Banks’ £37bn rescue plan unveiled

Monday 13th October 2008, 9:33AM BST.

bankofengland.jpgThe government is to inject up to £37bn of taxpayer cash into Royal Bank of Scotland (RBS) Lloyds TSB and HBOS.

RBS is to raise £20bn, with chief executive Sir Fred Goodwin quitting the firm after his bank was forced to go to the Treasury for the bail-out.

A further £17bn will be put into HBOS and Lloyds TSB. Barclays intends to raise £6.5bn without government help.

The plans mean taxpayers will own about 60% of RBS and 40% of the merged Lloyds TSB and HBOS.

What do you think? Post your comments below. 


  1. 1
    Sparton 117

    Cool wonder if they will clear me loan for free now as i own 40% lol

    Report abuse



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