Chairman Sir Victor Blank and chief executive Eric Daniels held urgent meetings with the bank’s top investors, trying to persuade them they had no choice but to let the Government take majority control in return for insuring £260bn of toxic assets.
Lloyds shares crashed 6%, falling 3.3p to 38.7p. When the Government bought its initial […]
The deal was intended to save HBOS from collapse but instead the once successful Lloyds has been dragged down with its former rival.
Over the weekend Lloyds was effectively nationalised after the Government agreed to take a stake of up to 77% in return for a £260bn bailout.
Meanwhile, the portfolios of more than […]
The society, which has 35 branches, also reined in lending dramatically last year as it decided to keep out of a rapidly deteriorating housing market. That saw net new lending almost halve from £1.35bn to £723m.
At the same time the amount it wrote down against likely bad loans among its customers jumped dramatically from […]
Lloyds Banking Group and the Treasury were thrashing out terms of a deal to insure more than £250bn of the bank’s toxic assets.
It would see the taxpayer increase its stake in Lloyds from 43% to as much as 70%. But Lloyds is reluctant to hand too much control to the Government and the bank and […]
The country’s 8.5m pensioners with savings have lost massively through the base rate collapsing from 5% in October to 0.5% yesterday.
Many of them rely on the income from their savings accounts for their day-to-day survival.
Last night, the country’s biggest pensioner group warned that yesterday’s cut would push a further 50,000 older people below the […]
Some of the money would help the tens of thousands of elderly people who are forced to sell their houses to pay for residential care.
The call came in advance of a Government green paper which is expected to set out long-term reforms of the system.
But the Joseph Rowntree Foundation - which has led complaints […]
A staggering £2.3bn was pulled from bank deposit accounts in January, and a further £390m was withdrawn from building societies as the rates on savings plunged to an alltime low.
Meanwhile, a record £1bn was ploughed into corporate bond funds in the same month.
These are effectively IOUs issued by companies on which they pay interest.
But […]
While some are seeking to cash in on the rise of the euro, others have found the cost of running a holiday home or retiring on the Continent too high as the pound has fallen to historic lows.
Foreign currency broker HiFX has seen a 180% rise in the amount of euros being converted into […]
Millions face hefty car insurance price rises and the cost of travel cover could double if firms are no longer able to take customers’ ages into account when assessing risk, insurers claim.
All other forms of insurance will also be hit by the ‘unintended consequences’ of the Government’s legislation, the Association of British Insurers said.
But […]
Demands for fresh bailouts for financial giants HSBC and AIG sparked a rout in global stocks.
The bad news from both sides of the Atlantic pushed the FTSE down 204.26 points to 3625.83, the first time it has closed below 3,700 since April 2003, just after British and US troops invaded Iraq.
Investors switched into panic-selling […]
© 2008 Daily Financial News