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    Britain to rescue HBOS, RBS, Lloyds, Barclays on Monday- report

    HotNewsTurkey Staff
    12.10.2008 - 10:15 | Son Güncelleme: 12.10.2008 - 15:57

    Britain will launch its biggest retail bank rescue on Monday while the four largest banks, HBOS, Royal Bank of Scotland, Lloyds TSB and Barclays ask for a 35 billion pounds ($60.5 billion) lifeline, the Sunday Times reported on Sunday.

    The unprecedented move would make the government the biggest shareholder in at least two banks, HBOS and Royal Bank of Scotland, the newspaper said on its website while it did not give a named source for its information.  

     

    The Royal Bank of Scotland (RBS), which has seen its market value fall to below 12 billion pounds ($20.7 billion), was to ask ministers to underwrite a 15 billion pounds ($25.9 billion) cash call, the Sunday Times said.

     

    Halifax Bank of Scotland (HBOS), Britain’s biggest provider of mortgages, is seeking up to 10 billion pounds ($17.2 billion), Lloyds TSB, in the process of acquiring HBOS in a rescue merger, wants 7 billion pounds ($12,1 billion), and Barclays needed 3 billion pounds ($5.1 billion), the report added.

     

    The scale of the fundraising could lead to trading at the London stock market being suspended and would give time for the market to digest the impact of the moves, the report also said.

     

    'This is the biggest risk of the Britain’s balance sheet ever undertaken. No-one knows the extent of the toxic assets these banks are exposed to,' the newspaper quoted an economist who declined to be named.

     

     

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