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News
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02.03.09
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From MAG NEWS
Although the Competition Appeals Tribunal ruled against us, the issues raised by our case continue to resonate, particularly given subsequent events and disclosures. -
02.03.09
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By Carolyn Churchill
Read this article on TheHerald.co.uk
The UK Government is coming under increased pressure to publish a "secret dossier" which is alleged to contain information relating to Lloyds TSB's takeover of Halifax Bank of Scotland.
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02.03.09
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From Editorial Comment
Read this article on TheHerald.co.uk
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. -
01.03.09
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From Daily Express Online
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.The call came from Liberal Democrat deputy leader Vince Cable, who has tabled a parliamentary question asking if the dossier still exists, and if its contents can now be revealed.
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28.02.09
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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. -
12.12.08
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By Brian Taylor
Three hundred years of Scottish financial history brought to a stammering close in a Birmingham convention centre.
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12.12.08
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By Jill Treanor
Read the article on Guardian.co.uk
HBOS lost a fifth of its value on the stockmarket today, and other bank shares suffered heavy losses, as it revealed it had suffered a dramatic rise in bad debts over recent weeks.
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12.12.08
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From DailyRecord.co.uk
HBOS SHAREHOLDERS overwhelmingly approved the bank's controversial takeover by rival Lloyds TSB and an £11.5 billion funding boost from the taxpayer.
Based on votes cast before the meeting, the moves were supported by an 84% majority of individual shareholders, and 98% by the value of shares voted.
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11.12.08
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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. -
10.12.08
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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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| The CAT |
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The Competition Appeal Tribunal was created in 2002 under the Enterprise Act (Act) to review appeals concerning competition. It has the power to annul decisions in the same way as a judicial review, including decisions made by the Secretary of State in relation to competition. When a merger is announced that could lead to concerns over competition the Secretary of State asks the Office of Fair Trading (OFT) to submit a report to review whether there has been a Significant Lessening of Competition, SLC. The OFT will also assess whether there are any customer benefits that might balance the SLC or whether the parties in the merger will agree to any remedies (such as selling a business) that will alter the SLC. The OFT will then submit its report to the Secretary of State together with its decision whether the merger should be submitted to the Competition Commission. The Secretary of State may overrule the OFT decisions on grounds of public interest such as National Security as set out in the Act. The Secretary of State has the power to create an intervention order to add additional grounds of public interest. Once the merger is referred to the CC, then the CC will make a full report on competition and decide on the remedies including preventing a merger from happening. Any decision in this process may be challenged by an aggrieved person by appealing to the CAT which has the power to quash the decision in a similar way to judicial review. The decision of the CAT can also be challenged through an appeal to the Court of Session. The CAT is presided over by Sir Gerald Barling QC and has a group of Chairman (High Court Judges) and members (industry experts) from which a panel, usually of three is chosen to review each case. Usually three weeks are given to give the public a chance to submit further applications but this period can be shortened. Further information on the CAT can be found on http://www.catribunal.org.uk. To review the OFT report please click here. |