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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."
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Sunday 12 February 2012
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