News Tag: Asset Protection Scheme
February 24, 2010
The UK Financial Investments Ltd (UKFI) has written to the Royal Bank of Scotland (RBS) to approve its £1.3 billion in bonuses to its investment bankers.
The Treasury, through the UKFI, had the right to veto any bonus deal after the bank participated in the Government’s Asset Protection Scheme (APS) - one of the conditions of participating in the scheme was to hand ...
Government approves £1.3bn RBS bonuses
by Kay Murchie
December 4, 2009
After a heated row with the Treasury, the Royal Bank of Scotland (RBS) has indicated that it will bow to pressure to cut executive bonuses.
It emerged yesterday that the board of RBS had threatened to quit under Government plans to veto bonus payments.
The threat of a mass exodus came as the bank said it was planning bonuses of ...
RBS has heated argument with the Treasury over bonuses
by Kay Murchie
December 3, 2009
The board of the Royal Bank of Scotland (RBS) have threatened to quit under Government plans to veto bonus payments.
Chancellor Alistair Darling is to be granted the right to veto bonus payments at the bank, following which the bank sought legal advice.
The threat of a mass exodus comes as the bank is planning bonuses of £1.5 billion to staff ...
RBS board threaten to quit over bonus restrictions
by Kay Murchie
November 24, 2009
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 average retail shareholder would pay £366.7 ...
Lloyds outlines details of record rights issue
by Kay Murchie
November 10, 2009
Lloyds Banking Group, which is 43% owned by the taxpayer, has today announced it will axe 5,000 jobs by the end of 2010, bringing its total number of job losses this year to 12,500.
Since its merger with HBOS last autumn, Lloyds has axed thousands of jobs due to overlap within the megabank.
However, a spokesperson for the banking giant said some ...
Lloyds axes a further 5,000 positions
by Kay Murchie
November 6, 2009
Royal Bank of Scotland (RBS) has today posted a £1.5 billion operating loss for the third quarter - down 60% compared with the second quarter.
The bank, which is now 84% owned by the taxpayers after receiving an additional £33.5 billion in state funding this week, has written off a further £3.3 billion in bad debts and other bad investments, down from ...
RBS losses escalate in third quarter
by Kay Murchie
November 3, 2009
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 a 43% stake in Lloyds after last autumn’s ...
Treasury confirms RBS and Lloyds sell-offs
by Kay Murchie
October 30, 2009
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.
Lloyds enrolled in the scheme in March ...
Lloyds to pay £2.5bn to escape APS
by Kay Murchie
October 25, 2009
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 mulling over a £12 billion ...
Lloyds continues to explore ways to escape APS
by Kay Murchie
October 8, 2009
In order to avoid participating in the Government’s Asset Protection Scheme (APS), Lloyds Banking Group is looking at ways to raise cash with one option being tapping investors for £15 billion - which would be the biggest ever rights issue in UK corporate history.
The banking giant, which is 43% owned by the taxpayer, is understood to be in ...
Lloyds mulls over £15bn rights issue to avoid APS
by Kay Murchie
September 18, 2009
Lloyds Banking Group is in discussions with the Government with regard to its participation in the Asset Protection Scheme (which insures against losses arising from toxic assets).
The banking giant, which is 43% owned by the taxpayer, enrolled in the scheme in March and planned to put £260 billion of loans and investments into the scheme (APS) - in return ...
Lloyds reconsiders participation in Asset Protection Scheme
by Kay Murchie
May 8, 2009
Royal Bank of Scotland (RBS) has today reported a pre-tax loss of £44 million for the first quarter of 2009, against a profit of £479 million for the same three month period in 2008.
Meanwhile, the bank wrote off £4.9 billion during the period while post-tax losses totalled £857 million.
At the end of February the bank, which is now majority-owned by ...
RBS posts £44m loss for Q1
by Kay Murchie
May 7, 2009
Barclays Bank has reported a 15% rise in pre-tax profits for the first three months of the year despite the financial maelstrom.
The bank posted pre-tax profits £1.37 billion, primarily due to its Barclays Capital investment banking division.
John Varley, Barclays chief executive, said the good performance "the continued benefit of diversification. We generated strong income growth across most business lines ...
Barclays announces strong results despite financial turmoil
by Kay Murchie
April 10, 2009
Barclays, who has continually resisted calls for taxpayer cash injections, is going to keep hold of 20 percent of its stake in iShares, although a deal will be finalised within the next few weeks as selling off the asset management business in needed.
It is being sold off to the private equity firm, CVC Capital Partners, for £3bn. However, Barclays ...
Barclays finally agrees to sell off iShares division
by Peter Charalambous
March 27, 2009
Shares in Barclays have surged this morning on the news that the Financial Services Authority has given the bank's balance sheet a clean bill of health, after a stress-test revealed the bank will not need fresh capital, should it sign up to the Government‘s Asset Protection Scheme.
Barclays stock gained 8.4% today to 151.9p and is up 44% this week alone. ...
Barclays shares rise on strong balance sheet
by Kay Murchie
March 9, 2009
Staff at Lloyds Banking Group are in line for an £80 million cash bonus in spite of the taxpayer stake increasing from 43% to 65% after it signed up to the Government’s Asset Protection Scheme over the weekend.
The scheme, which insures against losses arising from toxic assets, will see Lloyds commit to lending at least £28 billion over the next ...
Lloyds staff set to receive £80m bonus
by Kay Murchie
Barclays and Lloyds shares plummet amid bailout talks
by Kay Murchie
March 8, 2009
After days of negotiations, Lloyds Banking Group has now agreed to sign up to the Government’s Asset Protection Scheme.
The scheme, which insures against losses arising from toxic assets, will see Lloyds commit to lending at least £28 billion over the next few years.
As a result, the Government’s stake in the bank will rise from 43% ...
Lloyds to increase lending as it signs up to Asset Protection Scheme
by Kay Murchie
March 6, 2009
Lloyds Banking Group, created following the merger between Lloyds TSB and HBOS, is edging closer to reaching a deal with the Government, with regard to taking part in the Asset Protection Scheme.
The scheme, which insures against losses arising from toxic assets, will see the Government’s stake in the bank increase from 43% to 60%. Lloyds is ...
Lloyds edges closer to signing up to Government’s Asset Protection Scheme
by Kay Murchie
