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class="vector-unpinned-container"> </div> </div> </div> </nav> <div id="p-vector-user-menu-notifications" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-overflow" class="vector-menu mw-portlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en" class=""><span>Donate</span></a> </li> <li id="pt-createaccount-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:CreateAccount&returnto=HBOS" title="You are encouraged to create an account and log in; however, it is not mandatory" class=""><span>Create account</span></a> </li> <li id="pt-login-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:UserLogin&returnto=HBOS" title="You're encouraged to log in; however, it's not mandatory. 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[o]" accesskey="o"><span class="vector-icon mw-ui-icon-logIn mw-ui-icon-wikimedia-logIn"></span> <span>Log in</span></a></li> </ul> </div> </div> <div id="p-user-menu-anon-editor" class="vector-menu mw-portlet mw-portlet-user-menu-anon-editor" > <div class="vector-menu-heading"> Pages for logged out editors <a href="/wiki/Help:Introduction" aria-label="Learn more about editing"><span>learn more</span></a> </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-anoncontribs" class="mw-list-item"><a href="/wiki/Special:MyContributions" title="A list of edits made from this IP address [y]" accesskey="y"><span>Contributions</span></a></li><li id="pt-anontalk" class="mw-list-item"><a href="/wiki/Special:MyTalk" title="Discussion about edits from this IP address [n]" accesskey="n"><span>Talk</span></a></li> </ul> </div> </div> </div> </div> </nav> </div> </header> </div> <div class="mw-page-container"> <div class="mw-page-container-inner"> <div class="vector-sitenotice-container"> <div id="siteNotice"></div> </div> <div class="vector-column-start"> <div class="vector-main-menu-container"> <div id="mw-navigation"> <nav id="mw-panel" class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-pinned-container" class="vector-pinned-container"> </div> </nav> </div> </div> <div class="vector-sticky-pinned-container"> <nav id="mw-panel-toc" aria-label="Contents" data-event-name="ui.sidebar-toc" class="mw-table-of-contents-container vector-toc-landmark"> <div id="vector-toc-pinned-container" class="vector-pinned-container"> <div id="vector-toc" class="vector-toc vector-pinnable-element"> <div class="vector-pinnable-header vector-toc-pinnable-header vector-pinnable-header-pinned" data-feature-name="toc-pinned" data-pinnable-element-id="vector-toc" > <h2 class="vector-pinnable-header-label">Contents</h2> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-History" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#History"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>History</span> </div> </a> <button aria-controls="toc-History-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle History subsection</span> </button> <ul id="toc-History-sublist" class="vector-toc-list"> <li id="toc-HBOS_Group_Reorganisation_Act_2006" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#HBOS_Group_Reorganisation_Act_2006"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>HBOS Group Reorganisation Act 2006</span> </div> </a> <ul id="toc-HBOS_Group_Reorganisation_Act_2006-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2008_short_selling_and_credit_crunch" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#2008_short_selling_and_credit_crunch"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>2008 short selling and credit crunch</span> </div> </a> <ul id="toc-2008_short_selling_and_credit_crunch-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Acquisition_by_Lloyds_TSB" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Acquisition_by_Lloyds_TSB"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>Acquisition by Lloyds TSB</span> </div> </a> <ul id="toc-Acquisition_by_Lloyds_TSB-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bailout" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bailout"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>Bailout</span> </div> </a> <ul id="toc-Bailout-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Investigation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Investigation"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.5</span> <span>Investigation</span> </div> </a> <ul id="toc-Investigation-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Advertising" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Advertising"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Advertising</span> </div> </a> <ul id="toc-Advertising-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Controversies" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Controversies"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Controversies</span> </div> </a> <button aria-controls="toc-Controversies-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Controversies subsection</span> </button> <ul id="toc-Controversies-sublist" class="vector-toc-list"> <li id="toc-Links_to_the_arms_trade" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Links_to_the_arms_trade"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Links to the arms trade</span> </div> </a> <ul id="toc-Links_to_the_arms_trade-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Mortgage_fraud" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Mortgage_fraud"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Mortgage fraud</span> </div> </a> <ul id="toc-Mortgage_fraud-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bank_of_Wales" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bank_of_Wales"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Bank of Wales</span> </div> </a> <ul id="toc-Bank_of_Wales-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-HBOS_bad_loans" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#HBOS_bad_loans"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>HBOS bad loans</span> </div> </a> <ul id="toc-HBOS_bad_loans-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Reading_branch_fraud_and_Operation_Hornet" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Reading_branch_fraud_and_Operation_Hornet"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.5</span> <span>Reading branch fraud and Operation Hornet</span> </div> </a> <ul id="toc-Reading_branch_fraud_and_Operation_Hornet-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Operations" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Operations"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Operations</span> </div> </a> <button aria-controls="toc-Operations-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Operations subsection</span> </button> <ul id="toc-Operations-sublist" class="vector-toc-list"> <li id="toc-Bank_of_Scotland_plc" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bank_of_Scotland_plc"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Bank of Scotland plc</span> </div> </a> <ul id="toc-Bank_of_Scotland_plc-sublist" class="vector-toc-list"> <li id="toc-United_Kingdom" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#United_Kingdom"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.1</span> <span>United Kingdom</span> </div> </a> <ul id="toc-United_Kingdom-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-International" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#International"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.2</span> <span>International</span> </div> </a> <ul id="toc-International-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-HBOS_Australia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#HBOS_Australia"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>HBOS Australia</span> </div> </a> <ul id="toc-HBOS_Australia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-HBOS_Insurance_and_Investment_Group_Limited" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#HBOS_Insurance_and_Investment_Group_Limited"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>HBOS Insurance and Investment Group Limited</span> </div> </a> <ul id="toc-HBOS_Insurance_and_Investment_Group_Limited-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>References</span> </div> </a> <button aria-controls="toc-References-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle References subsection</span> </button> <ul id="toc-References-sublist" class="vector-toc-list"> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bibliography" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bibliography"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>Bibliography</span> </div> </a> <ul id="toc-Bibliography-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" 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Available in 15 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-15" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">15 