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....This is the first time criminal action has been taken against any senior bankers for events dating to the 2008 financial crisis. At the time, Barclays raised billions of pounds from Qatar in a move that allowed the bank to avoid taking a taxpayer bailout. ... [Read full article on Guardian ]
Tuesday 20th of June 2017 06:48:09 AM
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....Last year the bank shed more than 500 jobs as part of a plan to replace the staff giving investment tips with “robo-advisers”. The bank has been trying to cut costs since a £45bn government bailout nearly 10 years ago at the height of the financial crisis. ... [Read full article on Guardian ]
Sunday 25th of June 2017 03:48:43 PM
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.... Even worse, the fundamentals of the system that made it possible were retained intact. It is feasible that some of the top brass at Barclays will now go to jail for the way they raised billions from Qatar to avoid a government bailout – though the accused deny breaking any laws. ... [Read full article on Guardian ]
Friday 23rd of June 2017 06:39:41 PM
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. Barclays has paid out an estimated £18bn in bonuses since 2008, the year it raised almost £12bn to bolster its financial position and avoid a taxpayer bailout. ... [Read full article on Guardian ]
Tuesday 20th of June 2017 06:01:43 PM
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.... It is the notion that the Serious Fraud Office should have let whatever sleeping dogs there might be lie in the Barclays case. This argument holds that, whatever went on with the bank and Qatar in 2008, the UK Treasury avoided having to fund another expensive banking bailout, to sit alongside those at Royal Bank of Scotland and Lloyds TSB. ... [Read full article on Guardian ]
Tuesday 20th of June 2017 06:05:43 PM
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. The European Union authorities seem to be making up the rules on banking bailouts as they go along. ... [Read full article on Guardian ]
Monday 26th of June 2017 03:18:46 PM
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....John Varley, 61, is viewed as the archetypal patrician British banker. He was the first bank boss to apologise during the financial crisis, and was proud of steering Barclays through the crisis without need for a government bailout. ... [Read full article on Guardian ]
Tuesday 20th of June 2017 02:17:46 PM
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Latest Finance News related to Bailout

RBS to cut hundreds of UK jobs in move to India image
Source : Guardian [Read Article] Sunday 25th of June 2017 03:48:43 PM
....Last year the bank shed more than 500 jobs as part of a plan to replace the staff giving investment tips with “robo-advisers”. The bank has been trying to cut costs since a £45bn government bailout nearly 10 years ago at the height of the financial crisis. ...
Jailing Barclays bankers won’t save us from another financial crash | Joris Luyendijk image
.... Even worse, the fundamentals of the system that made it possible were retained intact. It is feasible that some of the top brass at Barclays will now go to jail for the way they raised billions from Qatar to avoid a government bailout – though the accused deny breaking any laws. ...
Athens: thousands of public-sector workers march against austerity image
Source : Guardian [Read Article] Thursday 22nd of June 2017 06:41:34 PM
....5bn (£7. 4bn) of bailout funds aimed at putting the debt-stricken nation back on the road to recovery. ...
SFO has clear public interest in pursuing Barclays case | Nils Pratley image
.... It is the notion that the Serious Fraud Office should have let whatever sleeping dogs there might be lie in the Barclays case. This argument holds that, whatever went on with the bank and Qatar in 2008, the UK Treasury avoided having to fund another expensive banking bailout, to sit alongside those at Royal Bank of Scotland and Lloyds TSB. ...
Paul Myners: Barclays realised taxpayer bailout would hit bonuses image
Source : Guardian [Read Article] Tuesday 20th of June 2017 06:01:43 PM
. Barclays has paid out an estimated £18bn in bonuses since 2008, the year it raised almost £12bn to bolster its financial position and avoid a taxpayer bailout. ...
Barclays: who are the four charged bankers? image
Source : Guardian [Read Article] Tuesday 20th of June 2017 02:17:46 PM
....John Varley, 61, is viewed as the archetypal patrician British banker. He was the first bank boss to apologise during the financial crisis, and was proud of steering Barclays through the crisis without need for a government bailout. ...
