Blog > Archive by tag 'mortgage lender'
“The deal’s being described as a private sector solution – but this could never have happened without government backing, for reasons we’ll go into in a moment.” — John Stepek
Blogger’s note: You may not have noticed, but two of the Big Five banks in the UK just agreed to a merger.
The news [...]
Tags: 12.2 billion, Bank of england, big five, central banks, financials, government backing, halifax, hbos, john Stepek, lloy, lloyds, london, Moneyweek, mortgage lender, scotland, takeover, uk
“So far HBOS has posted nearly GBP 4 billion (about $7.95 billion) in writedowns from the UK’s failing real estate market. And in lieu of selling chunks of itself to foreign banks to bring capital back into the company, HBOS’s shareholders just voted today to issue 1.5 billion new shares in a rights sale [...]