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A5%D8%AA%D8%B4_%D8%A8%D9%8A_%D8%A3%D9%88_%D8%A5%D8%B3" title="إتش بي أو إس – Arabic" lang="ar" hreflang="ar" data-title="إتش بي أو إس" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/HBOS" title="HBOS – German" lang="de" hreflang="de" data-title="HBOS" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/HBOS" title="HBOS – Spanish" lang="es" hreflang="es" data-title="HBOS" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A7%DA%86%E2%80%8C%D8%A8%DB%8C%E2%80%8C%D8%A7%D9%88%D8%A7%D8%B3" title="اچ‌بی‌اواس – Persian" lang="fa" hreflang="fa" data-title="اچ‌بی‌اواس" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Halifax-Bank_of_Scotland" title="Halifax-Bank of Scotland – French" lang="fr" hreflang="fr" data-title="Halifax-Bank of Scotland" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/HBOS" title="HBOS – Korean" lang="ko" hreflang="ko" data-title="HBOS" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%8F%E0%A4%9A%E0%A4%AC%E0%A5%80%E0%A4%93%E0%A4%8F%E0%A4%B8_(HBOS)" title="एचबीओएस (HBOS) – Hindi" lang="hi" hreflang="hi" data-title="एचबीओएस (HBOS)" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/HBOS" title="HBOS – Dutch" lang="nl" hreflang="nl" data-title="HBOS" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/HBOS" title="HBOS – Japanese" lang="ja" hreflang="ja" data-title="HBOS" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/HBOS" title="HBOS – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="HBOS" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/HBOS" title="HBOS – Romanian" lang="ro" hreflang="ro" data-title="HBOS" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/HBOS" title="HBOS – Russian" lang="ru" hreflang="ru" data-title="HBOS" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/HBOS" title="HBOS – Simple English" lang="en-simple" hreflang="en-simple" data-title="HBOS" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/HBOS" title="HBOS – Finnish" lang="fi" hreflang="fi" data-title="HBOS" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/HBOS" title="HBOS – Chinese" lang="zh" hreflang="zh" data-title="HBOS" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q1538443#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul 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class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">United Kingdom banking and insurance company</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Not to be confused with <a href="/wiki/HBO" title="HBO">HBO</a>.</div> <p class="mw-empty-elt"> </p> <style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><style data-mw-deduplicate="TemplateStyles:r1242257876">.mw-parser-output .ib-company .infobox-label{padding-right:0.5em}.mw-parser-output .ib-company .infobox-data,.mw-parser-output .ib-company .infobox-below{line-height:1.35em}.mw-parser-output .ib-company-logo img{background-color:#f8f9fa}.mw-parser-output .ib-company-locality,.mw-parser-output .ib-company-country{display:inline}</style><table class="infobox ib-company vcard"><caption class="infobox-title fn org">HBOS plc</caption><tbody><tr><td colspan="2" class="infobox-image ib-company-logo logo"><span typeof="mw:File"><a href="/wiki/File:HBOS_plc_(logo).svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/en/thumb/2/21/HBOS_plc_%28logo%29.svg/200px-HBOS_plc_%28logo%29.svg.png" decoding="async" width="200" height="50" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/2/21/HBOS_plc_%28logo%29.svg/300px-HBOS_plc_%28logo%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/2/21/HBOS_plc_%28logo%29.svg/400px-HBOS_plc_%28logo%29.svg.png 2x" data-file-width="137" data-file-height="34" /></a></span></td></tr><tr><th scope="row" class="infobox-label">Company type</th><td class="infobox-data category"><a href="/wiki/Subsidiary" title="Subsidiary">Subsidiary</a></td></tr><tr><th scope="row" class="infobox-label">Industry</th><td class="infobox-data category"><a href="/wiki/Finance_and_Insurance" class="mw-redirect" title="Finance and Insurance">Finance and Insurance</a></td></tr><tr><th scope="row" class="infobox-label">Founded</th><td class="infobox-data">2000<span class="noprint">; 24 years ago</span><span style="display:none"> (<span class="bday dtstart published updated">2000</span>)</span></td></tr><tr><th scope="row" class="infobox-label">Fate</th><td class="infobox-data">Acquired by <a href="/wiki/Lloyds_TSB" class="mw-redirect" title="Lloyds TSB">Lloyds TSB</a></td></tr><tr><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data label"> <ul><li><a href="/wiki/Edinburgh" title="Edinburgh">Edinburgh</a>, Scotland, UK (Registered office)<br /></li> <li><a href="/wiki/Halifax,_West_Yorkshire" title="Halifax, West Yorkshire">Halifax</a>, England, UK (Head Office)</li></ul> </td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Key people</div></th><td class="infobox-data agent"><a href="/wiki/James_Crosby_(banker)" title="James Crosby (banker)">James Crosby</a> & <a href="/wiki/Andy_Hornby" title="Andy Hornby">Andy Hornby</a> (former Chief Executives)<br /><a href="/wiki/Lord_Stevenson_of_Coddenham" class="mw-redirect" title="Lord Stevenson of Coddenham">Lord Stevenson of Coddenham</a> (chairman)</td></tr><tr><th scope="row" class="infobox-label">Products</th><td class="infobox-data"><a href="/wiki/Financial_services" title="Financial services">Financial services</a></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Number of employees</div></th><td class="infobox-data">72,000</td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Parent_company" class="mw-redirect" title="Parent company">Parent</a></th><td class="infobox-data"><a href="/wiki/Lloyds_Banking_Group" title="Lloyds Banking Group">Lloyds Banking Group</a></td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Subsidiary" title="Subsidiary">Subsidiaries</a></th><td class="infobox-data"><a href="/wiki/Bank_of_Scotland_plc" class="mw-redirect" title="Bank of Scotland plc">Bank of Scotland plc</a>, HBOS Australia, HBOS Insurance & Investment Group</td></tr></tbody></table> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Bank_of_Scotland_HQ.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b2/Bank_of_Scotland_HQ.jpg/275px-Bank_of_Scotland_HQ.jpg" decoding="async" width="275" height="206" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b2/Bank_of_Scotland_HQ.jpg/413px-Bank_of_Scotland_HQ.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b2/Bank_of_Scotland_HQ.jpg/550px-Bank_of_Scotland_HQ.jpg 2x" data-file-width="2288" data-file-height="1712" /></a><figcaption>Group headquarters on The Mound, <a href="/wiki/Edinburgh" title="Edinburgh">Edinburgh</a>.</figcaption></figure> <figure typeof="mw:File/Thumb"><a href="/wiki/File:HBOS_Halifax_310805.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cd/HBOS_Halifax_310805.JPG/275px-HBOS_Halifax_310805.JPG" decoding="async" width="275" height="206" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cd/HBOS_Halifax_310805.JPG/413px-HBOS_Halifax_310805.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cd/HBOS_Halifax_310805.JPG/550px-HBOS_Halifax_310805.JPG 2x" data-file-width="2592" data-file-height="1944" /></a><figcaption>HBOS Office at Trinity Road, Halifax.</figcaption></figure> <figure typeof="mw:File/Thumb"><a href="/wiki/File:BlueLeany2008.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f1/BlueLeany2008.jpg/275px-BlueLeany2008.jpg" decoding="async" width="275" height="206" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f1/BlueLeany2008.jpg/413px-BlueLeany2008.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f1/BlueLeany2008.jpg/550px-BlueLeany2008.jpg 2x" data-file-width="2592" data-file-height="1944" /></a><figcaption>Halifax offices in <a href="/wiki/Aylesbury,_Buckinghamshire" class="mw-redirect" title="Aylesbury, Buckinghamshire">Aylesbury</a>, Buckinghamshire.</figcaption></figure> <figure typeof="mw:File/Thumb"><a href="/wiki/File:HBOSLeeds.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/HBOSLeeds.jpg/275px-HBOSLeeds.jpg" decoding="async" width="275" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/HBOSLeeds.jpg/413px-HBOSLeeds.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/96/HBOSLeeds.jpg/550px-HBOSLeeds.jpg 2x" data-file-width="2964" data-file-height="1779" /></a><figcaption>HBOS offices in <a href="/wiki/Lovell_Park" title="Lovell Park">Lovell Park</a>, <a href="/wiki/Leeds" title="Leeds">Leeds</a>, formerly those of the <a href="/wiki/Leeds_Permanent_Building_Society" title="Leeds Permanent Building Society">Leeds Permanent Building Society</a> before its takeover by the <a href="/wiki/Halifax_Building_Society" class="mw-redirect" title="Halifax Building Society">Halifax Building Society</a>.