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Government to take majority stake in RBS

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posted on Oct, 12 2008 @ 05:29 AM
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Treasury sources confirmed that the Government had drawn up plans to take on a majority stake in Royal Bank of Scotland and big holdings in Lloyds TSB, HBOS and Barclays under its £500bn plan to bail out the banking industry.

Talks were continuing this weekend, added the source, warning that it was a fast-moving environment.

The Government is expected to invest £12bn in RBS, £10bn in HBOS, £7bn in Lloyds TSB and £3bn in Barclays, following request for the emergency funding from the banks

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Analysts believe a further 20 per cent fall in bank shares this week would leave the Government with little option but to nationalise virtually the entire sector.

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Governmen t to become majority stakeholder in British banks

An announcement will be made tomorrow before the markets open and there are rumours that stock markets might not open tomorrow - or for the whole week!

UK government is expected to become the majority stake holder in HBOS and the Royal Bank of Scotland on Monday.




posted on Oct, 13 2008 @ 01:32 AM
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Lets see what happens today, not long to go now.
Hang Seng been good so far today.



 
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