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After announcing the recapitalisation measures in October 2008, the UK Government purchased an initial tranche of RBS shares in December 2008 totalling £20 billion; it then converted preference shares into ordinary shares in April 2009 and purchased a final tranche of shares in December 2009, taking the final total to £45.5 billion.
On Monday, 19 January 2009, a date previously known as Blue Monday, British banking shares collapsed in a rout of selling after Royal Bank of Scotland (RBS) announced the biggest corporate losses in British history. The shares fell over 67% in a single day. Shares in all other British banks suffered heavy losses.
In 2014, comedian Russell Brand staged a protest against bonuses outside RBS's offices in London. [67] RBS' central role in the financial crisis led to it being targeted by a protest camp, 'Occupy Edinburgh', who set-up outside their Head Branch on St. Andrews Square in October 2011. The camp was maintained for 108 days and included a number of ...
LONDON -- You might think that loyal Royal Bank of Scotland (ISE: RBS.L) (NYS: RBS) shareholders have suffered enough. But on top of a 1.5 billion pound loss in the first half of the year, the ...
Following the October 2008 bailouts of RBS, HBOS and Lloyds TSB together with Lloyds TSB's January 2009 merger with HBOS, the Government was holding a 43% stake in Lloyds Banking Group, but then on 6 March 2009, after it became apparent that the HBOS merger had been bad for Lloyds since HBOS had made losses of £11bn, the Government announced it would increase its stake in Lloyds to 65% (77% ...
From 2000 to 2008, he presided over RBS's rapid rise to global prominence as the world's largest company by assets (£1.9 trillion), [4] and fifth-largest bank by stock market value [5] and its even more rapid fall as RBS was forced into effective nationalisation in 2008. On 11 October 2008, Goodwin officially announced his resignation as chief ...
Following the effective nationalization of RBS in 2008, speculation arose as to whether RBS would retain Citizens Bank. In 2012, public pressure in the United Kingdom grew for RBS to focus on its home market and sell foreign assets, including Citizens Bank, in order for UK taxpayers to earn their money back.
After the nationalisation of Northern Rock, the Act allowed for the nationalisation of the mortgage and personal loan book of Bradford & Bingley on 29 September 2008. [ 5 ] On 8 October 2008, the Treasury announced that an order under the Act was being used to transfer all retail deposits with Heritable Bank , a UK-based banking subsidiary of ...