The British government moved to break up the country’s two biggest retail banks, imposing a major shakeup on the financial sector as it exacts payback for last year’s massive state bailout at the height of the financial crisis.
The government also injected billions of pounds more of taxpayer funds into Royal Bank of Scotland PLC and Lloyds Group PLC, underscoring worries the banking sector is not out of trouble yet.
The change effectively pumps almost 40 billion pounds ($65 billion) more into the two banks and could result in the creation of as many as three new commercial banks.
The move to make the banks sell off some of their businesses comes at the insistence of European regulators on competition in the banking industry after the government’s initial 37 billion pound rescue package last October.
Britain’s FTSE 100 index of leading British shares closed down 1.2 percent, while Germany’s DAX fell 1.2 percent and the CAC-40 in France was 1.4 percent lower.
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BRUSSELS — The European Commission predicted that the EU and eurozone will grow in 2010 at a modest rate of 0.7 percent as the economy moves from a sharp recession to a hesitant and fragile recovery.
The growth forecast was raised from the earlier outlook that the economies would shrink 0.1 percent in 2010.
The EU executive warned however that a “better-than-expected” rebound in the second half of 2009 would likely be followed by slower growth early next year. Hard money training
Tags: banking sector, economic, financial crisis, financial sector, retail banks
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