Proceeding contribution from Lord Forsyth of Drumlean (Conservative) in the House of Lords on Wednesday, 20 February 2008. It occurred during Debate on bill on Banking (Special Provisions) Bill.
Banking (Special Provisions) Bill
My Lords, I apologise to the Minister for interrupting. I have read the debate in the other place thoroughly, but there was no mention from the Chancellor about what happened to the bid from Lloyds-TSB in the earlier part of the summer which, had it been accepted, would have avoided the run on the bank. Can the Minister say why that bid fell through? It is widely believed in the City that Lloyds was prepared to take over the bank on the basis of a loan facility being made available at a commercial rate of interest. Why did that original private sector alternative fall through? Why was it rejected?
Secondary information
- Type
- Proceeding contribution
- Reference
- 699 c190
- Session
- 2007-08
- Chamber / Committee
- House of Lords chamber
- Subjects
- Compensation Accountability Administration Assets Banks Competition Building societies Bank of England Freedom of information Liability Government assistance Financial Services Authority Public bodies Mortgages Loans Staff Nationalisation Lloyds TSB Shares Shareholders Takeovers Northern Rock Granite Sunset clauses
- Legislation
- Banking (Special Provisions) Bill 2007-08
- Link
- View this Proceeding contribution on www.publications.parliament.uk
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- 2023-12-15 22:54:51 +0000
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