HBOS

SNP MSP Jamie Hepburn has written to the Treasury enquiring as to whether Treasury ownership of the banks will lead to improved terms for PFI contracts between public bodies and those banks in which the UK Governmentnow owns shares.

SNP MSP Alex Neil has expressed his disappointment after shareholders voted to accept the merger between Lloyds TSB and HBOS marking the end of Scotland’s oldest bank. The decision means up to 40,000 jobs are now at risk.

SNP MEP Alyn Smith has expressed his disappointment at the decision by the Competition Appeal Tribunal to dismiss the legal challenge of the Merger Action Group.

Alex Neil MSP says competition law has been left in tatters after the decision from the Competition Tribunal to reject the legal bid.

SNP Treasury spokesperson, Stewart Hosie MP, has demanded assurances from the Halifax Bank of Scotland (HBOS) board that all entitled shareholders will be able to vote after receiving complaints from shareholders that they have not received their ballots in advance of this week’s vote on the acquisition by Lloyds TSB.

Alyn Smith MEP has written to EU Competition Commissioner Neelie Kroes querying the actions of the UK Government for failing to offer a level playing field to alternative bidders for HBOS or to the bank remaining independent in the operation of the UK Banking Recapitalisation Package.

SNP MSP Alex Neil, who has been leading the campaign against the Lloyds TSB acquisition of HBOS today expressed his disappointment at the decision of Lloyds TSB shareholders to back the takeover as he called on HBOS shareholders to show their support for an independent bank.

The circular sent to shareholders by the chairman of HBoS, Lord Stevenson, on the proposed takeover bid by Lloyds TSB reveal that that HBoS would need extra capital of some £12 billion to remain as an independent bank, compared to the comparable £11.5 billion capital injection to support the takeover.

Cabinet Secretary for Finance John Swinney today told Parliament that Scotland could come through the current economic situation "stronger" and "better" as he put forward the SNP Government's position on Scotland's economy.

Alex Neil comments on the General Secretary of Unite's remarks regarding Sir Peter Burt and Sir George Mathewson’s intervention in the Lloyds TSB takeover of HBOS.