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News Tag: bail out

December 11, 2012

Northern Rock customers to receive windfall

by Jan Harris
Northern Rock customers to receive windfall
Northern Rock customers could receive a windfall of around £1,700 because of an error in the wording of loan statements. The mistake, made by the nationalised part of the bank, will cost UK taxpayers a total of £270 million. Up to 152,000 customers who took out personal loans of less than £25,000 will receive an average of £1,775 because information was ...

March 25, 2010

Budget 2010: Bailed out banks to lend more to businesses

by Kay Mitchell
In yesterday’s Budget, Chancellor Alistair Darling unveiled plans for rescued banks, Royal Bank of Scotland (RBS) and Lloyds Banking Group, to lend more to businesses. In a legally binding agreement, RBS and Lloyds, which are 84% and 41% owned by the taxpayer respectively, were rescued at the height of the financial crisis but there have been concerns that ...

October 21, 2009

BoE Governor calls for banks to be split

by Kay Mitchell
Bank of England Governor, Mervyn King, warned last night that a major rethink of how banks are structured is required. Addressing Scottish business leaders in Edinburgh last night, Mr King’s comments came after it was announced that public finances suffered their worst six months on record between April and September. In his speech, Mr King said that Government support for the ...

October 19, 2009

Japanese Government to bailout JAL

by Kay Mitchell
Japanese Government to bailout JAL
Asia’s largest carrier, Japan Airlines (JAL), is set to be bailed out by the Government after a restructuring plan was rejected by its creditor banks. The airline, like many others throughout the world, is struggling to stay afloat during the global economic downturn which has led to a slump in demand. Many airlines have been forced out of business as fewer people are ...

June 22, 2009

Struggling Japan Airlines receives 100bn yen bailout

by Kay Mitchell
Japan Airlines (JAL) is set to receive up to 100 billion yen (£635 million, $1 billion) in Government aid. JAL, which is Asia‘s biggest carrier, will receive the emergency loan on the condition that the airline's management improves and the way in which the company is run. Earlier this year, the airline predicted an annual loss of 34 billion yen as, along ...

June 21, 2009

Richard Branson urges Government not to bail out British Airways

by Kay Mitchell
Sir Richard Branson, founder of Virgin Atlantic, is urging ministers not to step in and bail out British Airways (BA). BA, along with many other airlines, has been struggling amid the economic downturn which put many airlines out of business last year. Earlier this month, BA admitted it was fighting for survival and asked 40,000 members of staff to ...

January 21, 2009

Pound plummets against dollar and euro

by David Masters
The British pound plunged to a 7½ year low against the US dollar yesterday amid concerns about the state of the UK banking sector. Plummeting to below $1.40, the pound hit its weakest rate against the dollar since 2001. Analysts suggested the latest bail-out of British banks prompted a pound sell-off, whilst others blamed the slide on record ...

January 7, 2009

Chancellor warns recession is far from over

by Gill Montia
Chancellor warns recession is far from over
Chancellor of the Exchequer Alistair Darling has admitted that 2009 will be a difficult year because the UK is far from through the recession. In an interview with the Financial Times, Mr Darling updated an earlier prediction that the downturn would run its course by the middle of the year. He said the forecast was based on evidence available at the ...

September 25, 2008

US Congress approves bail-out plan

by Kay Mitchell
US Congress have approved the $700 billion (£380 billion) financial rescue plan after a week of talks. The announcement comes after US billionaire investor, Warren Buffett, described the current financial turmoil as 'an economic Pearl Harbour'. Buffett, who is one of the world’s richest men, along with Treasury Secretary, Henry Paulson, and US Federal Reserve chief, Ben Bernanke, have been urging US Congress to ...

September 17, 2008

Global markets welcome AIG bail out

by Kay Mitchell
Global markets welcome AIG bail out
Insurance giant, AIG, has been bailed out by the US Federal Reserve after an $85 billion (£48 billion) rescue package The news has been welcomed by global stock markets after two days of panic selling following the collapse of US investment banking giant, Lehman Brothers. There were fears that AIG was heading the same way after credit ratings agencies Moody's and Standard ...