#BREAKING144 ‘ Chancellor Announces Sell-Off/Out of RBS Taxpayers Stake ‘

#AceBreakingNews – Post Update:June.10: The government plans to sell its stake in the Royal Bank of Scotland, Chancellor George Osborne has announced in his annual Mansion House speech.

Mr Osborne said the “decision point” had been reached.

He received advice from Governor of the Bank of England Mark Carney and a review by investment bank Rothschild.

 Mr Carney said a phased sell-off “would promote financial stability, a more competitive banking sector and the interests of the wider economy.”

The government provided a £45.5bn bailout in 2008, paying around 500p a share. The share price currently stands at 354.8p.

The Chancellor argued that the sale must be seen as a whole and the share price will increase in subsequent offerings as confidence grows.

Mr Osborne said: “It’s the right thing to do for British businesses and British taxpayers. Yes, we may get a lower price than Labour paid for it. But the longer we wait the higher the price the whole economy will pay.”

The review from Rothschild said that, despite this price gap, taxpayers can expect to make £14bn more than it paid out if the sale of bank assets and fees already received are taken into account.

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LIBOR SCANDAL: ‘ Lloyd’s Banking Group Agrees to Pay Fines Totalling $370 Million to US and British Authorities for Manipulation and False Reporting ‘

#AceBreakingNews – BRITAIN – July 28 – Britain’s Lloyds Banking Group has agreed to pay fines totalling $370 million to U.S. and British authorities investigating its part in a global interest rate rigging scandal and manipulating fees for a government lending scheme.


​’ Helping Lloyd’s Banking Group Prosper’

The settlement is the seventh joint penalty handed out by U.S. and British regulators in connection with the attempted manipulation of the London interbank offered rate, or Libor, and other similar benchmarks, which are used to price around $450 trillion of financial products worldwide.


​Lloyds’ settlement follows British rivals Barclays and Royal Bank ofScotland, which agreed to pay fines of $453 million and $612 million respectively in 2012 and 2013.

The penalties comprise a fine of 105 million pounds ($178 million) by Britain’s Financial Conduct Authority, $105 million by the U.S. Commodity Futures Trading Commission and an $86 million fine by the U.S. Department of Justice.

The FCA said the total UK fine of 105 million pounds include 70 million pounds for attempting to manipulate fees payable to the Bank of England for the firm’s participation in the special liquidity scheme, a taxpayer backed government scheme to support British banks during the financial crisis.

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