UK government support banks
02 Nov, 2009 @ 03:04 am ET | written by ecPulse.com
The government of the United Kingdom is using nearly 40 billion pounds to help banks stabilize; the money is set towards Lloyds Banking Group, Royal Bank of Scotland and Northern Rock. The government owns 43% of Lloyds and 70% in RBS while total control on Northern Rock.
Chancellor of the Exchequer Alistair Darling, has approved to use up to 26 billion in additional stocks to support RBS which then would mean that the government's take would increase to 84 percent. Nearly 5.5 billion pounds in shares for Lloyds while 8 billion pounds to Northern Rock so that the bank is divided into two and sold.
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