UK Injects Billions Into RBS Bank
在苏格兰皇家银行集团(Royal Bank of Scotland Group PLC)公布了英国历史上最大规模的亏损后，英国政府将这家银行推到了国有化边缘，同意为银行担保3,000亿英镑（4,259.6亿美元）的资产并注入数十亿英镑资金。为提振英国金融体系的信心，英国财政部周四同意为苏格兰皇家银行提供规模高于预期的资产担保，暗示政府准备投入足够的纳税人资金，帮助银行度过即便是长期经济衰退的难关。Getty Images苏格兰皇家银行首席执行长赫斯特这份担保计划是规模超过6,000亿英镑的更为广泛金融救助计划的一部分，被视为是英国政府避免将两家最大国内银行──苏格兰皇家银行和莱斯银行(Lloyds Banking Group PLC)──全面收归国有的最后机会。英国政府出手救助苏格兰皇家银行将使得私人持股变得无足轻重。为了帮助银行抵消2008年240.5亿英镑的净亏损，推动银行改善状况再次开始放贷，英国政府计划向苏格兰皇家银行提供至多255亿英镑资金，以提振银行资本基础。此次注资可能导致英国政府对该行的持股比例从当前的70%猛增到至多95%，但财政部表示其投票权比例不会超过75%。私人持股可以使政府避免为银行贷款决策和损失承担全部责任。苏格兰皇家银行首席执行长赫斯特(Stephen Hester)周四在与记者召开的一次电话会议上谈到，能够得到政府支持，再加上银行计划抛售2,400亿英镑的问题资产，意味着银行正在重振旗鼓。但他提醒说银行仍然面临着大量的艰苦工作和需要克服的障碍，暗示不断恶化的贷款状况会导致银行在2009年遭受更多亏损。投资者对上述消息作出了积极反应。伦敦证交所，苏格兰皇家银行股价上涨近26%，至29便士。英国金融服务管理局(FSA)周四也公布了一份经营守则草案，对金融行业的薪酬和奖金作出了限制。金融服务管理局表示，金融机构必须能够展示它们的薪酬政策考虑到了公司的长期健康状况，而不是完全按照当前财年的业绩确定薪酬。苏格兰皇家银行2008年遭受巨亏，主要是因为大约150亿英镑的坏帐减值支出以及与银行2007牵头收购荷兰银行(ABN Amro Holding NV)的糟糕决策有关的资产冲减。苏格兰皇家银行2007年实现利润68.2亿英镑。上年亏损还包括了一笔与银行在化学品公司LyondellBasell敞口有关的9亿英镑支出，这家公司是一个荷兰集团的美国分公司，1月份申请了破产保护。赫斯特说，银行计划在未来3-5年将大约20%的资产进行压缩或出售。其中多数资产将来自于陷入困境的银行和市场业务，还有部分来自于苏格兰皇家银行撤出旗下美国零售银行Citizens。赫斯特面临着带领银行扭转局面的艰难挑战。投资公司Collins Stewart的分析师波特(Alex Potter)发布报告称，该行2009年不太可能实现盈利，去年下半年拖欠贷款率上升1.21个百分点是个令人震惊的恶化迹象。波特写道，尽管政府担保计划看起来想法不错，也比预想的便宜，但可悲的是，苏格兰皇家银行的运营趋势很糟糕。根据与英国政府的协议，苏格兰皇家银行将支付65亿英镑的费用参加担保计划。如果苏格兰皇家银行3,000亿英镑的资产组合出现损失，银行将首先承担200亿英镑的损失，然后政府提供担保，但银行仍要承担10%的损失。苏格兰皇家银行将支付担保费用，并向政府发行所谓的B类特别股份，筹集130亿英镑的新资本。这笔交易允许银行通过发行更多此类股份再筹集60亿英镑。这些股份可以转换为普通股。目前还不清楚政府持股43%的莱斯银行是否会按照和苏格兰皇家银行同样的条款参加政府担保计划。巴克莱(Barclays PLC)和汇丰控股(HSBC Holdings PLC)已经表示，它们会评估计划细节后再作决定。Sara Schaefer Munoz相关阅读苏格兰皇家银行集团将重组 08财年巨亏 2009-02-26苏格兰皇家银行计划撤离半数海外市场 2009-02-23银行业亏损加剧 英国扩大救助计划 2009-01-20 本文涉及股票或公司document.write (truthmeter('2009年02月27日10:43', 'LYG'));莱斯银行英文名称：Lloyds Banking Group PLC (ADS)总部地点：英国上市地点：纽约证交所股票代码：LYGdocument.write (truthmeter('2009年02月27日10:43', 'RBS'));Royal Bank of Scotland Group PLC (ADS)总部地点：英国上市地点：纽约证交所股票代码：RBSdocument.write (truthmeter('2009年02月27日10:43', 'LLOY.LN'));Lloyds Banking Group PLC总部地点：英国上市地点：伦敦股票代码：LLOYdocument.write (truthmeter('2009年02月27日10:43', 'RBS.LN'));苏格兰皇家银行集团英文名称：Royal Bank Of Scotland Group Plc总部地点：英国上市地点：伦敦股票代码：RBS
The U.K. government took Royal Bank of Scotland Group PLC to the brink of nationalization, agreeing to insure some GBP 300 billion ($425.96 billion) in assets and inject billions of pounds more as the bank reported the biggest corporate loss in U.K. history.In a gamble to restore confidence in the country's financial system, the U.K. Treasury agreed Thursday to insure a larger pool of assets than expected, signaling that it is prepared to spend enough taxpayer money to see the bank through even a prolonged recession.The insurance plan, part of a broader financial-rescue package valued at more than GBP 600 billion, is seen as the government's last chance to avert a full-scale nationalization of two of the country's largest lenders -- RBS and Lloyds Banking Group PLC.The efforts to shore up RBS will leave only a thin veneer of private ownership. To help offset RBS's 2008 net loss of GBP 24.05 billion, and to put the bank in a better position to begin lending again, the government will provide as much as GBP 25.5 billion to rebuild the bank's capital.The injection could increase the government's economic stake in the bank to as much as 95% from the current 70%, though the Treasury says its voting stake won't exceed 75%. The private stake allows the government to avoid taking full responsibility for the bank's lending decisions and losses.In a conference