Credit Writedowns » HBOS

Lloyds to raise 21 billion pounds in biggest rights issue ever

Edward Harrison — Tue, 03 Nov 2009 12:57:06 +0000

Lloyds are looking to avoid the embrace of government by going to existing shareholders to raise capital and sidestep the draconian break-up solution foisted upon RBS by Neelie Kroes. According to Bloomberg, this is the largest rights issue ever for a British company and equates to $34 billion. All of this must be excruciating for

Credit Writedowns Pro is live. Sign up today for premium content.
Lloyds to raise 21 billion pounds in biggest rights issue ever originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Lloyds gets HBOS for a song 17 Sep 2008
Consolidation through merger over bankruptcy 17 Sep 2008
HBOS to raise new capital 29 Apr 2008

PM Brown rejects BoE Head King’s call for breaking up big banks

Edward Harrison — Wed, 21 Oct 2009 16:01:23 +0000

If our response focuses only on the symptoms rather than the underlying causes of the crisis, then we shall bequeath to future generations a serious risk of another crisis even worse than the one we have experienced. -Mervyn King, Governor of the Bank of England The Bank of England head has come out unequivocally against

Credit Writedowns Pro is live. Sign up today for premium content.
PM Brown rejects BoE Head King’s call for breaking up big banks originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

FSA: Gordon Brown complicit in credit bust 12 Mar 2009
Quote of the day: Gordon Brown, get your bazooka 8 Sep 2008
The top 25 European banks by assets 14 Feb 2009

The RBS and HBOS sinkholes

Edward Harrison — Mon, 13 Jul 2009 14:42:45 +0000

This comes via the Telegraph: UK Financial Investments (UKFI) said in its annual report that its loss on the two stakes – 70pc of RBS and 43pc of Lloyds Banking Group – had reached £10.9bn at the end of June. The losses, which are not yet realised, have been wracked up since Gordon Brown was

Credit Writedowns Pro is live. Sign up today for premium content.
The RBS and HBOS sinkholes originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

RBS reports a record loss of 24 billion pounds 26 Feb 2009
Lloyds gets HBOS for a song 17 Sep 2008
Lloyds has a decent first half 30 Jul 2008

HBOS and RBS get a right bollocking

Edward Harrison — Tue, 10 Feb 2009 13:21:42 +0000

I watched the proceedings of the UK Treasury Committee with HBOS and RBS this morning on Bloomberg UK TV and it was a dismal sight. It had the feel of the Nuremburg trials, honestly. The clip below doesn't do justice to how tense the atmosphere was. I will say this: these men from HBOS and RBS ran very aggressive organizations, piling in to all manner of risk at the top of the market. While they dissemble and prevaricate, it is plainly obvious that they did not see the risks in their actions, nor did they want to

Credit Writedowns Pro is live. Sign up today for premium content.
HBOS and RBS get a right bollocking originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

HBOS to raise new capital 29 Apr 2008
Rumour: NAB wants to buy HBOS Australia 26 Jun 2008
More on HBOS 30 Apr 2008

The worst M&A deals of all-time

Edward Harrison — Wed, 21 Jan 2009 06:00:38 +0000

As the financial industry further unraveled yesterday, Mathieu Robbins of the Irish Indendent asked a worthwhile question: Was RBS the idiot company of all-time in buying ABN Amro at the top of the market? Robbins says no and offers up nine other equally monstrous deals that all went seriously pear-shaped to prove it

Credit Writedowns Pro is live. Sign up today for premium content.
The worst M&A deals of all-time originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Citigroup grabs Wachovia on the cheap 29 Sep 2008
Wells Fargo to buy Wachovia 3 Oct 2008
Banks: are mergers in the offing? 25 Jun 2008

Recapitalising Britain

Edward Harrison — Tue, 07 Oct 2008 19:32:00 +0000

Prime Minister Gordon Brown has finally pulled the trigger. In the most momentous move yet in the credit crisis, the UK government is effectively partially nationalising the UK banking system. For months, I have maintained that the financial system needed to be recapitalised in the UK and elsewhere. If any country is to work its

Credit Writedowns Pro is live. Sign up today for premium content.
Recapitalising Britain originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

German deposit guarantee sets up a German-British row 6 Oct 2008
Mortgage meldown in Britain 11 Jun 2008
Quote of the day: Gordon Brown, get your bazooka 8 Sep 2008

Europe is in for a rude awakening

Edward Harrison — Sun, 05 Oct 2008 01:15:00 +0000

The Europeans have no idea what is about to hit them. Their banking system is collapsing and European politicians are fighting amongst themselves. At French President Nicolas Sarkozy’s crisis summit, the politicians were unable to craft a comprehensive or wide-reaching response to deal with the banking crisis. Meanwhile, the carnage in European banking is increasing.

Credit Writedowns Pro is live. Sign up today for premium content.
Europe is in for a rude awakening originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Crisis in Europe: an article I wrote in today’s Guardian 2 Oct 2008
European banks: still undercapitalised 15 Jun 2008

Lloyds gets HBOS for a song

Edward Harrison — Thu, 18 Sep 2008 01:49:00 +0000

Lloyds TSB has announced that it will buy rival HBOS for 232 pence a share. Back in May 2007, just over a year ago, HBOS shares were trading for almost £17 each. However, HBOS closed trading today at £1.47, sustaining a loss of over 90% in 16 months time. While HBOS is often touted as

Credit Writedowns Pro is live. Sign up today for premium content.
Lloyds gets HBOS for a song originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Consolidation through merger over bankruptcy 17 Sep 2008
HBOS in trouble 11 Jun 2008
HBOS to raise new capital 29 Apr 2008

S&P cuts HBOS counterparty credit ratings

Edward Harrison — Tue, 16 Sep 2008 21:47:00 +0000

In yet another move by ratings agencies likely to roil markets, HBOS has been cut by S&P. Given the fact that HBOS is the biggest loser to date in the European banking sector in the wake of Lehman’s collapse. This cannot be seen as good news. Standard & Poor’s said Tuesday it is lowering its

Credit Writedowns Pro is live. Sign up today for premium content.
S&P cuts HBOS counterparty credit ratings originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Rumour: NAB wants to buy HBOS Australia 26 Jun 2008
HBOS to raise new capital 29 Apr 2008
HBOS in trouble 11 Jun 2008

Lehman fallout: HBOS and RBS are getting slaughtered

Edward Harrison — Mon, 15 Sep 2008 11:45:00 +0000

Don’t think that it is just the U.S. that has to worry about systemic risk. The Europeans have their own problems and the weaker financial institutions are getting absolutely killed in European trading right now. RBS is down nearly 13%. But HBOS is the top loser in the UK, down almost 25%. Are we about

Credit Writedowns Pro is live. Sign up today for premium content.
Lehman fallout: HBOS and RBS are getting slaughtered originally appeared on Credit Writedowns

Links: RSS - Daily - Weekly - Twitter - Facebook - Contact
Credit Writedowns Feed # abf0d081857b85fe6be494728740a4f1

Related Posts

Rumour: NAB wants to buy HBOS Australia 26 Jun 2008
More on HBOS 30 Apr 2008
HBOS to raise new capital 29 Apr 2008