Senior Barclays bankers charged with fraud over credit crunch fundraising image
....This is the first time criminal action has been taken against any senior bankers for events dating to the 2008 financial crisis. At the time, Barclays raised billions of pounds from Qatar in a move that allowed the bank to avoid taking a taxpayer bailout. ...
The eurozone must reform or die | Kenneth Rogoff image
Source : Guardian [Read Article] Friday 16th of June 2017 05:00:00 AM
....But all is not well. Greece is still barely growing, after experiencing one of the worst recessions in history, although those who blame this on German austerity clearly have not looked at the numbers: with encouragement from left-leaning US economists, Athens mismanaged perhaps the softest bailout package in modern history. ...
Creditors agree terms to disburse Greece's €8.5bn bailout funds image
Source : Guardian [Read Article] Friday 16th of June 2017 12:05:16 AM
....5bn (£7. 4bn) of bailout funds aimed at putting the debt-stricken nation back on the road to recovery. ...
Greek bailout funds on the cards as creditors narrow differences image
Source : Guardian [Read Article] Thursday 15th of June 2017 05:25:49 PM
. Greece is on track to receive vital bailout funds, after its international creditors narrowed their differences in a long-running dispute about the country’s vast debt mountain. ...
Democrats say Dodd-Frank repeal is 'wrong choice' image
Source : BBC [Read Article] Friday 9th of June 2017 08:42:41 PM
....Democrats are slamming a Republican bid to dismantle financial rules put in place after the 2008 crisis as the "wrong choice" for the country. House Republicans approved a sweeping measure on Thursday that would ease rules on banks, weaken consumer protection and scrap federal bailouts for major financial institutions. ...
Republicans take aim at Dodd-Frank financial rules image
Source : BBC [Read Article] Thursday 8th of June 2017 02:18:10 PM
....A Republican push to overhaul US banking rules put in place after the 2008 financial crisis may be gaining momentum. The US House of Representatives approved a bill on Thursday that would scrap federal bailout powers, ease requirements on banks and weaken the Consumer Financial Protection Bureau. ...
Santander and RBS haunted by ghost of financial crisis image
Source : Guardian [Read Article] Wednesday 7th of June 2017 06:00:26 PM
. The shadow of the 2008 financial crisis loomed over the banking sector again on Wednesday when a Spanish lender was rescued from collapse by Santander and Royal Bank of Scotland racked up a £1bn bill to end a legal battle sparked by the bailouts by UK taxpayers nearly a decade ago. ...
RBS court case called off but some investors still refuse settlement image
Source : Guardian [Read Article] Wednesday 7th of June 2017 11:58:42 AM
.... Nash said he expected a significant number of the 13% yet to sign up would do so. The bailed-out bank offered to double the amount of compensation agreed with shareholders who lost out when they backed the rights issue, which took place six months before the bank teetered on the brink of collapse and required a £45bn taxpayer bailout. ...
Some RBS investors still refuse settlement image
Source : BBC [Read Article] Wednesday 7th of June 2017 11:29:00 AM
....A nine-year battle between RBS and angry shareholders ended at the High Court on Wednesday as a judge agreed to stop the case. The majority of the RBS Shareholders Action Group of 9,000 investors have agreed to accept a £200m settlement relating to a £12bn bailout in 2008. ...
Fred Goodwin escapes high court appearance as RBS settles lawsuit image
Source : Guardian [Read Article] Tuesday 6th of June 2017 11:50:13 AM
....New funding is needed after Trevor Hemmings, the football club owner and businessman who had previously been funding the case, accepted the offer. Goodwin has kept a low profile since leaving RBS at the time of its taxpayer bailout in October 2008. ...
Greece approves $8bn Chinese-backed resort project outside Athens image
Source : Guardian [Read Article] Friday 2nd of June 2017 06:57:42 PM
.... Now the consortium plans to build a 200-hectare (494-acre) park along with apartments, hotels and shopping malls at the site, which also includes some venues from the 2004 Olympics. Greece committed to sell off state assets under the terms of the international bailout keeping its economy afloat since 2010. ...
