HORSE GUARDS PARADE
Lex專欄:誰讓勞埃德遭殃


要瞬間殺馬,須將螺釘槍頂住馬頭。若想讓「黑馬銀行」擺脫苦難,可就沒那麼簡單了。有人說,駿懋銀行對HBOS的災難性收購,是艱難市場狀況下的倉促之舉,這算不上什麼藉口。

The government's stake in Lloyds will reach 77 per cent once it converts into ordinaries its existing holding of £4bn of prefs and the £15.6bn of new B shares it will receive as “payment” for the insurance policy just agreed. The state's economic interest will be higher still, since the B shares will receive dividends worth 125 per cent of those payable to ordinary shareholders. By some measures, Lloyds is in fact now in worse shape than Royal Bank of Scotland. Whereas RBS asked the government to cover losses on loans and other receivables accounting for 15 per cent of its assets, Lloyds has had to insure nearly a quarter of its balance sheet.

作爲英國政府和勞埃德剛剛達成的擔保協議的「付款」,政府將獲得價值156億英鎊的勞埃德新B股股份。一旦政府將目前持有的40億英鎊優先股和這些新B股轉換爲普通股,它在勞埃德持股比例將達到77%。國家的經濟利益仍將得到優先考慮,因爲這些B股獲得的股息將是普通股股東的125%。按照某些指標來衡量,勞埃德目前的狀況實際上比皇家蘇格蘭銀行(RBS)更糟。皇家蘇格蘭銀行要求政府擔保的貸款和其它應收款損失佔其資產的15%,而勞埃德則必須爲佔其資產負債表近四分之一的資產尋求擔保。

您已閱讀48%(884字),剩餘52%(959字)包含更多重要資訊,訂閱以繼續探索完整內容,並享受更多專屬服務。
版權聲明:本文版權歸FT中文網所有,未經允許任何單位或個人不得轉載,複製或以任何其他方式使用本文全部或部分,侵權必究。
設置字型大小×
最小
較小
默認
較大
最大
分享×