</figcaption></figure> <p><b>HBOS plc</b> is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the <a href="/wiki/Lloyds_Banking_Group" title="Lloyds Banking Group">Lloyds Banking Group</a>, having been taken over in January 2009. It was the <a href="/wiki/Holding_company" title="Holding company">holding company</a> for <a href="/wiki/Bank_of_Scotland" title="Bank of Scotland">Bank of Scotland plc</a>, which operated the Bank of Scotland and <a href="/wiki/Halifax_(bank)" title="Halifax (bank)">Halifax</a> brands in the UK, as well as HBOS Australia and HBOS Insurance & Investment Group Limited, the group's insurance division. </p><p>HBOS was formed by the 2001 merger of <a href="/wiki/Halifax_(bank)" title="Halifax (bank)">Halifax plc</a> and the <a href="/wiki/Governor_and_Company_of_the_Bank_of_Scotland" class="mw-redirect" title="Governor and Company of the Bank of Scotland">Bank of Scotland</a>.<sup id="cite_ref-merger_1-0" class="reference"><a href="#cite_note-merger-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The formation of HBOS was heralded as creating a fifth force in British banking as it created a company of comparable size and stature to the established <i><a href="/wiki/Big_Four_(banks)" class="mw-redirect" title="Big Four (banks)">Big Four</a></i> UK retail banks. It was also the UK's largest mortgage lender.<sup id="cite_ref-20080807iht_2-0" class="reference"><a href="#cite_note-20080807iht-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/HBOS_Group_Reorganisation_Act_2006" title="HBOS Group Reorganisation Act 2006">HBOS Group Reorganisation Act 2006</a> saw the transfer of Halifax plc and <a href="/wiki/Capital_Bank_plc" title="Capital Bank plc">Capital Bank plc</a> to the Bank of Scotland, which had by then become a registered public limited company, <a href="/wiki/Bank_of_Scotland_plc" class="mw-redirect" title="Bank of Scotland plc">Bank of Scotland plc</a>. </p><p>Although officially HBOS was not an acronym of any specific words, it is widely presumed to stand for Halifax Bank of Scotland. The corporate headquarters of the group were located on <a href="/wiki/The_Mound" title="The Mound">The Mound</a> in Edinburgh, Scotland, the former head office of the Bank of Scotland. Its operational headquarters were in <a href="/wiki/Halifax,_West_Yorkshire" title="Halifax, West Yorkshire">Halifax</a>, <a href="/wiki/West_Yorkshire" title="West Yorkshire">West Yorkshire, England</a>, the former head office of Halifax.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>On 19 January 2009, the group was acquired by <a href="/wiki/Lloyds_TSB" class="mw-redirect" title="Lloyds TSB">Lloyds TSB</a> and became a subsidiary of <a href="/wiki/Lloyds_Banking_Group" title="Lloyds Banking Group">Lloyds Banking Group</a> after both sets of shareholders approved the deal. </p><p><a href="/wiki/Lloyds_Banking_Group" title="Lloyds Banking Group">Lloyds Banking Group</a> stated that the new group would continue to use The Mound as the headquarters for its Scottish operations and would continue the issue of <a href="/wiki/Banknotes_of_the_pound_sterling#Scotland_and_Northern_Ireland" title="Banknotes of the pound sterling">Scottish bank notes</a>.<sup id="cite_ref-20080918iht_4-0" class="reference"><a href="#cite_note-20080918iht-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Announcement_5-0" class="reference"><a href="#cite_note-Announcement-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>HBOS was formed by a merger of <a href="/wiki/Halifax_(bank)" title="Halifax (bank)">Halifax</a> and <a href="/wiki/Bank_of_Scotland" title="Bank of Scotland">Bank of Scotland</a> in 2001, Halifax having demutualised and floated four years prior. </p> <div class="mw-heading mw-heading3"><h3 id="HBOS_Group_Reorganisation_Act_2006">HBOS Group Reorganisation Act 2006</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=2" title="Edit section: HBOS Group Reorganisation Act 2006"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Bank_of_Scotland" title="Bank of Scotland">Bank of Scotland</a> and <a href="/wiki/Halifax_Building_Society" class="mw-redirect" title="Halifax Building Society">Halifax Building Society</a></div> <p>In 2006, HBOS secured the passing of the <a href="/wiki/HBOS_Group_Reorganisation_Act_2006" title="HBOS Group Reorganisation Act 2006">HBOS Group Reorganisation Act 2006</a>, a private Act of Parliament that rationalised the bank's corporate structure.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> The act allowed HBOS to make the Governor and Company of the Bank of Scotland a public limited company, Bank of Scotland plc, which became the principal banking subsidiary of HBOS. Halifax plc and <a href="/wiki/Capital_Bank_plc" title="Capital Bank plc">Capital Bank plc</a> transferred its undertakings to Bank of Scotland plc.The Halifax brand name was retained, Halifax then began to operate under the latter's UK <a href="/wiki/Banking_licence" class="mw-redirect" title="Banking licence">banking licence</a>. </p><p>The provisions in the Act were implemented on 17 September 2007. </p><p>The share price peaked at over 1150p in February 2007.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="2008_short_selling_and_credit_crunch">2008 short selling and credit crunch</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=3" title="Edit section: 2008 short selling and credit crunch"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2004, <a href="/wiki/Paul_Moore_(banking_manager)" title="Paul Moore (banking manager)">Paul Moore</a>, HBOS head of <a href="/wiki/Financial_risk_management" title="Financial risk management">Group Regulatory Risk</a>, warned senior directors at HBOS about excessive risk-taking. He was dismissed, and his concerns not acted on. </p><p>In March 2008, HBOS shares fell 17 percent amid false rumours that it had asked the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> for emergency funding.<sup id="cite_ref-20080320guardian_8-0" class="reference"><a href="#cite_note-20080320guardian-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Financial_Services_Authority" title="Financial Services Authority">Financial Services Authority</a> conducted an investigation as to whether <a href="/wiki/Short_(finance)" title="Short (finance)">short selling</a> had any links with the rumours. It concluded that there was no deliberate attempt to drive the share price down.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>On 17 September 2008, very shortly after the demise of <a href="/wiki/Lehman_Brothers" title="Lehman Brothers">Lehman Brothers</a>, HBOS's share price suffered wild fluctuations between 88p and 220p per share, despite the FSA's assurances as to its liquidity and exposure to the wider <a href="/wiki/Credit_crunch" title="Credit crunch">credit crunch</a>.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>However, later that day, the <a href="/wiki/BBC" title="BBC">BBC</a> reported that HBOS was in advanced <a href="/wiki/Takeover#In_the_United_Kingdom" title="Takeover">takeover</a> talks with <a href="/wiki/Lloyds_TSB" class="mw-redirect" title="Lloyds TSB">Lloyds TSB</a> to create a "superbank" with 38 million customers. That was later confirmed by HBOS. The BBC suggested that shareholders would be offered up to £3.00 per share, causing the share price to rise, but later retracted that comment.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-20080917reuters_12-0" class="reference"><a href="#cite_note-20080917reuters-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> Later that day, the price was set at 0.83 Lloyds shares for each HBOS share, equivalent to 232<a href="/wiki/Pound_sterling#Subdivisions_and_other_units" title="Pound sterling">p</a> per share,<sup id="cite_ref-20080918reuters_13-0" class="reference"><a href="#cite_note-20080918reuters-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> which was less than the 275p price at which HBOS had raised funds earlier in 2008.<sup id="cite_ref-20080917guardian_14-0" class="reference"><a href="#cite_note-20080917guardian-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> The price was later altered to 0.605 Lloyds shares per HBOS share.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>To avoid another <a href="/wiki/Northern_Rock#2007_credit_crisis" title="Northern Rock">Northern Rock-style collapse</a>, the UK government announced that should the takeover go ahead, it would be allowed to bypass <a href="/wiki/Competition_law" title="Competition law">competition law</a>. </p> <p><a href="/wiki/Alex_Salmond" title="Alex Salmond">Alex Salmond</a>, Scotland's <a href="/wiki/First_Minister_of_Scotland" title="First Minister of Scotland">First Minister</a>, previously an economist, said of the takeover: </p><blockquote> <p>"I am very angry that we can have a situation where a bank can be forced into a merger by basically a bunch of short-selling <a href="/wiki/Spiv" title="Spiv">spivs</a> and speculators in the financial markets."