Three Mile Island faces shutdown without financial rescue from Pennsylvania image
....Exelon and other nuclear power plant owners have made the pitch that zero-carbon nuclear plants are better suited than natural gas or coal to fight climate change. So-called nuclear bailouts have won approval in Illinois and New York but the potential for higher utility bills in Pennsylvania is drawing pushback from energy companies, manufacturers and consumer advocates. ...
Greece warns recovery threatened if debt deal is blocked at next talks image
....“It is incumbent on all sides to find a solution,” he told foreign correspondents. “There is very little point in entering a [bailout] programme if the goal is not to leave the programme. ...
Greek minister warns 'no excuses' on bailout deal image
Source : BBC [Read Article] Monday 29th of May 2017 06:28:57 PM
. The Greek finance minister has warned there are "no excuses" for the country not to receive the next instalment of its multi-billion-dollar bailout. ...
Judge expects update on Royal Bank of Scotland settlement negotiations image
....The investors are bringing their claim against RBS, Goodwin and three former directors. The last time Goodwin – who left RBS in the wake of the 2008 bailout – accounted for his actions in public was in February 2009 when he had appeared before MPs and issued a “profound and unqualified apology for all of the distress that has been caused”. ...
Brighter skies over eurozone as growth and employment pick up image
Source : Guardian [Read Article] Saturday 27th of May 2017 03:00:30 PM
....Greece has the highest unemployment and youth unemployment in the eurozone, and households have been hurt by austerity policies pushed through to appease international creditors. More recently, sentiment has been hit by uncertainty about Athens’s ability to afford loan repayments that fall due in July after eurozone finance ministers meeting this month failed to agree a deal to unlock a tranche of bailout funds for Greece. ...
Tax on test: do Britons pay more than most? image
Source : Guardian [Read Article] Saturday 27th of May 2017 06:00:20 AM
....Gross salary £100,000After tax £59,000Tax rate 41%. While Ireland remains a low-tax haven for giant multinationals, its resident population has suffered steep tax increases after its banks collapsed and it was forced into a £57bn IMF-EU bailout. ...
RBS shareholders refuse to settle in effort to force Goodwin to take stand image
....”. Mitchell said the public deserve to hear more about what led to the bank’s £45bn taxpayer-funded bailout after it nearly collapsed in 2008. ...
Former Anglo Irish chair Seán Fitzpatrick walks free as trial collapses image
....The chair of the bank that almost bankrupted Ireland has walked free from a Dublin court after being acquitted of misleading auditors about multimillion-euro loans. Seán Fitzpatrick was once head of the country’s biggest bank, Anglo Irish, which ended up requiring a €30bn (£26bn) government bailout and sent the country cap in hand to the International Monetary Fund for support. ...
Talks to avert RBS court case to continue into June image
Source : Guardian [Read Article] Wednesday 24th of May 2017 06:35:03 AM
....Some 15% of the group of investors who have yet to agree a settlement have died, 35% are pensioners, and 20% live abroad, according to court documents reported by Bloomberg. The bank has settled with 87% of the shareholders who brought claims relating to the 2008 rights issue, which took place six months before its £45bn taxpayer bailout. ...
How can Macron unite Europe? He could start with its armies | Hans-Werner Sinn image
.... Even if every member of the German parliament agreed to transfer part of Berlin’s fiscal sovereignty to a European-level institution, such a decision could still be made only through a formal referendum. Germany’s powerful constitutional court has already made it clear that eurozone bailouts and other interventions represent the outer limits of what is possible under the country’s basic law. ...
Last-ditch RBS talks continue as court is adjourned for a second day image
Source : Guardian [Read Article] Tuesday 23rd of May 2017 08:55:34 AM
.... But it is thought the bailed-out bank is offering about £200m to the 9,000 private shareholders and a handful of major City institutions over their claim that they were misled during the £12bn cash call. The rights issue, at the time a record-breaking fundraising, took place six months before the £45bn taxpayer bailout of the Edinburgh-based bank that left shareholders nursing heavy losses. ...
