Results tagged “Lloyds” from Business Insider Blog

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.

So after months of wrangling, posturing and hand wringing the shape of the post-credit crunch banking landscape in Britain is starting to take shape.

If you are here reading this then chances are you know the basics. Lloyds and Royal Bank of Scotland doing a mixture of fund raising, protecting assets and selling off sections of the business to avoid painful competition pitfalls.

Oh and probably a couple of thousand jobs lost in the process as well.