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Tag Archive: bail out

  • Ireland’s banks allocated €35bn in IMF bail-out

    Agreement has been reached between the Irish Government and the International Monetary Fund for an €85 billion bail-out of the Republic, with €35 billion set aside to stablise the country’s banking system. Around €10 billion is needed for immediate recapitalisation, … Read more »

  • Think-tank warns of new bank bail-out

    A leading independent think-tank is warning that UK banks may need a further bail-out, despite having received “at least £1.2 trillion” of taxpayer support. In a new report, nef (the new economics foundation) claims that some of the major high … Read more »

  • US banks to repay “every single dime” of bail out cash

    America’s largest banks are to repay $117 billion to the US taxpayer. President Barack Obama has announced a new levy aimed at recouping the money needed to bail out the country’s financial institutions, as a result of the financial crisis. … Read more »

  • B&B to split good and bad loans

    The nationalised element of Bradford & Bingley (B&B) is to be split into one good and one bad bank, The Times has reported. The move is aimed at speeding up the repayment of the £18.4 billion in taxpayer money used … Read more »

  • Allied Irish announces €1.5bn fundraising

    Despite a €3.5 billion government bail out, Allied Irish Bank (AIB) looks set to raise further €1.5 billion (£1.3 billion) to bolster its capital strength. Irish authorities rescued the Republic’s biggest lender in February but since then credit rating agency, … Read more »

  • Spain rescues its first bank

    Spanish authorities have reluctantly rescued their first bank. News of the imminent collapse of Caja de Ahorros Castilla La Mancha (CMM) emerged over last weekend, since when the country’s central bank has taken control of the regional lender. The bail-out … Read more »

  • Allied Irish and Bank of Ireland in €8bn bail-out

    The Irish Government is proposing to invest up to €4 billion each in Allied Irish Bank and Bank of Ireland. The need for the recapitalisation of the Republic’s two leading banks has been pressing for some weeks and following discussions … Read more »

  • HSBC confident of retaining independence

    HSBC is unlikely be taking advantage of the Government’s latest bank bail-out scheme, announced yesterday. The group says it cannot envisage circumstances where it would need help from the Treasury and hopefully its executives are not lacking in imagination. At … Read more »

  • Government announces second bank bail-out

    The Government has today announced extensive measures to shore-up the UK’s banking industry and help restore lending. The Treasury is backing new guarantees for loans and mortgages and extending the £250 billion credit guarantee scheme that formed part of the … Read more »

  • Lloyds Banking Group defensive over Government shareholding

    Lloyds Banking Group, the entity formed out of the merger of Lloyds TSB and HBOS, is reported to be hostile to government proposals to convert its holding of preference shares in the new group into ordinary shares. The Government currently … Read more »

  • Barclays shares plummet as banking crisis enters a new phase

    UK bank shares took a pounding on Friday, with Barclays’ stock losing 25% of its value and shares in the majority state-owned Royal Bank of Scotland closing 13% down. Fears that the global banking crisis is entering a new phase … Read more »

  • Government considers second bail out for banks

    The banking sector, which has already been given £37bn to recapitalise by the British Government, may have a second bail out. Although the government’s action did stabilise the banking sector at a critical time, credit markets remain stubbornly tight and … Read more »

  • Banking system on the brink of collapse prior to rescue

    Interviewed on the BBC’s Panorama programme screened last night, the Deputy Governor of the Bank of England has admitted that the Bank underestimated the severity of the economic crisis. Sir John Gieve explained that it had forecast a correction but … Read more »

  • Irish government primed for €5bn bank bail out

    The Irish government is about to throw a €5 billion lifeline to its three biggest banks, according to reports in the press. Unnamed sources have informed Dublin’s Sunday Business Post and the Irish edition of The Sunday Times that the … Read more »

  • RBS passes to majority state-ownership

    Royal Bank of Scotland (RBS) is to become majority state-owned. The bank’s latest recapitalisation involved the Government underwriting a £15 billion rights issue, at 65.5p a share, having already committed to buying £5 billion of RBS preference shares, paying annual … Read more »

  • Lloyds TSB chief tells staff bonuses will be paid

    The chief executive of Lloyds TSB, Eric Daniels, has told his staff that where bonuses are due, they will be paid. Last week, the bank, which is in the process of negotiating a merger with HBOS, announced that it would … Read more »

  • Bank rescue package backed by £500bn

    The full extent of the Government’s efforts to stem the collapse of UK High Street banks is emerging. The full package involves a £500 billion commitment. Banks can call on £50 billion of taxpayers’ money to bolster their balance sheets … Read more »

  • Dexia SA centre stage for next European bank rescue

    Following the rescue of European banking and insurance giant, Fortis, over the weekend, Dexia SA, the Belgium-based bank that lends to local governments, is the next European financial institution on the verge of collapse. The Belgium government and Dexia’s shareholders … Read more »

  • Fannie and Freddie rescue a relief for UK banks

    The US Treasury has taken control of Freddie Mac and Fannie Mae, the US mortgage entities that buy-up mortgages from banks and other lenders and sell them on to investors. The combined companies own or guarantee $5,500 billion worth of … Read more »