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The Royal Bank of Scotland Group plc Message Board

  • mrkgffn mrkgffn Oct 15, 2008 11:37 AM Flag


    Treasury Confirms No Announcement Planned On UK Bank DivsLast update: 10/15/2008 11:04:43 AMLONDON (Dow Jones)--

    A U.K. treasury spokesman has refuted claims that the department is about to make an announcement on dividend payments by the three banks participating in the banks liquidity and recapitalization scheme. There had been speculation that Lloyd TSB (LYG), HBOS PLC (HBOS.LN) and Royal Bank of Scotland PLC (RBS.LN) had approached the government aiming to revise the terms of its GBP37 billion recapitalization effort. Under the plan, banks taking government funds would be banned from paying dividends until they repay preference shares that the government is purchasing. Most commentators have tabled approximately a five-year period for this to happen. The spokesman said, "The terms of the agreement reached with the banks were set out clearly by both the Government and the individual banks in detailed statements on Monday, and the terms of the agreements remain unchanged." He said suggestions the treasury was about to make an announcement on this matter were wrong. A person close to the situation also said if the banks come to the treasury with proposals that are demonstrably in the interests of taxpayers, the department would consider them. -By Andrea Tryphonides, Dow Jones Newswires; 44 20 7842 9451; Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: You can use this link on the day this article is published and the following day. (END) Dow

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