UK Banks and State Aid: 'A Burden Sharedà' - Special Report - 2009/08/20 - Fitch Research

Report title: UK Banks and State Aid: 'A Burden Sharedà'

from Fitch Research
4 page (2453 word) report published Aug 20, 2009

Price $275.00 available for immediate download

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...The UK banking sector has been among the hardest hit by the global financial crisis and has been the beneficiary of substantial direct financial support from the UK authorities, which Fitch Ratings believes effectively mitigated the acute risks facing the sector in Q408. The support package made available by the UK authorities includes capital (up to GBP50bn), the credit guarantee scheme (up to GBP250bn) and substantial liquidity via the Bank of England, all of which have received approval from the European Commission (EC) under EC Treaty state aid rules (Article 87.3.b). The UK government's proposed asset protection scheme (APS) still needs EC approval. Four UKdomiciled banks and banking groups rated by Fitch have received financial support from the authorities to an extent that has either resulted in a formal investigation by the EC under state aid rules Northern Rock (NR) and Bradford & Bingley (B&B) or means restructuring plans have to be submitted to the EC in respect of the banks...

Report Type:

Special Report

Company(ies):

Bank of Scotland plc, Lloyds Banking Group PLC, The Royal Bank of Scotland plc, National Westminster Bank plc, Bradford & Bingley plc, Lloyds TSB Bank plc, HBOS plc, The Royal Bank of Scotland Group plc, Northern Rock plc

Ticker(s):

RBS , LLOY

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