They got an 84% stake in RBS – 90.6 billion shares – in return for £45.5 billion in funding, and a 41% stake in Lloyds – 27.6 billion shares – in return for £20.3 billion. What it also means is that… well, the Treasury poured money into these banks like water in 2009 to stabilise them, taking share capital in return. This is a substantial improvement on this time last year, though far from the highest they’ve been in the interim.
Shares in the two part-state-owned banks, RBS and Lloyds, closed at 44.49p and 64.2p respectively today, rising after the Budget failed to demonstrate we were ALL GOING TO DIE (etc).
Here’s an interesting note, buried deep in all the Budget reporting today – a report from UK Financial Investments, one of the world’s odder holding companies.
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