<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> </blockquote> <div class="mw-heading mw-heading3"><h3 id="Acquisition_by_Lloyds_TSB">Acquisition by Lloyds TSB</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=4" title="Edit section: Acquisition by Lloyds TSB"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On 18 September 2008, the terms of the recommended offer for HBOS by <a href="/wiki/Lloyds_TSB" class="mw-redirect" title="Lloyds TSB">Lloyds TSB</a> were announced. The deal was concluded on 19 January 2009.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> The three main conditions for the acquisition were: </p> <ul><li>Three quarters of HBOS shareholders voted in favour of the board's actions;<sup id="cite_ref-Announcement_5-1" class="reference"><a href="#cite_note-Announcement-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup></li> <li>Half of Lloyds TSB shareholder voted to approve the takeover;<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup></li> <li>UK government dispensation with respect to competition law.</li></ul> <p>A group of Scottish businessmen challenged the right of the UK government to approve the deal by over-ruling UK competition law, but this was rejected. The takeover was approved by HBOS shareholders on 12 December. </p><p>Prime Minister <a href="/wiki/Gordon_Brown" title="Gordon Brown">Gordon Brown</a> personally brokered the deal with Lloyds TSB. An official<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Words_to_watch#Unsupported_attributions" title="Wikipedia:Manual of Style/Words to watch"><span title="The material near this tag possibly uses too-vague attribution or weasel words. (December 2011)">who?</span></a></i>]</sup> said: "It is not the role of a Prime Minister to tell a City institution what to do".<sup id="cite_ref-20080917timesonline_19-0" class="reference"><a href="#cite_note-20080917timesonline-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> The Lloyds TSB board stated that merchant banks <a href="/wiki/Merrill_Lynch" class="mw-redirect" title="Merrill Lynch">Merrill Lynch</a> and <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a> were among the advisers recommending the takeover.<sup id="cite_ref-Announcement_5-2" class="reference"><a href="#cite_note-Announcement-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Lloyds Banking Group said Edinburgh-based HBOS, which it had absorbed in January, made a pre-tax loss of £10.8 billion in 2008. Andy Hornby, the former chief executive of HBOS, and Lord Stevenson of Coddenham, its former chairman, appeared before the Commons Treasury Committee to answer questions about the near-collapse of the bank. Hornby said: "I'm very sorry what happened at HBOS. It has affected shareholders, many of whom are colleagues, it's affected the communities in which we live and serve, it's clearly affected taxpayers, and we are extremely sorry for the turn of events that has brought it about." </p> <div class="mw-heading mw-heading3"><h3 id="Bailout">Bailout</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=5" title="Edit section: Bailout"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On 13 October 2008, <a href="/wiki/Gordon_Brown" title="Gordon Brown">Gordon Brown</a>'s announcement that government must be a "rock of stability" resulted to an "unprecedented but essential" government action: the Treasury would infuse £37 billion ($64 billion, €47 billion) of new capital into <a href="/wiki/Royal_Bank_of_Scotland_Group" class="mw-redirect" title="Royal Bank of Scotland Group">Royal Bank of Scotland Group</a> Plc, <a href="/wiki/Lloyds_TSB" class="mw-redirect" title="Lloyds TSB">Lloyds TSB</a> and HBOS Plc, to avert financial sector collapse or UK "banking meltdown". He stressed that it was not "standard public ownership", as the banks would return to private investors "at the right time".<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Chancellor_of_the_Exchequer" title="Chancellor of the Exchequer">Chancellor of the Exchequer</a>, <a href="/wiki/Alistair_Darling" title="Alistair Darling">Alistair Darling</a>, claimed that the British public would benefit from the rescue plan, because the government would have some control over RBS in exchange for about £20 billion of funding. Total State ownership in RBS would be 60%, and 40% for HBOS.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> Royal Bank of Scotland said it intended to raise £20 billion ($34 billion) capital with the government's aid; its chief executive <a href="/wiki/Fred_Goodwin" title="Fred Goodwin">Fred Goodwin</a> resigned. The government acquired $8.6 billion of preference shares and underwrote $25.7 billion of ordinary shares. Thus, it intended to raise £15 billion (€18.9 billion, $25.8 billion) from investors, to be underwritten by the government. The State would pay £5 billion for RBS, while <a href="/wiki/Barclays" title="Barclays">Barclays</a> Bank raised £6.5 billion from private sector investors, with no government help.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Reuters" title="Reuters">Reuters</a> reported that Britain could inject £40 billion ($69 billion) into the three banks including <a href="/wiki/Barclays" title="Barclays">Barclays</a>.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Investigation">Investigation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=6" title="Edit section: Investigation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2015, an investigation by the <a href="/wiki/Prudential_Regulation_Authority_(United_Kingdom)" title="Prudential Regulation Authority (United Kingdom)">Prudential Regulation Authority</a> and <a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">Financial Conduct Authority</a> blamed the failure requiring the bailout on the bank's executives, as well as being critical of the <a href="/wiki/Financial_Services_Authority" title="Financial Services Authority">Financial Services Authority</a> (FSA), the then-regulator. A parallel investigation into the FSA's enforcement process concluded it was too late to fine responsible executives, but up to 10 former HBOS executives could be banned from the financial services industry.<sup id="cite_ref-telegraph-20151119_25-0" class="reference"><a href="#cite_note-telegraph-20151119-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p><p>Causes of failure were identified as follows: </p> <ul><li>The board failed to instil a culture within the firm that balanced risk and return appropriately, and it lacked sufficient experience and knowledge of banking.<sup id="cite_ref-telegraph-20151119_25-1" class="reference"><a href="#cite_note-telegraph-20151119-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup></li> <li>There was a flawed and unbalanced strategy and a business model with inherent vulnerabilities arising from an excessive focus on market share, asset growth and short-term profitability.<sup id="cite_ref-telegraph-20151119_25-2" class="reference"><a href="#cite_note-telegraph-20151119-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup></li> <li>The firm's executive management pursued rapid and uncontrolled growth of the Group's balance sheet. That led to an over-exposure to highly cyclical commercial real estate (CRE) at the peak of the economic cycle.<sup id="cite_ref-telegraph-20151119_25-3" class="reference"><a href="#cite_note-telegraph-20151119-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup></li> <li>The board and control functions failed to challenge effectively the pursuit of that course by the executive management, or to ensure adequate mitigating actions.<sup id="cite_ref-telegraph-20151119_25-4" class="reference"><a href="#cite_note-telegraph-20151119-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup></li> <li>The underlying weaknesses of HBOS's balance sheet made the Group extremely vulnerable to market shocks and eventual failure as the crisis in the financial system intensified.<sup id="cite_ref-telegraph-20151119_25-5" class="reference"><a href="#cite_note-telegraph-20151119-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup></li></ul> <p>After putting the investigation on hold in 2013, in April 2017, the Financial Conduct Authority resumed its probe of "the way HBOS handled fraud allegations at its Reading branch".<sup id="cite_ref-ft-fraud_26-0" class="reference"><a href="#cite_note-ft-fraud-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>On 21 June 2019, the <a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">Financial Conduct Authority</a> fined the Bank of Scotland £45.5 million over its failure to report suspicions of fraud at its Reading branch which led to the jailing of six people. The authority said that the bank "risked substantial prejudice to the interests of justice" by withholding information. The fine was reduced by almost £20 million because the bank agreed to settle.