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19 Nov 2008
In a written statement to Parliament yesterday, Alistair Darling gave a clear warning to the banks there would be 'no automatic right of access to the recapitalisation scheme'.
He warns HM Treasury would expect high-level conditions to be met before capital could be offered to any eligible institution, including a plan to meet an appropriate level of capitalisation, sustainable business model, broad-based funding model and a credible senior management team.
The statement could be seen as a rebuttal to Sir Peter Burt and Sir George Mathewson, the former bank executives who have been pushing to keep HBOS independent by scrapping its merger with Lloyds TSB, the Financial Times notes.
Darling's warning also quashes any remaining hope for Barclays' investors the bank might get more favourable terms on government capital than it is currently receiving on its £7bn fundraising.
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