Prime Minister Gordon Brown’s government will introduce a law today to nationalize Northern Rock Plc after the Treasury rejected a private rescue for the only U.K. bank to suffer a run on deposits in a century.
The Newcastle-based bank was suspended from trading in London today, and an independent panel will determine how to compensate shareholders .[…]
The government last acquired a bank in 1984, when the Bank of England purchased Johnson Matthey Plc’s lending operation for 1 pound to support assets of 400 million pounds.
The gold refiner had expanded its commercial loans business and racked up bad debts.
A decade before, the government rescued Slater Walker Securities by advancing about 70 million pounds.In Germany, state-owned banks including Landesbank Baden- Wuerttemberg.
Landesbank Sachsen Girozentrale and WestLB AG have received billions of euros in financial aid from the government to cover potential losses related to U.S. subprime investments.IKB Deutsche Industriebank AG, the first German casualty of to the worst U.S. housing market in 25 years, has received 7.7 billion euros in aid since July.
Nazionalizzazione di una banca, aiuti statali, quotazioni a picco, ed il rischio di azioni legali e di class action da parte degli azionisti.
Non certo una bella storia.
