Britain to rescue top 4 banks
Sun, Oct 12, 2008

LONDON, ENGLAND - BRITAIN will launch its biggest retail bank rescue on Monday when the four largest, HBOS, Royal Bank of Scotland, Lloyds TSB and Barclays, ask for a £35 billion (S$88.3 billion) lifeline, the Sunday Times reported.

The unprecedented move would make the government the biggest shareholder in at least two banks, HBOS and Royal Bank of Scotland , the newspaper said on its website. It did not give a named source for its information.

The Sunday Times said Royal Bank of Scotland, which has seen its market value fall to below ?12 billion, was to ask ministers to underwrite a ?15 billion cash call.

It said HBOS, Britain's biggest provider of mortgages, was seeking up to ?10 billion, Lloyds TSB , in the process of acquiring HBOS in a rescue merger, wanted ?7 billion, and Barclays needed ?3 billion. -- REUTERS


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