Banking Group and Royal Bank of Scotland – will have a new chairman within weeks, sources said yesterday. The Treasury is leading the search for a candidate to chair UKFI and is believed to have placed Sir David Cooksey, a former [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 3, 2010 FINANCIAL TIMES AXA PUTS SPOTLESS UP FOR SALE Spotless, the French maker of laundry and cleaning products, could become the latest “pass-the-parcel” deal between private equity groups, after Axa Private Equity put it up for sale with a €600m-€700m price tag. A recent recovery in debt markets has encouraged private equity groups to become more [...]
Lloyds battles to keep Treasury at bay August 10, 2009 BACK in March when Lloyds Banking Group was first negotiating the terms of a deal to insure £260bn of its most toxic assets, there were constant suggestions that chief executive Eric Daniels would resist anything that resulted in the government taking its 42 per cent stake in the bank to more than 50 per cent. [...]
Lloyds battles to keep Treasury at bay August 10, 2009 BACK in March when Lloyds Banking Group was first negotiating the terms of a deal to insure £260bn of its most toxic assets, there were constant suggestions that chief executive Eric Daniels would resist anything that resulted in the government taking its 42 per cent stake in the bank to more than 50 per cent. [...]
Oils and miners bring FTSE higher, while banks also rise August 20, 2009 BRITAIN’S leading share index gained 1.4 per cent as stocks enjoyed a broad-based recovery yesterday, with heavyweight oils and miners in demand as raw material prices rose while financials also rallied. By the close, the FTSE 100 was 66.91 points higher at 4,756.58, having reversed earlier losses to close slightly higher on Wednesday. The UK [...]
Bank results set to reveal 2009 leaders January 13, 2010 JPMORGAN will kick off the most controversial earnings season in Wall Street’s history tomorrow when it unveils a sharp rise in pre-tax profits. Having used the recession as an opportunity to consolidate Bear Stearns and Washington Mutual, the investment and retail banking titan is in an enviable position. Analysts forecast a rise in net income [...]