No bailout funds for Greece as eurozone finance chiefs fail to agree deal image
.... He said he hoped for a deal at the next eurozone meeting on 15 June. The eurozone-IMF standoff is the final obstacle to Greece unlocking a tranche of bailout funds that will let it repay €7. ...
Greece fails to secure fresh bailout funds image
Source : BBC [Read Article] Monday 22nd of May 2017 11:40:41 PM
. Greece has failed to secure a deal to unlock the next instalment of its multi-billion-dollar bailout after talks with eurozone finance ministers broke down. ...
RBS could rob us of the chance to see Fred Goodwin grilled in court | Nils Pratley image
....RBS’s attempt to settle with the 9,000 shareholders who claim they were misled into backing the £12bn rights issue in 2008 is not a great surprise. Chief executive Ross McEwan seems sick of a case that reminds the outside world of the state-backed bailout that happened six months after the rights issue was launched in April 2008. ...
Portugal back to fiscal health, says EU image
Source : BBC [Read Article] Monday 22nd of May 2017 11:27:55 AM
.... . After its 2011 bailout, Portugal saw austerity policies under a centre-right government until elections in 2015. ...
RBS offers £200m to avert court case brought by 9,000 investors image
Source : Guardian [Read Article] Monday 22nd of May 2017 07:15:06 AM
. Royal Bank of Scotland is racing to avert a high-profile court case by offering £200m in compensation to thousands of investors who claim they were misled into buying the bank’s shares in the run-up to its taxpayer bailout. ...
RBS court battle with investors adjourned image
Source : BBC [Read Article] Monday 22nd of May 2017 12:12:00 AM
....Legal action brought by 9,000 investors who are seeking compensation from Royal Bank of Scotland after losing money on shares has been adjourned for 24 hours. Investors say they were misled over the bank's financial health in the run-up to its near-collapse and £45bn government bailout in 2008. ...
RBS shareholders take battle over cash call to high court image
Source : Guardian [Read Article] Sunday 21st of May 2017 01:03:31 PM
. A £520m case is scheduled to begin in the high court on Monday that will scrutinise the months leading up to Royal Bank of Scotland’s £45bn bailout at the height of the financial crisis. ...
Car loans, low rates, second mortgages: all the ingredients for a new credit crunch image
.... It will, as the current RBS chief executive Ross McEwan put it, “take the organisation back to 2008”. As it is, McEwan is still grappling with problems that date back a decade: the multibillion-pound penalty from the US authorities over the mis-selling of mortgage bonds, and disposal of 300 branches demanded by the EU as punishment for its bailout. ...
Five minute guide to investing in the UK's big banks image
Source : Daily Express [Read Article] Sunday 21st of May 2017 12:01:00 AM
....AJ Bell investment director Russ Mould says that even after accounting for the £3. 6billion cost of borrowing funds for the bailout, taxpayers are slightly ahead: “This is well beyond the expectations of many at the height of the financial crisis. ...
Ex-RBS boss Fred Goodwin returns to spotlight in £520m court battle image
....Goodwin is scheduled to appear at the high court over two days starting on the day of the general election, 8 June. It will be the first time Goodwin has been forced to publicly account for the bank’s £45bn taxpayer bailout since politicians on the Treasury select committee questioned him in February 2009. ...
Greece adopts more austerity measures in bailout bid image
Source : BBC [Read Article] Thursday 18th of May 2017 10:22:53 PM
. Greece's parliament has approved a new package of austerity measures needed to release the next instalment of its multi-billion-dollar bailout. ...
Greeks walk out in general strike over cuts image
Source : BBC [Read Article] Wednesday 17th of May 2017 08:32:45 AM
....MPs are set to vote on controversial reforms on Thursday that will cut pensions and end tax breaks. The left-wing Syriza government needs to make further savings before eurozone finance ministers agree to hand over further loan cash as part of its latest bailout deal. ...
Share sale returns Lloyds to private sector image
Source : BBC [Read Article] Tuesday 16th of May 2017 04:54:38 PM
....3bn of public funds used to buy the shares had already been recouped due to dividend payments made to all shareholders. At last week's annual meeting, Lloyds chief executive António Horta Osorio told shareholders he expected the government to make at least £500m from the bailout. ...
