News Tag: bailout
February 3, 2010
The European Commission has met today to discuss Greece’s tough austerity measures which will see the weakest economy of the euro zone tackle its spiralling debt.
The Commission confirmed it will support the country’s plans which include a public sector pay freeze and a hike in fuel taxes.
However, the European Commission will closely monitor progress and has demanded an interim report by ...
European Commission confirms support for Greece
by Kay Murchie
Greece unveils measures to cut soaring debt
by Kay Murchie
January 29, 2010
Figures from Eurostat have today revealed that the number of people unemployed across the euro zone grew to 15.8 million in December.
The latest figures mean that the unemployment rate across the 16 countries that use the euro is 10% - the highest rate since 1999.
Analysts believe that the unemployment rate will continue to rise across the region in ...
Euro zone unemployment rate reaches 10%
by Kay Murchie
January 14, 2010
US President Barack Obama has pledged to repay taxpayers the losses they are owed from bailing out the banks as he criticised bankers for the "massive profits and obscene bonuses."
The President said: "My commitment is to recover every single dime the American people are owed.
"My determination to achieve this goal is only heightened when I see reports of ...
Obama pledges to recoup losses for American taxpayers
by Kay Murchie
January 4, 2010
Shares in troubled Japan Airlines (JAL) soared 31% today after it was revealed that the Japanese Government had asked the state-owned Development Bank of Japan (DBJ) to double JAL’s credit line to JAL to 200 billion yen (£1.4 billion).
The airline has already used 55 billion yen of the 100 billion yen credit line set up by the DBJ.
The extra funding ...
JAL shares recover after Government loans deal
by Kay Murchie
December 15, 2009
After the $700 billion (£430 billion) bailout of the banking industry, US President Barack Obama has now asked banks to do their part and increase lending to small and medium-size businesses.
A meeting yesterday with executives from Goldman Sachs, JP Morgan Chase and Citigroup, among others, came a day after Mr Obama said he had not run for ...
Obama tells US banks to increase lending to SMEs
by Kay Murchie
December 7, 2009
Struggling Japan Airlines (JAL) saw it shares soar 7% to 107 yen today after speculation that the Japanese Government is looking to guarantee about 700 billion yen ($7.8 billion; £4.7 billion) in loans to the debt-laden airline.
Since 2001, JAL, which is Asia’s largest carrier, has been bailed out four times by the Government.
The airline has been struggling amid the global ...
JAL shares up on Government funding rumours
by Kay Murchie
December 3, 2009
Bank of America is to repay the $45 billion (£27 billion) of US Government bailout funds.
The banking giant received the funds at the height of the financial crisis after accepting the Troubled Asset Relief Program (TARP).
The repayment of the loan will see the bank escape curbs on executive pay, which in turn, has hindered its search for a new chief executive.
Outgoing ...
Bank of America to repay bailout
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
August 11, 2009
The Royal Bank of Scotland (RBS) warned this week that the UK's economy will not start recovery until 2011.
Stephen Hester, chief executive, expects unemployment to continue rising.
The journey to economic recovery will be a "marathon" rather than a "sprint", Hester said.
"I believe we are coming out of the problems but when we start coming out it doesn’t mean that ...
RBS: No economic recovery until at least 2011
by David Masters
May 20, 2009
US Treasury Secretary, Timothy Geithner, expects US banks to repay $25 billion (£16 billion) of bailout funds over the next 12 months.
According to Mr Geithner, the money will be put towards helping other financial institutions in need of assistance.
Mr Geithner told Congress it is imperative that the Government protect the remaining $123.7 billion in its $700 ...
US Treasury anticipates $25bn to be repaid by bailed out banks
by Kay Murchie
May 5, 2009
UBS, which is Switzerland's largest, bank, has reported a first quarter loss of SwFr1.98 billion (£1.2 billion).
The bank said the losses were attributed to write-downs on risky investments. However the loss was less than the SwFr9.5 billion reported for the fourth quarter of 2008.
The Swiss bank is among one of the worst hit victims of the sub-prime crisis due ...
UBS reports first quarter loss of SwFr1.98bn
by Kay Murchie
April 30, 2009
Crippled van maker LDV, owned by Russian oligarch Oleg Deripaska, announced yesterday that the company had applied to go into administration on 6th May, but trade unions are calling for the government to give a £4 million bailout sum, in order to keep the manufacturer going while rescue talks are underway.
LDV is faced with administration due to the fact that the ...
Van maker LDV files for administration
by Peter Charalambous
April 27, 2009
It has been reported by The Sunday Times that the Government is planning to sell crisis-torn Northern Rock by the end of the year.
Under a plan to retrieve some the hundreds of billions of pounds injected into the banking sector, the Government is preparing to divide the nationalised lender into two: one good and one bad bank, according to the newspaper.
It ...
Government plans to sell Northern Rock
by Kay Murchie
April 23, 2009
The nationalised mortgage lender, Northern Rock, has announced plans today to increase lending over the next two years to £14 billion to Britain's homebuyers.
Having sought out a £25 billion bailout from the Bank of England in February last year, it is now in a position to help the stumbling property industry with up to £5 billion of that lending occurring within 2009.
Despite ...
Northern Rock’s £14bn mortgage surge
by Peter Charalambous
March 9, 2009
This morning, Barclays saw its shares plummet almost 10% prior to talks with the Government with regard to a taxpayer bailout.
According to a report in the Guardian, Barclays is set to hold talks with the Government with regard to taking part in its Asset Protection Scheme, which insures against losses arising from toxic assets.
Royal Bank of Scotland (RBS) and ...
Barclays and Lloyds shares plummet amid bailout talks
by Kay Murchie
February 25, 2009
Following on from Monday’s announcement that Northern Rock is set to return to the mortgage market by lending £14 billion over the next two years, Royal Bank of Scotland (RBS) and Lloyds Banking Group are set to increase loans to homeowners and SMEs in exchange for £500 billion of taxpayers' assistance.
Discussions are currently taking place between ...
RBS and Lloyds to follow Northern Rock by boosting mortgage lending
by Kay Murchie
February 19, 2009
Figures released by the Office for National Statistics today have revealed that national debt could be pushed up by as much as £1.5 trillion, following the bailouts of Royal Bank of Scotland (RBS) and Lloyds TSB.
Billions of pounds were injected into the two banks last autumn to prevent them from collapse. Furthermore, both Northern Rock and Bradford & Bingley ...
Bank bailouts push national debt up by £1.5tn
by Kay Murchie
February 2, 2009
Allied Irish Bank (AIB) and Bank of Ireland are set to receive €3.5 billion each from the Irish Government and are in discussions on providing insurance against potential losses from bad debts arising from constructions projects and land deals.
Under the terms, should any loans have to be written off, the Government will take 80% of the value of the insured ...
Ireland’s two largest banks in Government bailout
by Kay Murchie
