Sponsored by
Rules waived for HBOS takeover, says Darling
CHANCELLOR Alistair Darling confirmed today the Government has decided to "waive competition requirements" in relation to the £12.2bn takeover by Lloyds TSB of its ailing rival Halifax Bank of Scotland.
Mr Darling said he wanted to put beyond doubt the Government's desire to see the merger between the two banks.
He said: "We have made a decision that we will waive the competition requirements in relation to these two banks. That is not going to get revisited."
Mr Darling said the Government wanted to see a deal.
He told BBC Radio 4's Today programme: "In relation to the Lloyds TSB (HBOS) coming together, that is a decision that I think was absolutely right. It was necessary."
He added: "As people, commentators, are saying, if we hadn't done it, the alternative was very bleak indeed. I think this was absolutely right."
Mr Darling said it was important to have a "robust competition regime" in the banking sector.
He went on: "We did change the law earlier this year following the takeover of Northern Rock. There will be exceptional circumstances, whereas I say financial stability, rather like national security, can trump competition concerns."
Email to a friend
Print this page- Leeds lose Ward to Palace: Is there anyone they can afford now?
- Sheffield Wednesday leaving it late to hijack Leeds United over Ward
- As Snodgrass dithers over Leeds, Warnock throws a lifeline
- Ball is in Leeds United’s court over contract - Snodgrass
- Police turning blind eye to Asian voter fraud, says MP
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Yorkshire
Saturday 26 May 2012
Today
Sunny
Temperature: 9 C to 21 C
Wind Speed: 17 mph
Wind direction: East
Tomorrow
Sunny
Temperature: 9 C to 22 C
Wind Speed: 13 mph
Wind direction: East
