Government Could Have Seat On Boards of Rbs and Hbos ; Economic Crisis

Birmingham Post › October 13, 2008

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Summary

The Government could take a majority stake in Royal Bank of Scotland as part of a pounds 35 billion lifeline being thrown to UK banks, it was reported yesterday.

RBS is to ask the Government to underwrite a pounds 15 billion cash call, while mortgage lender HBOS is requesting up to pounds 10 billion, with Lloyds TSB requiring pounds 7 billion and Barclays pounds 3 billion.

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Extract

Government Could Have Seat On Boards of Rbs and Hbos ; Economic Crisis

The moves, according to The Sunday Times, could result in the Government becoming the biggest shareholders in RBS and HBOS, potentially giving it seats on the boards of the banks. The sc...

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