call with reporters Thursday, RBS Chief Executive Stephen Hester said the government support, together with the bank's plans to sell some GBP 240 billion in troubled assets, mean 'the building blocks of RBS' recovery are now in place.' But he cautioned that the bank still has 'a massive amount of hard work and obstacles to overcome,' and signaled more losses on deteriorating loans in 2009.Investors reacted positively to the news. On the London Stock Exchange, RBS shares rose nearly 26% to 29 pence.Also Thursday, the U.K.'s financial watchdog issued a draft version of its code of practice on financial-sector salaries and bonuses.The Financial Services Authority said financial institutions must be able to demonstrate that their compensation policies take into account the long-term health of the company, rather than basing performance solely on the results of the current financial year.RBS's 2008 loss, which compared with a profit of GBP 6.82 billion in 2007, stemmed largely from about GBP 15 billion in impairment charges on souring loans and from a write-down related to its ill-fated decision to lead the 2007 takeover of Dutch bank ABN Amro Holding NV. The losses also included a GBP 900 million charge on the bank's exposure to chemical maker LyondellBasell, the U.S. arm of a Dutch concern, which filed for bankruptcy protection in January.Mr. Hester said the bank has targeted about 20% of its assets to be wound down or sold over the next three to five years. Much of it will come from its beleaguered global banking and markets business, and some from a pullback in RBS's U.S. retail bank, Citizens.Mr. Hester faces an uphill battle to turn the bank around. Alex Potter, an analyst with investment firm Collins Stewart, said in a report that the bank is unlikely to book a profit in 2009, and that its 1.21 percentage-point rise in delinquent loans in the second half of 2008 is a 'startling' rate of deterioration. While the government insurance plan 'appears well-conceived and cheaper than expected . . . sadly, RBS's operating trends are awful,' Mr. Potter wrote.Under its deal with the government, RBS will pay a fee of GBP 6.5 billion to participate in the insurance plan. The bank will absorb the first GBP 20 billion in losses on the GBP 300 billion asset pool before the insurance kicks in, and will be responsible for 10% of subsequent losses. RBS will pay the insurance fee, and raise an additional GBP 13 billion in fresh capital by issuing special so-called 'B' shares to the government. The deal allows the bank to raise GBP 6 billion more by issuing more such shares. The shares are convertible into common shares.It is unclear whether Lloyds, which is 43% government-controlled, will use the plan on the same terms as RBS. Barclays PLC and HSBC Holdings PLC have said they will review the details before deciding.Sara Schaefer Munoz
The U.K. government took Royal Bank of Scotland Group PLC to the brink of nationalization, agreeing to insure some GBP 300 billion ($425.96 billion) in assets and inject billions of pounds more as the bank reported the biggest corporate loss in U.K. history.In a gamble to restore confidence in the country's financial system, the U.K. Treasury agreed Thursday to insure a larger pool of assets than expected, signaling that it is prepared to spend enough taxpayer money to see the bank through even a prolonged recession.The insurance plan, part of a broader financial-rescue package valued at more than GBP 600 billion, is seen as the government's last chance to avert a full-scale