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A second bank rescue package totalling at least £50 billion was announced by the British government on 12 January 2009, as a response to the then-ongoing Financial crisis of 2007–2008. The package was designed to increase the amount of money that banks could lend to businesses and private individuals.
The transaction "open bank" was facilitated by the FDIC and with the concurrence of the United States Department of the Treasury, and the Board of Governors of the Federal Reserve Bank. The FDIC guaranteed to Citigroup to cover any losses on the Wachovia banking portfolio greater than $42 billion, in exchange for $10 billion in preferred stock.
Banks that accepted rescue packages had restrictions on executive pay and dividends to existing shareholders, as well as a mandate to offer reasonable credit to homeowners and small businesses. [15] The long-term government plan was to offset the cost of this program by receiving dividends from these shares, [ 16 ] and in the long run, to sell ...
In October 2008, the Labour Government of the UK introduced a bank rescue package as a response to the 2007–2008 financial crisis.The Northern Rock bank had already been nationalised following its collapse in 2007, the government subsequently part-nationalised Bradford & Bingley, Lloyds Banking Group and the Royal Bank of Scotland.
2008 United Kingdom bank rescue package; 2009 United Kingdom bank rescue package; 2008–2009 Belgian financial crisis; 2008–2011 Icelandic financial crisis; Great Recession in Russia; 2008–2009 Ukrainian financial crisis; 2008–2014 Spanish financial crisis; Post-2008 Irish banking crisis; Venezuelan banking crisis of 2009–2010
In January 2009 Lloyds TSB Group bought HBOS, the company formed from the merger of Halifax plc and the Bank of Scotland, and renamed itself Lloyds Banking Group. [11] In 2009, following the UK bank rescue package, the Government of the United Kingdom took a 43.4% stake in Lloyds Banking Group, which later announced that it would sell a ...
Lloyds Banking Group: bank $8.38 bln [82] Bank of China: bank $2.0 bln [24] Industrial and Commercial Bank of China: bank $0.448 bln [83] Bloomberg, May 19, 2008;
The remainder of the Lloyds TSB business would be rebranded as Lloyds Bank. [61] Lloyds Banking Group reached a Heads of Terms agreement in July 2012 to sell the Verde branches to The Co-operative Bank for £750 million. [62] [63] The final transfer of TSB Bank plc to the new owner was due to be completed by late 2013.