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Advertising">Advertising</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=7" title="Edit section: Advertising"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/HBOS_Marketing_Campaign" title="HBOS Marketing Campaign">HBOS Marketing Campaign</a></div> <div class="mw-heading mw-heading2"><h2 id="Controversies">Controversies</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=8" title="Edit section: Controversies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Links_to_the_arms_trade">Links to the arms trade</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=9" title="Edit section: Links to the arms trade"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In December 2008, the British anti-poverty charity, <a href="/wiki/War_on_Want" title="War on Want">War on Want</a>, released a report documenting the extent to which HBOS and other UK commercial banks invested in, provided banking services for, and made loans to <a href="/wiki/Arms_industry" title="Arms industry">arms companies</a>. The charity wrote that HBOS held shares in the UK arms sector totalling £483.4 million, and served as principal banker for <a href="/wiki/Babcock_International" title="Babcock International">Babcock International</a> and <a href="/wiki/Chemring" class="mw-redirect" title="Chemring">Chemring</a>.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Mortgage_fraud">Mortgage fraud</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=10" title="Edit section: Mortgage fraud"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Lloyds_and_Halifax_in_Cross_Gates.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4e/Lloyds_and_Halifax_in_Cross_Gates.jpg/220px-Lloyds_and_Halifax_in_Cross_Gates.jpg" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4e/Lloyds_and_Halifax_in_Cross_Gates.jpg/330px-Lloyds_and_Halifax_in_Cross_Gates.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4e/Lloyds_and_Halifax_in_Cross_Gates.jpg/440px-Lloyds_and_Halifax_in_Cross_Gates.jpg 2x" data-file-width="3264" data-file-height="2448" /></a><figcaption>Neighbouring <a href="/wiki/Halifax_(bank)" title="Halifax (bank)">Halifax</a> and <a href="/wiki/Lloyds_TSB" class="mw-redirect" title="Lloyds TSB">Lloyds TSB</a> branches outside Crossgates Shopping Centre, <a href="/wiki/Cross_Gates" title="Cross Gates">Cross Gates</a>, <a href="/wiki/Leeds" title="Leeds">Leeds</a>.</figcaption></figure> <p>During 2003, <i><a href="/wiki/The_Money_Programme" title="The Money Programme">The Money Programme</a></i> uncovered systemic <a href="/wiki/Mortgage_fraud" title="Mortgage fraud">mortgage fraud</a> throughout HBOS. The Money Programme found that during the investigation, brokers advised the undercover researchers to lie on applications for self-certified mortgages from, among others, the Bank of Scotland, the Mortgage Business and Birmingham Midshires.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> All three were part of the Halifax Bank of Scotland Group, Britain's biggest mortgage lender. James Crosby, head of HBOS at the time, refused to be interviewed in relation to the exposed mortgage fraud. Further examples of mortgage fraud have come to light, which has seen mortgage brokers take advantage of fast track processing systems, as seen at HBOS, by entering false details, often without the applicant's knowledge. </p> <div class="mw-heading mw-heading3"><h3 id="Bank_of_Wales">Bank of Wales</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=11" title="Edit section: Bank of Wales"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2002, HBOS dropped the <a href="/wiki/Bank_of_Wales" title="Bank of Wales">Bank of Wales</a> brand and absorbed the operations into Bank of Scotland Business Banking. </p> <div class="mw-heading mw-heading3"><h3 id="HBOS_bad_loans">HBOS bad loans</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=12" title="Edit section: HBOS bad loans"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On 13 February 2009, <a href="/wiki/Lloyds_Banking_Group" title="Lloyds Banking Group">Lloyds Banking Group</a> revealed losses of £10 billion at HBOS, £1.6 billion higher than Lloyds had anticipated in November because of deterioration in the housing market and weakening company profits.<sup id="cite_ref-telegraph_20090213_30-0" class="reference"><a href="#cite_note-telegraph_20090213-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> The share price of Lloyds Banking Group plunged 32% on the <a href="/wiki/London_Stock_Exchange" title="London Stock Exchange">London Stock Exchange</a>, carrying other bank shares with it.<sup id="cite_ref-telegraph_20090213_30-1" class="reference"><a href="#cite_note-telegraph_20090213-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p><p>In September 2012, Peter Cummings, the head of HBOS corporate banking from 2006 to 2008, was fined £500,000 by the UK financial regulator over his role in the bank's collapse. The Financial Services Authority (FSA) also banned Cummings from working in the banking industry. The losses in his division exceeded the initial taxpayer bailout for the bank in October 2008.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-20120912ibtimes_32-0" class="reference"><a href="#cite_note-20120912ibtimes-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Reading_branch_fraud_and_Operation_Hornet">Reading branch fraud and Operation Hornet</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=13" title="Edit section: Reading branch fraud and Operation Hornet"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On 3 October 2010, Lynden Scourfield, former director of mid-market high-risk at Bank of Scotland Corporate, his wife Jacquie Scourfield, ex-director of Remnant Media Tony Cartwright, and ex-NatWest banker David Mills, were arrested on suspicion of fraud by the <a href="/wiki/Serious_Organised_Crime_Agency" title="Serious Organised Crime Agency">Serious Organised Crime Agency</a>.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Daily_Telegraph_8_January_2013_34-0" class="reference"><a href="#cite_note-Daily_Telegraph_8_January_2013-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> The scandal centred around Scourfield's use of his position to refer companies to Quayside Corporate Services, owned and operated by David Mills, for "turnaround" services which Quayside was unqualified to provide. Several members of Quayside's staff had criminal records for embezzlement. Customers were allegedly inappropriately pressured to take on excessive debt burdens and to make acquisitions benefiting Quayside.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p><p> On 30 January 2017, following a four-month trial, former HBOS employees Scourfield and Mark Dobson were convicted of corruption and fraud involving a scheme that cost the bank £245 million;<sup id="cite_ref-Guardian_30_January_2017_36-0" class="reference"><a href="#cite_note-Guardian_30_January_2017-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> Scourfield pleaded guilty to six counts including corruption, and Dobson was found guilty of counts including bribery, fraud and money laundering.<sup id="cite_ref-BBC_News_30_January_2017_37-0" class="reference"><a href="#cite_note-BBC_News_30_January_2017-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> The court also convicted David Mills, Michael Bancroft, Alison Mills, and John Cartwright for their parts in the conspiracy.<sup id="cite_ref-BBC_News_30_January_2017_37-1" class="reference"><a href="#cite_note-BBC_News_30_January_2017-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> On 2 February 2017, David Mills was jailed for 15 years, Scourfield for 11 years and three months, and Bancroft for 10 years. Dobson was sentenced to four and a half years, and Alison Mills and Cartwright were given three-and-a-half-year sentences for money laundering.<sup id="cite_ref-BBC_News_2_February_2017_38-0" class="reference"><a href="#cite_note-BBC_News_2_February_2017-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> Following the convictions, the BBC reported:</p><blockquote><p>"Businessmen Bancroft and Mills arranged sex parties, exotic foreign holidays, cash in brown envelopes and other favours for Scourfield between 2003 and 2007. In exchange for the bribes, Scourfield would require the bank's small business customers to use Quayside Corporate Services, the firm of consultants run by Mills and his wife Alison. Quayside purported to be turnaround consultants, offering business experience and expertise to help small business customers improve their fortunes, but far from helping turn businesses around, Mills and his associates were milking them for huge fees and using their relationship with the bank to bully business owners and strip them of their assets. In cash fees alone, according to prosecutors in the trial, £28 million went through the accounts of Mills, his wife and their associated companies. […] Mills and his associates used the bank's customers and the bank's money dishonestly to enrich themselves."