British banks Royal Bank of Scotland(RBS Quote), HBOS, and Lloyds TSB will receive 37 billion pounds ($64 billion) from the U.K. to boost their Tier One capital ratios, the U.K. government said Monday.
"With continuing exceptional instability in the global financial markets, the government is today taking decisive action,'' the Treasury said, reports Bloomberg. ``The overall aim of these measures is to support stability in the financial system.''
Royal Bank of Scotland said in a statement it will boost its capital by 20 billion pounds, including the U.K. government taking 5 billion pounds in preference shares and 15 billion pounds underwritten by the government, according to a report from Reuters. RBS CEO Fred Goodwin also resigned and will be replaced by Stephen Hester, CEO of British Land. ...
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