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’HSBC’s £10bn of ring-fence fears for UK banks
That ring-fencing idea — it’s just posturing, right? Right?
No?
We don’t know but a report out Wednesday by HSBC says we should take it very seriously given its broad political support.
And it looks like the markets are also doing so on Thursday:
Decoding the Lloyds IMS (updated)
There’s not much granular detail in Tuesday’s trading statement from Lloyds Banking Group, the part-nationalised British bank.
Hard numbers are few and far between (there’s just nine excluding repetitions),
People Column peeked through the herbacious borders…
…at the opening of the Chelsea Flower Show on Monday night.
And here is what they saw.
(Click below for the full slide show)
Competition
A signed copy of Fools Gold (updated with new preface and afterword) by the FT’s Gillian Tett on offer for the best caption to the above picture.
Presenting the UK’s second most widely held share
Banco Santander:
That’s right. Thanks to the takeover Abbey National and the rescue of Alliance & Leicester, the Spanish bank is the second most widely owned stock in Britain, with 1.8m private shareholders.
Splitting up RBS and Lloyds?
This extract from a speech just given by George Osborne, shadow chancellor, at the RSA think tank in London:
By dint of its substantial shareholdings, the government has a powerful influence over the future structure of the UK banking industry,
Nationalisation quote du jour
In some ways, it would be similar to a private equity investment… But unlike a private equity deal, the banks would go from being publicly listed to being publicly owned …
- “Let us have public ownership of Lloyds and RBS”
Lloyds Banking Group – ‘Yours, taxpayer’
HBOS today announces that, as at 11.00 a.m. on 9 January 2008, being the latest date for receipt of valid acceptances and settlement in full under the Open Offer, it had received valid applications in respect of 17,692,895 Open Offer Shares,
Weekend catch-up
In case you missed these stories:
- Rubin to quit Citigroup after 10 years
Robert Rubin, the former US Treasury secretary, on Friday said he would leave Citigroup after a controversial decade on its board,
Weekend catch-up
In case you missed these stories:
- Austria takes control of Bank Medici
Bernard Madoff’s alleged $50bn fraud on Friday claimed its biggest victim to date as the Austrian government was forced to take control of Bank Medici,
Challenge to HBOS deal to proceed
A last-ditch legal challenge to Lloyds TSB’s takeover of HBOS will be heard next week by the Competition Appeal Tribunal, just days before HBOS shareholders are due to vote on the contentious tie-up.
Some hope for the Save HBOS campaign
From Bloomberg:
The U.K.’s Competition Appeal Tribunal will review a challenge to Lloyds TSB Group Plc’s 6.4 billion- pound ($9.4 billion) takeover of HBOS Plc that was filed by a Scottish group opposed to the deal.
Lloyds TSB chief hits cost of bail-out
The chief of Lloyds TSB has criticised the cost of the government’s bail-out of the banking industry and blamed it for helping to discourage lending. In a video interview with the FT (here), Eric Daniels
Lloyds TSB investors back HBOS rescue
Lloyds TSB investors have overwhelmingly backed the bank’s controversial rescue of HBOS and its plans to raise £5.5bn of capital despite concerns expressed by a handful of shareholders. Several hundred investors gathered in Glasgow to hear Sir Victor Blank,
Blame Buiter
Wondering why HBOS, LLoyds TSB and RBS were in freefall on Monday – down 14, 12 and 11 per cent, respectively?
Tuck in to Willem Buiter’s Maverecon blog at FT.com – Could the UK face a sterling crisis,
UK Treasury considers bank preference shares
The UK Treasury is considering offerering pension funds and other City investors the chance to buy lucrative preferred shares in key banks to reduce the public cost of its bailout plan, reports The Times.
Scottish bankers hit at HBOS-Lloyds TSB deal
Two of Scotland’s most prominent bankers are to appeal to HBOS shareholders to preserve the bank’s independence as officials warned HBOS could be in effect nationalised if its takeover by Lloyds TSB fell through.
HBOS/Lloyds TSB – call it off
That’s what The Economist declared in a leader column on Friday.
Reason? The deal was forged in a moment of panic and, on sober reflection, it is simply anti-competitive:
The government may think that Lloyds’s managers,
Lloyds TSB in stake talks with sovereign wealth funds
Lloyds TSB is in talks with up to ten Middle Eastern and Asian sovereign wealth funds and with British insurers and pension funds about selling stakes in a merged Lloyds-HBOS group, with a preliminary deal expected by January,
Profits goal for UK public bank stake
The taxpayer’s multi-billion pound stake in the British banking industry is to be managed by a new “arm’s length” company, whose aim is to ensure that nationalisation yields a profit. Sir Philip Hampton,
Snap news
The latest on Monday,
- HBOS to raise £11.5bn new capital; Lloyds TSB to raise £5.5bn – statement
- HBOS takes £3.8bn writedown – statement
- Lloyds TSB reclassifies trading portfolio, takes £114m writedown – statement
- SocGen reports results early,
Snap news
The latest on Thursday,
- Standard Life reports small dip in reserves – statement
- Lloyds TSB announces revised board, Tim Tookey as finance director – statement
- Corporate results: British American Tobacco,
Lloyds, HBOS won’t get £17bn if they don’t merge
Lord Mandelson, the new secretary of state for business, enterprise and regulatory reform, said Lloyds TSB and HBOS will not get their £17bn rescue package unless the planned merger between the two banks goes ahead,
Lloyds chief tells staff: you’ll still get bonuses
The Guardian reports the CEO of Lloyds TSB, one of the banks participating in the UK’s £37bn bank bailout, has promised staff they will receive bonuses this year despite Gordon Brown’s promise of a crackdown on bankers’ pay following the investment by taxpayers.