'Gov'에 해당되는 글 2건

  1. 2009.03.08 U.K. Government Takes 65% Lloyds Stake by CEOinIRVINE
  2. 2008.12.14 Chief: Gov. Palin's home church damaged by arson by CEOinIRVINE

Lloyds Banking Group has become the latest U.K. bank to fall under government control since the run on Northern Rock in September 2007.

The U.K.'s third-largest bank confirmed Saturday that the government is raising its stake to at least 65%, and possibly as high as 77%, in return for insuring $367 billion dollars in toxic assets. The bank has also promised to increase its lending, primarily to businesses, by $39 billion over the next two years.



The increased stake will come about by the government converting its $5.7 billion of preference shares paying 12% into new ordinary shares.

"Participating in the government's Asset Protection Scheme substantially reduces the risk profile of the group's balance sheet," said Chief Executive Eric Daniels in a statement. "Our significantly enhanced capital position will ensure that the group can weather the severest of economic downturns and emerge strongly when the economy recovers."

Lloyds (nyse: LYG - news - people ) will bear up to the first $35 billion of any losses and will pay a fee of $21 billion to $23 billion to the government to participate in the scheme. Discussions to bring Lloyds into the arrangement have been underway for several days (see "Lloyds May Land In Her Majesty's Lap").

The bank says the toxic assets covered by the governments insurance are expected to include residential mortgages ($105 billion), unsecured personal loans ($26 billion), corporate and commercial loans, including commercial real estate and leveraged finance loans ($214 billion) and treasury assets, including the group's Alt-A portfolio ($24 billion).

Eighty percent of the assets come from HBOS, which Lloyds agreed to buy in a government-brokered deal in September 2008. HBOS reported $14 billion of loan losses last year, up fivefold from 2007 (see "Lloyds Lands HBOS Bombshell").

Lloyds' share price fell 31% in London trading in the past week on rising concerns about the bank's ability to absorb the losses at HBOS.

Posted by CEOinIRVINE
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James Steele, fire chief for the Central Mat-Su Fire Department stands outside of the fire damaged Wasilla Bible Church in Wasilla, Alaska Saturday Dec. 13, 2008. Alaska Gov. Sarah Palin's home church was badly damaged in an arson fire. No one was injured in the fire, which was intentionally set while people, including two children, were inside. (AP Photo/Al Grillo)



James Steele, fire chief for the Central Mat-Su Fire Department stands outside of the fire damaged Wasilla Bible Church in Wasilla, Alaska Saturday Dec. 13, 2008. Alaska Gov. Sarah Palin's home church was badly damaged in an arson fire. No one was injured in the fire, which was intentionally set while people, including two children, were inside. (AP Photo/Al Grillo) (Al Grillo - AP)

ANCHORAGE, Alaska -- Gov. Sarah Palin's home church was badly damaged by arson, leading the governor to apologize if the fire was connected to "undeserved negative attention" from her failed campaign as the Republican vice presidential nominee.

Damage to the Wasilla Bible Church was estimated at $1 million, authorities said Saturday. No one was injured in the fire, which was set Friday night while a handful of people, including two children, were inside, according to Central Mat-Su Fire Chief James Steele.

He said the blaze was being investigated as an arson but didn't know of any recent threats to the church. Authorities didn't know whether Palin's connection to the church was relevant to the fire, Steele said.

"It's hard to say at this point. Everything is just speculation," he said. "We have no information on intent or motive."

Steele would not comment on the means used to set the fire.

Pastor Larry Kroon declined to say whether the church had received any recent threats.

"There are so many variables," he said. "I don't want to comment in that direction."

Palin, who was not at the church at the time of the fire, stopped by Saturday. Her spokesman, Bill McAllister, said in a statement that Palin told an assistant pastor she was sorry if the fire was connected to the "undeserved negative attention" the church has received since she became the vice presidential candidate Aug. 29.

"Whatever the motives of the arsonist, the governor has faith in the scriptural passage that what was intended for evil will in some way be used for good," McAllister said.

The 1,000-member evangelical church was the subject of intense scrutiny after Palin was named  John McCain's running mate. Early in Palin's campaign, the church was criticized for promoting in a Sunday bulletin a Focus on the Family "Love Won Out Conference" in Anchorage. The conference promised to "help men and women dissatisfied with living homosexually understand that same-sex attractions can be overcome."

The fire was set at the entrance of the church and moved inward as a small group of women were working on crafts, Steele said. The group was alerted to the blaze by a fire alarm.

Outside temperatures were minus 20 as firefighters battled the blaze.

Steele said a multi-agency task force was being assembled to investigate the fire.

Wasilla, the governor's hometown, is 40 miles north of Anchorage.



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