British banks taking government cash
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AP
Published: October 13, 2008
Three of the largest British banks have announced plans to take up to $63 billion of government money to boost their balance sheets.
Royal Bank of Scotland Group PLC says it will raise $34 billion worth of capital. The government will buy $8.6 billion of preference shares directly and underwrite $25.7 billion of ordinary shares.
The government will inject a further $29.2 billion into Lloyds TSB Group PLC and HBOS PLC, two banks that are in the process of merging.
Barclays PLC says it will boost its capital by at least $11.4 billion, but without government help.
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