Tag: APS

RBS posts 2010 loss of £1.13bn

RBS posts 2010 loss of £1.13bn

Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has today reported a net attributable loss of £1.13 billion for the 2010 year. While the loss is down from the £3.6 billion reported for 2009, it was higher than analysts had expected. The results are also a significant improvement on the £24.1 [...]

February 24, 2011 | 0 Comments More
RBS in talks to leave APS early

RBS in talks to leave APS early

There is speculation that the Royal Bank of Scotland (RBS) is in talks with the Treasury about its early exit from the Government’s Asset Protection Scheme (APS). The scheme, which insurers against losses arising from toxic assets, was established in 2009 to boost confidence in the system following the financial crisis in autumn 2008. It [...]

January 21, 2011 | 0 Comments More
Asset Protection Scheme did not boost lending, says NAO

Asset Protection Scheme did not boost lending, says NAO

The National Audit Office (NAO) has published a report on the Government’s Asset Protection Scheme (APS) and concluded that it failed in its aim of boosting bank lending. The scheme, which insurers against losses arising from toxic assets, also did not charge sufficient fees to the banks which participated. The scheme was established in 2009 [...]

December 21, 2010 | 0 Comments More
RBS bankers join rival firms over bonus row

RBS bankers join rival firms over bonus row

According to The Sunday Times, over 1,000 investment bankers have left the Royal Bank of Scotland (RBS) after a heated row with the Treasury over bonuses. The investment bankers account for less than 5% of staff in the bank’s investment division and comes as the Government plans to veto bonus payments at the bank. The [...]

December 6, 2009 | 0 Comments More
Lloyds outlines details of record rights issue

Lloyds outlines details of record rights issue

Lloyds Banking Group has today embarked on the biggest rights issue on record by asking shareholders to buy 1.34 new Lloyds shares for each one they already own. The rights issue price of 37p is slightly higher than expected but still heavily discounted at 59.5% on Monday’s closing price of 91.47p. According to Lloyds, the [...]

November 24, 2009 | 0 Comments More
Treasury confirms RBS and Lloyds sell-offs

Treasury confirms RBS and Lloyds sell-offs

A major overhaul of the UK banking industry has been confirmed by the Treasury today with plans for Royal Bank of Scotland (RBS) and Lloyds Banking Group to sell off bank branches. The shake-up comes as the Government hopes to create more competition within the industry. The Government holds a 70% stake in RBS and [...]

November 3, 2009 | 0 Comments More
Lloyds to pay £2.5bn to escape APS

Lloyds to pay £2.5bn to escape APS

According to press reports this evening, banking giant Lloyds is to pay the Government a fee of £2.5 billion to avoid the Government’s Asset Protection Scheme (APS). For some time now, there have been reports that Lloyds Banking Group has been exploring ways to avoid the scheme, which insures against losses arising from toxic assets. [...]

October 30, 2009 | 0 Comments More
Lloyds confirms plans for rights issue

Lloyds confirms plans for rights issue

Lloyds Banking Group has today confirmed it is considering a rights issue, in order to repair its balance sheet which was battered following the takeover of rival HBOS, as well as avoiding participating in the Government’s Asset Protection Scheme (APS). There has been speculation that the bank, which is 43% owned by the taxpayer, has [...]

October 29, 2009 | 1 Comment More
Lloyds continues to explore ways to escape APS

Lloyds continues to explore ways to escape APS

Lloyds Banking Group is reported to be embarking on a massive fundraising scheme, in order to repair its balance sheet which was battered following the takeover of rival HBOS, as well as avoiding participating in the Government’s Asset Protection Scheme (APS) . The bank, which is 43% owned by the taxpayer, is understood to be [...]

October 25, 2009 | 0 Comments More