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  • Banks To Get £37bn From Taxpayer

    Sky News
    Monday, Oct 13, 2008

    The Government says it has agreed to bail out three high street banks – RBS, HBOS and Lloyds TSB – to the tune of £37bn.

    The announcement came after Royal Bank of Scotland said it would be raising £20bn of new capital including £5bn in cash from the Government.

    As part of the deal the bank’s under-fire chief executive Sir Fred Goodwin is to stand down.

    Lloyds TSB is also to raise £5.5bn of new capital, and is also revising the terms of its takever of rival HBOS.

    (Article continues below)

    Barclays has confirmed it plans to raise more than £6.5bn of extra capital from investors to strengthen its balance sheet.

    The group also said it will not be paying a £2bn dividend for the 2008 financial year.

    The huge bail-out will leave foreign-owned HSBC as the UK’s only major, fully independent High Street bank.

    Full article here

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    One Response to “Banks To Get £37bn From Taxpayer”

    1. IFO Says:

      Just for the record the 5 biggest bank’s took out 195 million’s NoK ( 1 $ = 5,5 Nok) in EXTRA Bonuses in 2007 for their chief’s, i see now how they have earned that extra pocket money….


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