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Xenophon
13th October 2008, 09:28
Peston calls it 'nationalisation Jim, though perhaps not precisely as we know it'.

http://www.bbc.co.uk/blogs/thereporters/robertpeston/

So what it is then?

BrilloPad
13th October 2008, 09:31
how much control will the government have?

Xenophon
13th October 2008, 09:33
how much control will the government have?

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4932250.ece

Sensational headline, but will there be any Government Board members? Doubtful, but who knows.

HairyArsedBloke
13th October 2008, 09:56
When I said the term ‘nationalisation’ was not really appropriate I was slagged-off. However, my objection to the terms use was largely based on last weeks plan for the government to hold preference shares. Now that they are going to be holding ordinary shares then that objection is weaker.

The Prime Minister and Chancellor have made it clear that the holding is temporary and at ‘arms length’ which will not please those leftie idiots who believe this to be the dawn of a new socialist utopia.

realityhack
13th October 2008, 10:07
Texted a few banker mates asking how they like their new lives as civil servants! :laugh

What's the atmosphere like over in your clientco Xen? Bit subdued here.

Xenophon
13th October 2008, 10:36
What's the atmosphere like over in your clientco Xen? Bit subdued here.

It's. Oh. So. Quiet.

chef
13th October 2008, 10:44
http://www.telegraph.co.uk/news/3187946/Financial-crisis-Banks-nationalised-by-Government.html

summary:

"The Government has begun nationalising the British banking industry, pumping £37 billion of taxpayers' money into Halifax Bank Of Scotland (HBOS), Royal Bank of Scotland and Lloyds TSB."

"RBS will receive £20 billion of capital from the Government - leaving taxpayers holding a 63 per cent stake in the company.

A further £17 billion is to be injected into the merged HBOS-Lloyds TSB, meaning 41 per cent of the new "superbank" will effectively be owned by the public.

Before the merger, taxpayers will own around 58 per cent of HBOS and 30 per cent of Lloyds TSB."

Meanwhile, Barclays has insisted that it will raise £6.5 billion in new capital itself and does not need the Government's help. If its plan succeeds, Barclays will become the only major British-owned High Street bank to be fully independent.

The only big bank that does not need cash is the foreign-owned HSBC. "

37 billion divided by 61 million (wikipedia 2007 uk population estimate)..

that calculates to £606 of debt for every man/woman and child we have just all taken on thanks to Gordon Brown

Moscow Mule
13th October 2008, 10:49
that calculates to £606 of debt for every man/woman and child we have just all taken on thanks to Gordon Brown

Not really, it's £606 we've all spent on next to worthless banking shares, a slight, but perceptible difference :wink.

realityhack
13th October 2008, 10:50
£606 of debt for every man/woman and child we have just all taken on thanks to Gordon Brown
And the rest...

Add NR and B&B into the mix, and divide that by the amount of taxpayers. :eek

tay
13th October 2008, 10:57
"RBS will receive £20 billion of capital from the Government - leaving taxpayers holding a 63 per cent stake in the company.

:rollin: And they still arent getting places on the board... only in the UK! :rollin:

Xenophon
13th October 2008, 13:28
http://news.bbc.co.uk/1/hi/scotland/7666647.stm


The government is to appoint three directors to the RBS board and two to Lloyds TSB.

Do we think this means that the government will have bods on the boards, or does it just refer to replacing those that are offski (Goodwin, Hornby, etc.)?