Results tagged “HBOS” from Business Insider Blog

The Treasury appears to have won its battle with the Board of Royal Bank of Scotland over a speculated £1.5bn bonus pot for its investment banking arm.

RBS, having bowed to intense political pressure, has now agreed to pay bonuses at the "low, low end of the scale" - even if this means it will lose staff to better paying rivals.

Lloyds have also announced a bonus package for its top 200 executives of up to 80 per cent of their salaries, in a shares only package spread over three years.

And this on the same day the National Audit Office revealed the actual cost to the taxpayer so far for the banking crisis currently stands at ￡850bn.

The revelation of 'secret' loans totaling £62bn to Royal Bank of Scotland and Halifax Bank of Scotland last year is startling.

Equally eye opening was the answer City minister Lord Myners gave when asked what other banks had received covert loans.

In a rather convoluted way he told Channel 4 News: "The very definition of covert is that is not a question I am going to answer."

What is important to differentiate here is the fact these were not loans made in the traditional sense, but rather the Bank of England (BoE) stepping into the role of lender of last resort after the money markets closed up following the collapse of Lehman Brothers.