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THE CITY watchdog is probing the accuracy and completeness of information given to investors by ailing bank HBOS before its rescue by Lloyds TSB last year, it emerged yesterday. Full Article at Daily Express
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Nov. 9 (Bloomberg) -- Lloyds Banking Group Plc’sHBOS unit, which it agreed to buy last year as part of a government- approved takeover, is being investigated by Britain’s financial regulator over disclosures made prior to a 2008 capital raising. Full Article at Bloomberg.com
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A Financial Services Authority investigation into whether HBOS's former board may have misled investors at the time of the bank's abortive £4bn rights issue last year could "open the floodgates" to hundreds of civil court actions against Lloyds Banking... Full Article at The Independent
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The UK banking sector needs first to be sanitised and then to be regulated. Full Article at Times Online
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There is a huge amount of information to digest before coming to a conclusion regarding whether investors should take up their rights. And of course until the 24th we do not know what the rights issue is being priced at. Full Article at The Telegraph
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A year ago I asked both the Treasury and the FSA whether an investigation was under way. I welcome this confirmation that the sought-for investigation is now taking place and hope it will not just be limited to the documentation but also extend to the statements made from the platform by Lord Stevenson.
– John Hunter SOURCE: The Independent -
We are in a situation where there’s been a reduction in trans-national lending, there’s been the disappearance of the shadow banking system and it’s very difficult for banks to fill that hole
– Norman Lamont SOURCE: CNBC -
One solution the Treasury Select Committee advocated was the establishment of a Deputy Governor of the bank of England, with a foot in both the Bank of England and the FSA
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I think it will be a minus. But after that, even if it is positive, I suspect we will have very weak growth…. I think, not necessarily that we will have a leg down, but that we are going to be bumping along the bottom, with occasional negative quarters for quite some time. Possibly even a few years
SOURCE: CNBC