<sup id="cite_ref-BBC_News_30_January_2017_37-2" class="reference"><a href="#cite_note-BBC_News_30_January_2017-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>The police investigation, named Operation Hornet, was carried out by Thames Valley Police, whilst <a href="/wiki/Anthony_Stansfeld" title="Anthony Stansfeld">Anthony Stansfeld</a> was PCC. When the trial ended, Mr Stansfeld made the following three observations. Firstly, the investigation took six years at a cost of £7m. Secondly, that a fraud of that size could not have taken place without either complicity or incompetence, or a lack of oversight. Lastly, that if Thames Valley Police had not taken on the case no one else would have, and the crime would not have been investigated.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p><p>The BBC added: "A decade on, HBOS's owner <a href="/wiki/Lloyds_Banking_Group" title="Lloyds Banking Group">Lloyds Banking Group</a> still has not acknowledged the full scale of the fraud - or offered to compensate its victims"; the broadcaster noted that the fraud was first discovered in 2007 by the bank's customers Nikki and Paul Turner, who used publicly available records to uncover it, but that after the Turners submitted their evidence to the bank it dismissed their claims and tried to repossess their home.<sup id="cite_ref-BBC_News_30_January_2017_37-3" class="reference"><a href="#cite_note-BBC_News_30_January_2017-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> Following the convictions, the background to the case was reported on <a href="/wiki/BBC_Radio_Four" class="mw-redirect" title="BBC Radio Four">BBC Radio Four</a>'s <i><a href="/wiki/File_on_Four" class="mw-redirect" title="File on Four">File on Four</a></i> programme on 31 January 2017.<sup id="cite_ref-BBC_File_on_Four_31_January_2017_40-0" class="reference"><a href="#cite_note-BBC_File_on_Four_31_January_2017-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> Lloyds is taking a £100 million hit paying compensation to the victims.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Noel_Edmonds" title="Noel Edmonds">Noel Edmonds</a>, a celebrity victim of the scam, reached a settlement with the bank in July 2019.<sup id="cite_ref-Edmonds_42-0" class="reference"><a href="#cite_note-Edmonds-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> Edmonds had argued that staff at the Reading branch had ruined his business, the Unique Group. Edmonds' campaign against Lloyds included attending the Lloyds 2018 AGM where he berated the board of directors from the floor.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> In July 2022, insider.co.uk reported that Thames Valley Police has referred Noel Edmonds' case against Lloyds Banking Group to the CPS, following a criminal investigation into a former HBOS banker that led to the liquidation of the TV presenter's Unique Group of businesses.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p><p>Dame <a href="/wiki/Linda_Dobbs" title="Linda Dobbs">Linda Dobbs</a> is chairing an independent inquiry into the investigation and reporting of the fraud.<sup id="cite_ref-Edmonds_42-1" class="reference"><a href="#cite_note-Edmonds-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> This inquiry started in April 2017.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> </p><p>The HBOS Reading trial finished on 2 February 2017. In April 2017 <a href="/wiki/Lloyds_Banking_Group" title="Lloyds Banking Group">Lloyds Banking Group</a> (LBG) commissioned Professor Russell Griggs to oversee a compensation scheme for the victims of HBOS Reading. The scheme concluded all of the victims businesses would have failed despite the Reading fraud and therefore only awarded compensation for D&I (Distress and inconvenience) and nothing for D&C (Direct and consequential loss). In October 2018 SME Alliance (a not for profit organisation that supports and lobbies for victims of Bank misconduct) concluded the Griggs review was not fit for purpose and issued a complaint under the <a href="/wiki/Senior_Managers_Regime" title="Senior Managers Regime">SM&CR</a> to the <a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">FCA</a> about the management of LBG in relation to the Griggs Review. SME Alliance also commissioned <a href="/wiki/Jonathan_Laidlaw" title="Jonathan Laidlaw">Jonathan Laidlaw QC</a> to give an ‘Advice’ on the Griggs Review.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p><p>Laidlaw QC concluded the Griggs Review was “procedurally defective” and it referenced “LBG’s failure to adjust the scope of the Review following the public release of the Project Lord Turnbull Report<sup id="cite_ref-kevinhollinrake.org.uk_47-0" class="reference"><a href="#cite_note-kevinhollinrake.org.uk-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> is another important defect.” The Project Lord Turnbull Report <sup id="cite_ref-kevinhollinrake.org.uk_47-1" class="reference"><a href="#cite_note-kevinhollinrake.org.uk-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> was written by accountant Sally Masterton. She had worked for the bank from 1998, first under HBOS and then Lloyds. The report makes several serious allegations about HBOS and Lloyds management, the most important of which are that the Reading Fraud was deliberately concealed, and that the FSA was intentionally misled. Moreover, the report is highly critical of the auditors, KPMG. In section eight the report states, “KPMG have not only just been negligent but their direct involvement in a number of material malpractices and violations regarding HBOS is fundamental and exposes them to claims in relation to misconduct, serious dereliction of duty and breach of regulatory and statutory duties.” In 2013 Sally Masterton, a forensic accountant, provided information that was crucial to the police investigation into the Reading Fraud. Subsequently, Ms Masterton left the bank and brought a case for unfair constructive dismissal, which was settled in 2015.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </p><p>In December 2018 <a href="/wiki/Kevin_Hollinrake" title="Kevin Hollinrake">Kevin Hollinrake MP</a>, Co-chairman of the <a href="/wiki/All-party_parliamentary_group" title="All-party parliamentary group">APPG</a> on Fair Business Banking tabled a debate in Parliament on HBOS Reading and the Economic Secretary to the Treasury, <a href="/wiki/John_Glen_(politician)" title="John Glen (politician)">John Glen MP</a>, confirmed LBG would now fund an ‘Assurance’ review about the Griggs review, requested by the FCA.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </p><p>This led to a report by <a href="/wiki/Ross_Cranston" title="Ross Cranston">Sir Ross Cranston</a>, a retired High Court Judge, in December 2019. Sir Ross accused LBG of “an unacceptable denial of responsibility” over its treatment of the HBOS Reading victims.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> This resulted in questions from the FCA including: “We will also require LBG senior management to explain how and why the failings identified by Sir Ross occurred in the first place.”<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> </p><p>Between December 2019 and February / March 2020, <a href="/wiki/Ant%C3%B3nio_Horta-Os%C3%B3rio_(banker)" class="mw-redirect" title="António Horta-Osório (banker)">Antonio Horta-Osorio</a>, the CEO of LBG, met with many of the Reading victims promising he would now oversee the compensation process personally.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> Many victims have complained there has been no contact with Mr. Horta-Osorio, who is now allegedly leaving the Bank for a post at Credit Suisse, since May 2020. </p><p>In April 2020 the Foskett Panel was formed under retired High Court Judge, <a href="/wiki/David_Foskett" title="David Foskett">Sir David Foskett</a>, to finally compensate the victims of HBOS Reading.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> The process continues and the Panel have confirmed it could take up to a further two years (2023) to compensate all the victims. </p><p>In December 2020, the <a href="/wiki/All-party_parliamentary_group" title="All-party parliamentary group">APPG</a> on Fair Business Banking submitted a formal complaint under the <a href="/wiki/Senior_Managers_Regime" title="Senior Managers Regime">SM&CR</a> to the FCA about the conduct of LBG in relation to their treatment of HBOS Reading victims including the Bank's refusal to support victims or to compensate them for the additional three-year delay caused by the failed Griggs Review.