U.K. Financial Services Authority Backs HBOS, Shares Tumble

Published September 17th, 2008 - 12:35 GMT
Al Bawaba
Al Bawaba

The UK FSA said satisfied HBOS is a well capitalized bank and that it continues to fund its business in a satisfactory way. Shares plunged 50% on the session. Meanwhile, there are rumors that two different U.K. clearers may be looking at HBOS this morning, with encouragement from the BoE. HBOS repeats the bank is a strong financial institution with significant capital resources at its disposal, adding that it continues to fund itself in the wholesale markets.