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18/09/2008
Competition Rules To Change For Banking Merger
Legislation is to be modified to make-way for one of the biggest banking mergers in recent times.
The Chancellor has confirmed the Government will amend current competition laws to allow the merging of Lloyds TSB and HBOS.
Alistair Darling said the move would go ahead in the interest of UK financial stability.
Britain's financial authorities have recognised the need for the move, according to Mr Darling.
The merger was announced earlier this morning, following a sudden drop in consumer confidence in Halifax HBOS yesterday.
The bank saw its share value fall dramatically, only to rise again when talks of a Lloyds TSB merger were revealed.
Current competition laws would prohibit the merger of the two large banking groups, who together will hold around a third of the UK's banking customers.
However, Mr Darling said adjustments to competition rules would be "in the interests of consumers and the wider economy".
"The current circumstances in the financial markets are truly exceptional. In recent days the financial markets across the world have seen an unprecedented level of uncertainty," the Chancellor said.
He said the Government would act quickly to change the legislation under Section 42 of the Enterprise Act, which allows it to extend the grounds for considering public interest.
(PR)
The Chancellor has confirmed the Government will amend current competition laws to allow the merging of Lloyds TSB and HBOS.
Alistair Darling said the move would go ahead in the interest of UK financial stability.
Britain's financial authorities have recognised the need for the move, according to Mr Darling.
The merger was announced earlier this morning, following a sudden drop in consumer confidence in Halifax HBOS yesterday.
The bank saw its share value fall dramatically, only to rise again when talks of a Lloyds TSB merger were revealed.
Current competition laws would prohibit the merger of the two large banking groups, who together will hold around a third of the UK's banking customers.
However, Mr Darling said adjustments to competition rules would be "in the interests of consumers and the wider economy".
"The current circumstances in the financial markets are truly exceptional. In recent days the financial markets across the world have seen an unprecedented level of uncertainty," the Chancellor said.
He said the Government would act quickly to change the legislation under Section 42 of the Enterprise Act, which allows it to extend the grounds for considering public interest.
(PR)
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Two large banking groups have agreed on a merger that will see the formation of a 'super mutual'. Co-operative Financial Services will be combined with Britannia Building Society in a deal that will affect more than 12,000 employees, in over 300 branches and 20 corporate banking centres. It is reported the combined group will have £70bn ($98.
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FCA Fines Lloyds Banking Group £105m
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TSB Flotation Announced By Lloyds Bank
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