Tag: Asset Protection Scheme

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
Royal Bank of Scotland dives back into the red

Royal Bank of Scotland dives back into the red

The Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has today announced it has plummeted back into the red with a £1.4 billion ($2.3 billion) pre-tax loss during the third quarter. This compares with a loss of £1.8 billion in the same period a year earlier but also compares unfavourably with [...]

November 5, 2010 | 0 Comments More
Government approves £1.3bn RBS bonuses

Government approves £1.3bn RBS bonuses

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 [...]

February 24, 2010 | 0 Comments More
RBS has heated argument with the Treasury over bonuses

RBS has heated argument with the Treasury over bonuses

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 [...]

December 4, 2009 | 0 Comments More
RBS board threaten to quit over bonus restrictions

RBS board threaten to quit over bonus restrictions

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 [...]

December 3, 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
Lloyds axes a further 5,000 positions

Lloyds axes a further 5,000 positions

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 [...]

November 10, 2009 | 0 Comments More
RBS losses escalate in third quarter

RBS losses escalate in third quarter

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 [...]

November 6, 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 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
Lloyds mulls over £15bn rights issue to avoid APS

Lloyds mulls over £15bn rights issue to avoid APS

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 [...]

October 8, 2009 | 0 Comments More
Lloyds reconsiders participation in Asset Protection Scheme

Lloyds reconsiders participation in Asset Protection Scheme

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 [...]

September 18, 2009 | 0 Comments More
RBS posts £44m loss for Q1

RBS posts £44m loss for Q1

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 [...]

May 8, 2009 | 0 Comments More
Barclays announces strong results despite financial turmoil

Barclays announces strong results despite financial turmoil

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 [...]

May 7, 2009 | 0 Comments More
Barclays finally agrees to sell off iShares division

Barclays finally agrees to sell off iShares division

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 [...]

April 10, 2009 | 1 Comment More
Barclays shares rise on strong balance sheet

Barclays shares rise on strong balance sheet

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 [...]

March 27, 2009 | 0 Comments More
Lloyds staff set to receive £80m bonus

Lloyds staff set to receive £80m bonus

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 [...]

March 9, 2009 | 0 Comments More
Barclays and Lloyds shares plummet amid bailout talks

Barclays and Lloyds shares plummet amid bailout talks

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. [...]