Tag: bailouts

Ireland’s debt rating cut by Fitch

Ireland’s debt rating cut by Fitch

Ireland received yet another blow today after credit agency Fitch cut the country’s debt rating to A+ from AA- with a negative outlook. Fitch said the downgrade was due to massive banking bailouts, which have drained the economy, as well as uncertainty surrounding the fragile recovery. Fitch also cut the short-term foreign currency issuer default [...]

October 6, 2010 | 0 Comments More
US Government to sell Citigroup stake

US Government to sell Citigroup stake

The US Treasury Department has today announced it is selling its 27% stake in Citigroup this year, in what will be one of the largest stock sales ever. According to the department, around 7.7 billion shares in the bailed-out bank will be sold in stages. The stock is currently worth around $33 billion (£22 billion) [...]

March 29, 2010 | 0 Comments More
Radical shake-up of UK banking system needed

Radical shake-up of UK banking system needed

MPs are calling for a radical reform of the UK banking system so that taxpayers are not footing the bill for future bail-outs. In its latest report into the banking crisis, published today, the Treasury Select Committee said taxpayers would not stand for another bail-out of the banks and is urging ministers not to rule [...]

Report finds bank bailouts were ‘justified’

Report finds bank bailouts were ‘justified’

According to a review by the National Audit Office (NAO), the cost of propping up the UK’s failing banks was ‘justified’. The report by the NAO found that the cost of bailing out UK banks has hit £850 billion but the report concluded that the end result of protecting customers’ money and restoring financial stability [...]

December 4, 2009 | 0 Comments More
Stock markets give mixed response following bailouts

Stock markets give mixed response following bailouts

Shares on the FTSE 100 index recovered this morning on the news that the UK Government is to pump £37 billion into three of the country’s largest banks. The Government is to inject £20 billion into Royal Bank of Scotland (RBS) while a further £17 billion will be pumped into Lloyds TSB and HBOS. However, [...]

October 13, 2008 | 0 Comments More