Word: hbos
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...purchase along with the government. But under the deal, those shares yield no dividends until the government recoups its stake, which it will hold in non-voting preference shares. So no one is expecting many private takers, leaving the government shouldering around 60% of RBS. At Lloyds TSB and HBOS - rival U.K. lenders in the midst of a merger - plans to offer as much as $29 billion in fresh funds would give the government roughly 40% of the combined group...
...sheet. "It's immensely regretful we're coming to shareholders to raise funds again," said RBS chairman Tom McKillop. "It's something we feel bad about." So bad, in fact, that McKillop now plans to quit next year; RBS CEO Fred Goodwin resigned Monday, as did his counterpart at HBOS...
...world is in the grips of a perilous market crunch, the boom is over and tough times loom. The U.K.'s FTSE-100 stock index has nosedived in recent days and is down about 35% in the past year. Three famous British banks have already imploded - Northern Rock, HBOS and Bradford & Bingley. And after a dramatic plunge in the stock price of other banks, the deeply rattled British government came to the rescue on Oct. 8, announcing an emergency $88 billion recapitalization package. The City has been through enough slumps to know what to expect next: layoffs, shrinking bonuses...
...ended up nationalizing and whose near failure raised serious questions about the effectiveness of U.K. banking regulation. Then came a damaging political storm over the taxing of "non-doms" - wealthy foreigners who move to Britain and are taxed only on their U.K. income. Following last month's rescues of HBOS and Bradford & Bingley, the big question now is what sort of new regulatory measures will be put in place as a result of the current market meltdown. Fraser, the City's policy head, is hoping that any changes will be peripheral. "We'd be in much greater danger if financial...
...spoke, the future for British banking was looking grim. Behemoths such as HBOS and the Royal Bank of Scotland group had seen their shares fall by 39% and 42% respectively on Tuesday, continuing a trend set at the beginning of the week as the FTSE 100 racked up its biggest fall in 21 years. Last month the government was forced to nationalize the mortgage lender Bradford & Bingley, and earlier this year it took over another debt-ridden bank, Northern Rock, guaranteeing the deposits of retail customers. Britain's protection scheme for private-sector banks guarantees deposits only...