Tata Steel offers to pump £550m into closed pension fund image
Source : BBC [Read Article] Tuesday 16th of May 2017 04:01:04 PM
....". The size of the deficit at the old British Steel pension scheme is estimated to be between £300m and £400m, but the cost of a full bailout could range between £1bn and £2bn if Tata Steel UK went bust. ...
Greek economy sinks back into recession image
Source : BBC [Read Article] Tuesday 16th of May 2017 11:01:53 AM
.... . Greece is still struggling to secure a new bailout from international lenders. ...
Final taxpayer shares in Lloyds Banking Group to be sold off image
Source : Guardian [Read Article] Sunday 14th of May 2017 02:28:48 PM
....Eight years after pumping in £20bn to prevent the bank from collapsing, taxpayers will no longer own any shares in an institution that was created in the depths of the financial crisis when Lloyds TSB rescued HBOS. The share sale, in the midst of the general election campaign, will highlight the contrast between the progress of Lloyds and that of Royal Bank of Scotland, which is still 73% owned by the government and has yet to make an annual profit since its bailout. ...
Lloyds chief says taxpayer to make £500m on bank rescue image
Source : BBC [Read Article] Thursday 11th of May 2017 04:26:56 PM
....The taxpayer will make a profit of about £500m on the £20. 3bn bailout of Lloyds Bank Group during the financial crisis, its chief executive said. ...
Greece will avoid default after bailout deal – but faces more austerity image
....”. The deal ends more than six months of intense wrangling over the fiscal and structural reforms that Athens must implement in exchange for loans from its third, €86bn bailout programme. ...
UK needs £15bn in cuts or tax rises to clear deficit by 2022, says IFS image
....”. The financial crisis that began with a credit crunch in 2007 and escalated to the bailout of banks and a recession had led to a sharp reduction in national income for the UK, Emmerson’s analysis showed. ...
Italy's ​Alitalia to enter administration after staff reject rescue deal image
....A general election due to be held in the next year could be a lifeline, should parties blanch at the prospect of 12,500 workers losing their jobs and Italy losing its flag carrier on their watch. However, state bailouts would be controversial with the Italian public. ...
Greece makes preliminary agreement with creditors image
Source : BBC [Read Article] Tuesday 2nd of May 2017 11:41:08 AM
. Greece has reached a preliminary agreement with its international creditors on reforms needed to release the next instalment of its multi-billion-dollar bailout. ...
Greece reaches deal with creditors to pave way for bailout talks image
Source : Guardian [Read Article] Tuesday 2nd of May 2017 04:59:34 AM
....Over 10,000 people demonstrated against the cuts on Monday, and a general strike is to be held on 17 May. Greece and its creditors agreed a third, €86bn ($94bn) bailout deal in July 2015. ...
German finance minister hails progress in Greek economic reforms image
Source : Guardian [Read Article] Sunday 30th of April 2017 04:21:39 PM
. Greece has received some rare praise for its reform push from Germany’s finance minister, who has raised hopes that the debt-stricken country will get more bailout funds soon. ...
RBS and Lloyds IT faults cause online banking frustrations image
Source : Guardian [Read Article] Friday 28th of April 2017 03:24:55 PM
....Ross McEwan, the RBS chief executive, who is cutting costs – 16,000 jobs have gone since last year – in an attempt to bolster profitability, said there was no need to apologise for the government’s inability to get its money back. The bailout was the “right thing”, he added. ...
Barclays chief admits he 'made a mistake' over whistleblowing case image
Source : Guardian [Read Article] Friday 28th of April 2017 08:27:59 AM
....”. The bank has previously disclosed that the City regulator wants to fine it £50m for reckless misconduct during the time of the cash calls which kept it out of the clutches of the government bailout programme of the time. ...
RBS reports first quarterly profit since 2015 image
Source : Guardian [Read Article] Friday 28th of April 2017 06:57:09 AM
. Royal Bank of Scotland has reported its first quarterly profit since 2015, as it looks to turn a corner after nine years of losses since its £45bn bailout during the financial crisis. ...