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p><p>Three of the six criminals convicted for the HBOS Reading crimes have now been released from jail with a fourth due to be released by the end of 2021<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (May 2024)">citation needed</span></a></i>]</sup>. </p> <div class="mw-heading mw-heading2"><h2 id="Operations">Operations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=14" title="Edit section: Operations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>HBOS conducted all its operations through three main businesses: </p> <ul><li>Bank of Scotland plc</li> <li>HBOS Australia</li> <li>HBOS Insurance & Investment Group Limited</li></ul> <div class="mw-heading mw-heading3"><h3 id="Bank_of_Scotland_plc">Bank of Scotland plc</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=15" title="Edit section: Bank of Scotland plc"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Bank of Scotland plc was the banking division of the HBOS group, and operated the following brands: </p> <div class="mw-heading mw-heading4"><h4 id="United_Kingdom">United Kingdom</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=16" title="Edit section: United Kingdom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Bank_of_Scotland" title="Bank of Scotland">Bank of Scotland</a></li> <li>Bank of Scotland Private Banking</li> <li>Bank of Scotland Treasury Services</li> <li>Bank of Scotland Business Banking</li> <li><a href="/wiki/Birmingham_Midshires" title="Birmingham Midshires">Birmingham Midshires</a></li> <li><a href="/wiki/Halifax_(bank)" title="Halifax (bank)">Halifax</a></li> <li><a href="/wiki/Capital_Bank_plc" title="Capital Bank plc">Capital Bank plc</a> (Formally North west securities)</li> <li>AA Savings (the same brand also used Bank of Ireland for some accounts)</li> <li>Halifax Financial Services (Holdings) Ltd</li> <li>Halifax Investment Fund Managers Ltd</li> <li><a href="/wiki/Halifax_Share_Dealing" title="Halifax Share Dealing">Halifax Share Dealing</a> Limited</li> <li>Halifax Unit Trust Management Ltd</li> <li><a href="/wiki/Intelligent_Finance" class="mw-redirect" title="Intelligent Finance">Intelligent Finance</a></li> <li><a href="/wiki/Sainsbury%27s_Bank" title="Sainsbury's Bank">Sainsbury's Bank</a> (50%) – holding sold to J Sainsbury plc on 31 January 2014.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2020)">citation needed</span></a></i>]</sup></li> <li>The Mortgage Business (TMB)</li> <li>Blair, Oliver & Scott (Debt recovery)</li> <li><a href="/wiki/St._James%27s_Place_plc" title="St. James's Place plc">St James's Place</a> Bank</li></ul> <div class="mw-heading mw-heading4"><h4 id="International">International</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=17" title="Edit section: International"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Banco_Halifax_Hispania" class="mw-redirect" title="Banco Halifax Hispania">Banco Halifax Hispania</a> – rebranded as Lloyds Bank International in 2010 and sold to <a href="/wiki/Banco_Sabadell" title="Banco Sabadell">Banco Sabadell</a> in 2013.</li> <li>Bank of Scotland Corporate</li> <li><a href="/wiki/Bank_of_Scotland_International" title="Bank of Scotland International">Bank of Scotland International</a> – transferred to Lloyds TSB Offshore in 2012, which became <a href="/wiki/Lloyds_Bank_International" title="Lloyds Bank International">Lloyds Bank International</a> in 2013.</li> <li>Bank of Scotland Investment Services</li> <li><a href="/wiki/Bank_of_Scotland_(Ireland)" class="mw-redirect" title="Bank of Scotland (Ireland)">Bank of Scotland (Ireland)</a>, trading as <a href="/wiki/Halifax_(Irish_bank)" class="mw-redirect" title="Halifax (Irish bank)">Halifax</a> since 2006 and closed down on 31 December 2010.</li> <li>Bank of Scotland, Amsterdam branch - trading as Lloyds Bank since 2013 (savings) and 2014 (mortgages).</li> <li>Bank of Scotland, Berlin branch</li></ul> <div class="mw-heading mw-heading3"><h3 id="HBOS_Australia">HBOS Australia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=18" title="Edit section: HBOS Australia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>HBOS Australia was formed in 2004 to consolidate the group's holdings in Australia. It consisted of the following subsidiaries: </p> <ul><li><a href="/w/index.php?title=Capital_Finance_Australia&action=edit&redlink=1" class="new" title="Capital Finance Australia (page does not exist)">Capital Finance Australia</a> Limited</li> <li>BOS International Australia Ltd</li></ul> <p>On 8 October 2008, HBOS Australia sold its <a href="/wiki/Bank_of_Western_Australia" class="mw-redirect" title="Bank of Western Australia">Bank of Western Australia</a> and St Andrew's Australia Pty Ltd subsidiaries for approximately A$2bn to <a href="/wiki/Commonwealth_Bank_of_Australia" class="mw-redirect" title="Commonwealth Bank of Australia">Commonwealth Bank of Australia</a>.<sup id="cite_ref-bankwest_55-0" class="reference"><a href="#cite_note-bankwest-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> </p><p>The group's businesses in Australia were sold to <a href="/wiki/Westpac" title="Westpac">Westpac</a> in October 2013.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="HBOS_Insurance_and_Investment_Group_Limited">HBOS Insurance and Investment Group Limited</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=19" title="Edit section: HBOS Insurance and Investment Group Limited"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>HBOS Insurance & Investment Group Limited manages the group's insurance and investment brands in the UK and Europe. It consisted of the following: </p> <ul><li><a href="/w/index.php?title=St_James%27s_Place_Capital&action=edit&redlink=1" class="new" title="St James's Place Capital (page does not exist)">St James's Place Capital</a> (60%)</li> <li>Halifax General Insurance Services Ltd</li> <li>St Andrew's Group</li> <li><a href="/wiki/Clerical_Medical" title="Clerical Medical">Clerical Medical</a></li></ul> <p>It also used to own UK investment manager <a href="/wiki/Insight_Investment" title="Insight Investment">Insight Investment Management Limited</a>.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> <a href="/wiki/The_Bank_of_New_York_Mellon" class="mw-redirect" title="The Bank of New York Mellon">The Bank of New York Mellon</a> acquired Insight in 2009.<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=20" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output 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srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/42px-All-currency-symbol.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/56px-All-currency-symbol.svg.png 2x" data-file-width="54" data-file-height="54" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Banks" title="Portal:Banks">Banks portal</a></span></li><li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Industry5.svg/28px-Industry5.svg.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Industry5.svg/42px-Industry5.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Industry5.svg/56px-Industry5.svg.png 2x" data-file-width="512" data-file-height="512" /></span></span></span><span class="portalbox-link"><a 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.reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-merger-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-merger_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFBachelor2001" class="citation news cs1">Bachelor, Lisa (4 May 2001). <a rel="nofollow" class="external text" href="https://www.theguardian.com/money/2001/may/04/personalfinancenews2">"HBOS: the issue explained"</a>. <i>The Guardian</i>. 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(September 2022)">bare URL PDF</span></a></i>]</sup></span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external free" href="https://www.appgbanking.org.uk/wp-content/uploads/2021/01/APPG-letter-to-FCA-re-Lloyds-Complaint-.pdf">https://www.appgbanking.org.uk/wp-content/uploads/2021/01/APPG-letter-to-FCA-re-Lloyds-Complaint-.pdf</a> <sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Bare_URLs" title="Wikipedia:Bare URLs"><span title="A full citation of this PDF document is required to prevent link rot. (September 2022)">bare URL PDF</span></a></i>]</sup></span> </li> <li id="cite_note-bankwest-55"><span class="mw-cite-backlink"><b><a href="#cite_ref-bankwest_55-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://archive.today/20130201064401/http://uk.reuters.com/article/innovationNews/idUKTRE4975XT20081008">"Australia's CBA to buy HBOS's BankWest for $1.5 billion"</a>. <i>Reuters</i>. Reuters UK. 8 October 2008. Archived from <a rel="nofollow" class="external text" href="http://uk.reuters.com/article/innovationNews/idUKTRE4975XT20081008">the original</a> on 1 February 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">15 June</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=Australia%27s+CBA+to+buy+HBOS%27s+BankWest+for+%241.5+billion&rft.date=2008-10-08&rft_id=http%3A%2F%2Fuk.reuters.com%2Farticle%2FinnovationNews%2FidUKTRE4975XT20081008&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHBOS" class="Z3988"></span></span> </li> <li id="cite_note-56"><span class="mw-cite-backlink"><b><a href="#cite_ref-56">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bbc.co.uk/news/business-24487938">"Lloyds agrees to sell Australian assets to Westpac"</a>. BBC News. 11 October 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">28 September</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Lloyds+agrees+to+sell+Australian+assets+to+Westpac&rft.date=2013-10-11&rft_id=https%3A%2F%2Fwww.bbc.co.uk%2Fnews%2Fbusiness-24487938&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHBOS" class="Z3988"></span></span> </li> <li id="cite_note-57"><span class="mw-cite-backlink"><b><a href="#cite_ref-57">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20140921042142/http://www.lloydsinternational.com.au/">"Lloyds International"</a>. Lloyds Banking Group. 