Currently viewing the tag: "bailout"

Both LloydsTSB and RBS face running up more losses over the next three years, whilst Northern Rock has been downgraded by a ratings agency following its purchase by Virgin.

Standard & Poor’s downgrading has come partly because of Northern Rock’s ‘moderate’ likelihood of needing further taxpayer support.

Meanwhile, analysis by Barclays Capital says that taxpayer-backed Lloyds and RBS could be hit with £33bn of new losses, and face having to write down mortgages, other consumer loans and corporate debt.

RBS is 83% and Lloyds 41% owned by the taxpayer since the UK Government’s bail out of the UK banking system.

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