Walking dead image
Source : BBC [Read Article] Sunday 16th of April 2017 08:34:11 AM
....Thousands exist in Japan and the issue is considered to be a reason why Japan's economy risks suffering from a third "lost decade". All Toshiba needs now is a bailout from the Innovation Network Corporation of Japan (INCJ) or the Enterprise Turnaround Initiative Corporation, two government-backed bodies that rescue ailing companies, for this to happen. ...
Greek gloom as economy stalls amid latest bout of EU wrangling image
Source : Guardian [Read Article] Saturday 8th of April 2017 03:00:05 PM
.... With the exception of pensioners – the great losers in Greece’s assault by austerity – anger has been replaced by malaise, the lassitude that strikes when loss becomes commonplace. Friday’s protest, one of more than 60 nationwide, came within hours of Europe escaping another dose of Greek drama after eurozone finance ministers announced that bailout talks – stalled as Athens bickered over the terms of its latest compliance review with lenders – could finally resume. ...
Greece agrees basic terms to unlock delayed bailout image
Source : BBC [Read Article] Friday 7th of April 2017 03:14:32 PM
. Eurozone finance ministers say they have agreed with Greece the main elements of a deal to unlock a delayed bailout payment. ...
Lloyds to shrink hundreds of UK branches to two staff image
Source : Guardian [Read Article] Monday 3rd of April 2017 06:29:14 PM
....The sale means more than £20bn has now been returned to government coffers since the lender’s £20. 3bn bailout at the height of the financial crisis in 2008. ...
Bombardier defers executive salary rises amid outcry image
Source : BBC [Read Article] Monday 3rd of April 2017 05:32:16 PM
....Quebec's government agreed to a CA$1. 34bn ($1bn; £800m) bailout in 2016, a year after it teetered on the edge of bankruptcy. ...
Serious Fraud Office boss warns big names to play ball – or else image
Source : Guardian [Read Article] Saturday 1st of April 2017 03:00:28 PM
....The SFO’s investigation centres on whether £2bn that Barclays lent to Qatar was then returned to the bank as part of the £7. 3bn bailout that saved Barclays at the height of the financial crisis. ...
The UK must not let this Brexit crisis go to waste. Nor must the EU image
Source : Guardian [Read Article] Friday 31st of March 2017 01:53:07 PM
.... That might have been true when the UK joined what was then the European Economic Community in 1973, but it is not the case today. Europe has taken longer to recover from the financial crisis than any other part of the developed world; four of its countries have needed emergency bailouts; one of its founder members, Italy, has seen living standards stagnate for two decades. ...
Government raises £11.8bn with Bradford & Bingley mortgage sale image
Source : Guardian [Read Article] Friday 31st of March 2017 09:15:51 AM
....“Any further sales will be subject to market conditions and ensuring value for money,” the Treasury said. Bradford & Bingley was effectively nationalised by the then Labour government in 2008 in a series of bailouts as banks and financial institutions were engulfed by the global financial crisis. ...
Tesco and Serious Fraud Office near to deal over accounting scandal image
Source : Guardian [Read Article] Monday 27th of March 2017 05:46:01 PM
....The SFO is also close to making a decision on whether to formally charge Barclays and former senior executives at the bank over a £7. 3bn bailout from the Middle East at the height of the financial crisis. ...
RBS and NatWest to shed 158 branches and more than 400 jobs image
Source : BBC [Read Article] Thursday 23rd of March 2017 04:03:12 PM
....After the closures 151 RBS and 856 NatWest branches will remain. RBS remains still majority-owned by taxpayers following its multi-billion government bailout almost a decade ago. ...
Bob Diamond in deal to buy stockbroker Panmure Gordon image
Source : BBC [Read Article] Friday 17th of March 2017 07:45:59 AM
....The deal, which he described as "transformational", catapulted Barclays into the top league of global investment banks. The bank declined a bailout by the UK government at the height of the credit crunch crisis and instead sold a large stake to foreign investors, mainly from Qatar and Abu Dhabi, to raise cash. ...

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