Tag: nationalisation

RBS may be fully nationalised

RBS may be fully nationalised

The Government is believed to be considering plans to buy the 18 per cent of the Royal Bank of Scotland (RBS) it doesn’t already own, bringing the bank under full public ownership. The government purchased 82 per cent of the bank for £45 billion in a rescue deal at the height of the credit crunch. […]

August 2, 2012 More
Bank of Ireland looking to raise €2.2bn

Bank of Ireland looking to raise €2.2bn

Bank of Ireland has today revealed it is looking to raise €2.2 billion (£1.86 billion) of capital, in a move designed to meet the conditions of the country’s bailout package. The capital raising would bring the crisis-torn lender close to nationalisation. The bank is currently 36% owned by the Government and the news emerged shortly […]

November 29, 2010 More
ESRI calls for Irish banks to be nationalised

ESRI calls for Irish banks to be nationalised

According to Alan Barrett, a research professor at the Economic and Social Research Institute, Irish ministers should move to nationalise banks and end the uncertainty instead of buying property loans. The focus needed is to end the uncertainty and Finance Minister, Brian Lenihan, plans to clean up banks by removing the bad debt built up […]

Small stockbrokers benefit from big banks’ failure

Small stockbrokers benefit from big banks’ failure

Smaller stockbrokers are winning more clients as a result of the economic downturn, the Sunday Times reported this week. According to research seen by The Times, larger stockbrokers such as Dresdner Kleinwort and UBS are losing clients to smaller rivals such as Collins Stewart and Cenkos. UBS, for example, has lost more than 20% of […]

RBS in third rescue package as it moves closer to nationalisation

RBS in third rescue package as it moves closer to nationalisation

Royal Bank of Scotland (RBS), which today entered the history books with the largest UK corporate loss, is set to receive a further £13 billion injection from the Government in return for more shares. The latest injection of funds means the taxpayer’s stake in Britain’s second largest bank could reach as high as 95% and […]

US Government may increase stake in troubled Citigroup

US Government may increase stake in troubled Citigroup

According to the Wall Street Journal, the US Government is in talks with Citigroup to increase its stake in the struggling bank. Shares in Citigroup plummeted for a sixth consecutive session last Friday amid speculation that it would have to be nationalised in order to survive. It is believed that the Government could end up […]

Lloyds shares hit by nationalisation rumours

Lloyds shares hit by nationalisation rumours

Lloyds Banking Group shares have fallen further this morning after closing more than 30% down on Friday following the news of a potential £10 billion loss at HBOS. Lloyds, which is 43% owned by the taxpayer, saw its shares fall 7.4p to 54p this morning amid speculation that the Government may be forced to inject […]

Lloyds warns of potential £10bn loss at HBOS

Lloyds warns of potential £10bn loss at HBOS

Lloyds Banking Group shares took a pounding on Friday after it warned of multi billion pound losses at HBOS, the bank it rescued last September. Shares in Lloyds, which is 43% owned by the taxpayer, plummeted 40% within a few minutes of the news being announced, but recovered slightly to close at 61.4p. Chief executive […]

RBS set to report massive losses, talk of nationalisation

RBS set to report massive losses, talk of nationalisation

Royal Bank of Scotland (RBS) is set to report massive losses for the 2008 year and there is speculation that the Government will have to fully nationalise the struggling bank. Shares in the bank plummeted by 67% today to 11.6p following the news. Other banks also lost ground with Lloyds Banking Group shares closing down […]

Fears for Citigroup and Bank of America due to nationalisation rumours

Fears for Citigroup and Bank of America due to nationalisation rumours

US banking giant Citigroup saw its shares plummet 21% in early trading today due to rumours that the group could be nationalised. Furthermore, analysts at Bank of America issued a sell note for Citigroup, attributing to the fall in its share price. Wall Street also panicked over the financial health of Citigroup and its balance […]

Northern Rock shareholders seeking compensation

Northern Rock shareholders seeking compensation

Northern Rock shareholders are to enter the High Court this week demanding compensation to contest the way in which the stricken bank was nationalised in February 2007. The firm’s biggest former investor SRM Global has brought the case, with RAB Capital and 150,000 private investors. However, it is not the nationalisation itself that shareholders are […]

Iceland slashes interest rates by 3.5%

Iceland slashes interest rates by 3.5%

Iceland’s central bank, Sedlabanki, slashed interest rates today, earlier than scheduled, from 15.5% to 12% following a disastrous couple of weeks for the country. The country faced a near-collapse of its banking system after the country’s three largest banks, Glitnir, Kaupthing and Landsbanki, were nationalised recently. Meanwhile, the stock exchange was closed following a three-day […]

Santander to acquire B&B‘s branches and £20bn savings business

Santander to acquire B&B‘s branches and £20bn savings business

The BBC reported over the weekend that troubled buy-to-let lender Bradford & Bingley (B&B) was set to be nationalised. It has emerged this morning that Spanish bank, Santander, which recently agreed to buy Alliance & Leicester, is to acquire B&B’s £20 billion savings base and its network of 197 branches. According to sources, talks ran […]

Taxpayers face £1 billion loss due to nationalisation of Northern Rock

Taxpayers face £1 billion loss due to nationalisation of Northern Rock

The Government’s own advisers, Goldman Sachs, have warned that taxpayers could lose up to £1.28 billion due to the nationalisation of crisis-torn Northern Rock. Northern Rock was nationalised in February after the Government rejected takeover bids from the board of Northern Rock and a consortium led by Sir Richard Branson’s Virgin Group. A judicial review […]