nationalization of two of the country's largest lenders -- RBS and Lloyds Banking Group PLC.The efforts to shore up RBS will leave only a thin veneer of private ownership. To help offset RBS's 2008 net loss of GBP 24.05 billion, and to put the bank in a better position to begin lending again, the government will provide as much as GBP 25.5 billion to rebuild the bank's capital.The injection could increase the government's economic stake in the bank to as much as 95% from the current 70%, though the Treasury says its voting stake won't exceed 75%. The private stake allows the government to avoid taking full responsibility for the bank's lending decisions and losses.In a conference call with reporters Thursday, RBS Chief Executive Stephen Hester said the government support, together with the bank's plans to sell some GBP 240 billion in troubled assets, mean 'the building blocks of RBS' recovery are now in place.' But he cautioned that the bank still has 'a massive amount of hard work and obstacles to overcome,' and signaled more losses on deteriorating loans in 2009.Investors reacted positively to the news. On the London Stock Exchange, RBS shares rose nearly 26% to 29 pence.Also Thursday, the U.K.'s financial watchdog issued a draft version of its code of practice on financial-sector salaries and bonuses.The Financial Services Authority said financial institutions must be able to demonstrate that their compensation policies take into account the long-term health of the company, rather than basing performance solely on the results of the current financial year.RBS's 2008 loss, which compared with a profit of GBP 6.82 billion in 2007, stemmed largely from about GBP 15 billion in impairment charges on souring loans and from a write-down related to its ill-fated decision to lead the 2007 takeover of Dutch bank ABN Amro Holding NV. The losses also included a GBP 900 million charge on the bank's exposure to chemical maker LyondellBasell, the U.S. arm of a Dutch concern, which filed for bankruptcy protection in January.Mr. Hester said the bank has targeted about 20% of its assets to be wound down or sold over the next three to five years. Much of it will come from its beleaguered global banking and markets business, and some from a pullback in RBS's U.S. retail bank, Citizens.Mr. Hester faces an uphill battle to turn the bank around. Alex Potter, an analyst with investment firm Collins Stewart, said in a report that the bank is unlikely to book a profit in 2009, and that its 1.21 percentage-point rise in delinquent loans in the second half of 2008 is a 'startling' rate of deterioration. While the government insurance plan 'appears well-conceived and cheaper than expected . . . sadly, RBS's operating trends are awful,' Mr. Potter wrote.Under its deal with the government, RBS will pay a fee of GBP 6.5 billion to participate in the insurance plan. The bank will absorb the first GBP 20 billion in losses on the GBP 300 billion asset pool before the insurance kicks in, and will be responsible for 10% of subsequent losses. RBS will pay the insurance fee, and raise an additional GBP 13 billion in fresh capital by issuing special so-called 'B' shares to the government. The deal allows the bank to raise GBP 6 billion more by issuing more such shares. The shares are convertible into common shares.It is unclear whether Lloyds, which is 43% government-controlled, will use the plan on the same terms as RBS. Barclays PLC and HSBC Holdings PLC have said they will review the details before deciding.Sara Schaefer Munoz