Word: loss
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Faced with a $42 billion loss at RBS and credit markets which appear to become more frozen as each day passes, the U.K. will move its economic rescue package beyond the banks into the system of private debt...
...government's insurance scheme will play a key role in efforts to prevent that. Under the plan, scheduled to run for at least five years, banks will pay a fee to the government for taking out a policy. Lenders will also shoulder a "first loss" amount - similar to the excess on an auto insurance policy - as well as roughly 10% of the remaining losses. In return for picking up the rest, the government will require banks to sign agreements binding them to increased rates of lending. Just how much risk that exposes the U.K. government to is unclear; the level...
...pumped $30 billion in emergency capital into the beleaguered Royal Bank of Scotland, the government on Monday upped its stake in the bank to almost 70% in order to help boost its lending capability. The timing could hardly have been worse: the bank announced on Monday that its losses for 2008 could be as high as $41 billion - by some stretch the biggest loss in British corporate history. Much of that loss is due to RBS's ill-timed acquisition of Dutch lender ABN Amro in 2007. "Yes, I'm angry at RBS and what happened," Brown conceded...
...deposit. It does this by seizing a bank when it fails and selling it off whole or in pieces, typically to another bank, for as much as it can get. The difference between what the bank sells for and how much is still owed depositors is the FDIC loss and comes out of its fund, which all banks are required to pay into...
...Selling failed banks is never a profitable business. But recently, as the credit crunch has gotten crunchier, the cost of cotton-balling kaput countinghouses has gotten a lot costlier. The FDIC had an average loss (based on deposits) of nearly 30% for the 23 bank deals it did in 2008, for which the FDIC released details, according to financial industry consulting firm Ely & Co. That is more than double the average loss of 13% the agency registered on bank rescues in the 17 years prior...