Bank takeover process 'not fair'

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Lloyds sued for 100 million pounds and injuction to stop HBOS takover

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02.03.09
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Although the Competition Appeals Tribunal ruled against us, the issues raised by our case continue to resonate, particularly given subsequent events and disclosures.
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02.03.09
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02.03.09
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A lack of confidence has undermined the Government's efforts to kickstart the ailing economy and has perhaps manifested itself most corrosively in the failure of the banks to fill the lending void left by the withdrawal of foreign financial institutions.
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01.03.09
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Read this article on Express.co.uk

The Treasury has been challenged to explain an alleged secret dossier at the heart of the Lloyds takeover of Halifax Bank of Scotland.
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28.02.09
By Tom Peterkin
Read this article on Scotsman.com

THE Liberal Democrat deputy leader Vince Cable is demanding the release of a "secret dossier" which the Government used to help push through the controversial Lloyds TSB takeover of HBOS.
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12.12.08
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From DailyRecord.co.uk
Read the full article

HBOS SHAREHOLDERS overwhelmingly approved the bank's controversial takeover by rival Lloyds TSB and an £11.5 billion funding boost from the taxpayer.
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11.12.08
From MAG NEWS

The Merger Action Group said today [Thurs] it felt it had done all it practically could to highlight the widespread public concern over the Government's decision to waive competition law to push through the takeover of HBOS by Lloyds TSB.
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10.12.08
From MAG NEWS

The Merger Action Group tonight [Wed] said it was disappointed to lose its legal challenge against the Government’s decision to ignore competition law to push through the Lloyds TSB’s proposed takeover of HBOS.
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Bank takeover process 'not fair'

Thursday, 04 December 2008 19:09

From BBC News

Link to article on BBC.co.uk

Scottish First Minister Alex Salmond has accused the UK Government of failing to provide a level playing field over the future of HBOS.

His comments came amid concern that any bidders to rival the Scottish bank's proposed takeover by Lloyds TSB would not be treated fairly.

But Chancellor Alistair Darling told BBC Scotland that all bids would be considered in the same way.

A special appeal tribunal is looking into concern about the takeover.

A group of businessmen, bank customers and shareholders is to seek a legal ruling from the Competition Appeal Tribunal over Business Secretary Lord Mandelson's decision to allow the deal.

The UK Government gave the green light to the takeover on 31 October, over-ruling competition concerns raised by the Office of Fair Trading.

Speaking during question time at Holyrood, Mr Salmond also confirmed that the Scottish Government had raised concerns about the proposed takeover with the Competition Appeals Tribunal.

The first minister told MSPs: "What it comes to the heart of is this - did the government ministers concerned, whether it be the prime minister, the chancellor or the secretary of state for industry, deliver the level playing field that we were promised? I think they did not."

His comments came in response to questions from Scottish Liberal Democrat leader Tavish Scott, who demanded to know whether the Scottish Government was prepared to provide legal support to the body which is going before the tribunal, the Merger Action Group.

Mr Scott said: "This is now small business against big business and big government. The Treasury is threatening to enforce big costs against the challengers."

'Fair hearing'

In an interview with BBC Scotland the chancellor insisted there was a level playing field in relation to the HBOS takeover.

He said: "I can't just hand over £12bn worth of public money to somebody who says 'Look, I think I can do better.' They've got to have a plan, they've got to have funding behind them. And if they can do that, I've made it clear from the start, then they will get a fair hearing, there will be a level playing field."

Mr Darling was speaking after visits to banks in London and Edinburgh.

He said he had encouraged the banks to lend to customers and pass on the latest Bank of England interest rate cut.

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