2014. Archived from <a rel="nofollow" class="external text" href="http://www.lloydsinternational.com.au/">the original</a> on 21 September 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">28 September</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Lloyds+International&rft.pub=Lloyds+Banking+Group&rft.date=2014&rft_id=http%3A%2F%2Fwww.lloydsinternational.com.au%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHBOS" class="Z3988"></span></span> </li> <li id="cite_note-58"><span class="mw-cite-backlink"><b><a href="#cite_ref-58">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="http://www.iii.co.uk/investment/detail/?display=news&code=cotn:PHRM.L&action=article&articleid=7554666">"Notification of major interest in shares"</a> (Press release). Phorm Inc. 2 October 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">2 October</span> 2009</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Notification+of+major+interest+in+shares&rft.pub=Phorm+Inc&rft.date=2009-10-02&rft_id=http%3A%2F%2Fwww.iii.co.uk%2Finvestment%2Fdetail%2F%3Fdisplay%3Dnews%26code%3Dcotn%3APHRM.L%26action%3Darticle%26articleid%3D7554666&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHBOS" class="Z3988"></span></span> </li> <li id="cite_note-59"><span class="mw-cite-backlink"><b><a href="#cite_ref-59">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.theguardian.com/business/2009/aug/12/lloyds-banking-group-insight-investment-sale">"Lloyds sells Insight Investment to Bank of New York Mellon"</a>, <i><a href="/wiki/The_Guardian" title="The Guardian">The Guardian</a></i>, London, 12 August 2009. Retrieved 25 April 2012.</span> </li> <li id="cite_note-60"><span class="mw-cite-backlink"><b><a href="#cite_ref-60">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6016965/Lloyds-disposals-begin-with-235m-sale-of-Insight-to-BNY-Mellon.html">"Lloyds disposals begin with £235m sale of Insight to BNY Mellon"</a>, <i><a href="/wiki/The_Daily_Telegraph" title="The Daily Telegraph">The Daily Telegraph</a></i>, London, 12 August 2009. Retrieved 25 April 2012.</span> </li> <li id="cite_note-61"><span class="mw-cite-backlink"><b><a href="#cite_ref-61">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/finance/newsbysector/epic/lloy/6014793/Lloyds-sells-Insight-to-Bank-of-New-York-Mellon.html">"Lloyds sells Insight to Bank of New York Mellon"</a>, <i><a href="/wiki/The_Daily_Telegraph" title="The Daily Telegraph">The Daily Telegraph</a></i>, London, 12 August 2009. Retrieved 25 April 2012.</span> </li> </ol></div> <div class="mw-heading mw-heading3"><h3 id="Bibliography">Bibliography</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=23" title="Edit section: Bibliography"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Alan Cameron, <i>Bank of Scotland, 1695–1995: A Very Singular Institution</i>, Mainstream Publishing (20 April 1995), <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1-85158-691-1" title="Special:BookSources/1-85158-691-1">1-85158-691-1</a></li> <li>Peter Pugh, <i>The Strength to Change: Transforming a Business for the 21st Century</i>, Sponsored Publishing (29 October 1998), <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-670-88049-3" title="Special:BookSources/0-670-88049-3">0-670-88049-3</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=HBOS&action=edit&section=24" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20040604084145/http://www.hbosplc.com/home/home.asp">Official website of <b>HBOS plc</b></a> (now redirects to Lloyds Banking Group website)</li> <li><a rel="nofollow" class="external text" href="http://purl.org/pressemappe20/folder/co/010964">Documents and clippings about HBOS</a> in the <a href="/wiki/20th_Century_Press_Archives" title="20th Century Press Archives">20th Century Press Archives</a> of the <a href="/wiki/German_National_Library_of_Economics" title="German National Library of Economics">ZBW</a></li> <li><a rel="nofollow" class="external text" href="https://www.dobbsreview.com">Dobbs Review</a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul 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href="/wiki/Black_Horse_(company)" title="Black Horse (company)">Black Horse</a></li> <li>Colleys (surveyors)</li> <li><a href="/wiki/Lex_Autolease" title="Lex Autolease">Lex Autolease</a></li> <li><a href="/wiki/MBNA" title="MBNA">MBNA</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="background:#024731; color:#FFFFFF;width:1%">Insurance</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>Lloyds Bank General Insurance (underwriter)</li> <li>Lloyds Bank Insurance Services (intermediary)</li> <li><a href="/wiki/Scottish_Widows" title="Scottish Widows">Scottish Widows</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="background:#024731; color:#FFFFFF;width:1%">Former</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="background:#024731; color:#FFFFFF;width:1%">Lloyds TSB</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bank_of_London_and_Montreal" title="Bank of London and Montreal">Bank of London and Montreal</a></li> <li><a href="/wiki/Bank_of_London_and_South_America" title="Bank of London and South America">Bank of London and South America</a></li> <li><a href="/wiki/Capital_and_Counties_Bank" title="Capital and Counties Bank">Capital and Counties Bank</a></li> <li><a href="/wiki/Cheltenham_%26_Gloucester" title="Cheltenham & Gloucester">Cheltenham & Gloucester</a></li> <li><a href="/wiki/Cox_%26_Kings" title="Cox & Kings">Cox & Kings</a></li> <li><a href="/wiki/Cunliffe,_Brooks" title="Cunliffe, Brooks">Cunliffe, Brooks</a></li> <li><a href="/wiki/Fox,_Fowler_and_Company" title="Fox, Fowler and Company">Fox, Fowler and Company</a></li> <li><a href="/wiki/Hart,_Fellow%27s_and_Company" title="Hart, Fellow's and Company">Hart, Fellow's and Company</a></li> <li><a href="/wiki/Hill_Samuel" title="Hill Samuel">Hill Samuel</a></li> <li><a href="/wiki/Lewis%27s" title="Lewis's">Lewis's Bank</a></li> <li><a href="/wiki/Lloyds_and_National_Provincial_Foreign_Bank" title="Lloyds and National Provincial Foreign Bank">Lloyds and National Provincial Foreign Bank</a></li> <li><a href="/wiki/Lloyds_Associated_Banking_Company" title="Lloyds Associated Banking Company">Lloyds Associated Banking Company</a></li> <li><a href="/wiki/Lloyds_Bank_California" title="Lloyds Bank California">Lloyds Bank California</a></li> <li><a href="/wiki/Lloyds_Bank_Canada" title="Lloyds Bank Canada">Lloyds Bank Canada</a></li> <li><a href="/wiki/National_Bank_of_New_Zealand" title="National Bank of New Zealand">National Bank of New Zealand</a></li> <li><a href="/wiki/Porterbrook" title="Porterbrook">Porterbrook</a></li> <li><a href="/wiki/Trustee_Savings_Bank" title="Trustee Savings Bank">Trustee Savings Bank</a></li> <li><a href="/wiki/TSB_Bank_(United_Kingdom)" title="TSB Bank (United Kingdom)">TSB Bank</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="background:#024731; color:#FFFFFF;width:1%"><a class="mw-selflink selflink"><span class="tmp-color" style="color:#FFFFFF">HBOS</span></a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bank_of_Wales" title="Bank of Wales">Bank of Wales</a></li> <li><a href="/wiki/Bankwest" title="Bankwest">Bankwest</a></li> <li><a href="/wiki/British_Linen_Bank" title="British Linen Bank">British Linen Bank</a></li> <li><a href="/wiki/Sabadell_Solbank" title="Sabadell Solbank">Banco Halifax Hispania</a></li> <li><a href="/wiki/Bank_of_Scotland_International" title="Bank of Scotland International">Bank of Scotland International</a></li> <li><a href="/wiki/Clerical_Medical" title="Clerical Medical">Clerical Medical</a></li> <li><a href="/wiki/Halifax_(Ireland)" title="Halifax (Ireland)">Halifax (Ireland)</a></li> <li><a href="/wiki/Intelligent_Finance" class="mw-redirect" title="Intelligent Finance">Intelligent Finance</a></li> <li><a href="/wiki/Leeds_Permanent_Building_Society" title="Leeds Permanent Building Society">The Leeds</a></li> <li><a href="/wiki/Sainsbury%27s_Bank" title="Sainsbury's Bank">Sainsbury's Bank</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="background:#024731; color:#FFFFFF;width:1%">Legislation</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Lloyds_TSB_Act_1998" title="Lloyds TSB Act 1998">Lloyds TSB Act 1998</a></li> <li><a href="/wiki/HBOS_Group_Reorganisation_Act_2006" title="HBOS Group Reorganisation Act 2006">HBOS Group Reorganisation Act 2006</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="background:#024731; color:#FFFFFF;width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Lloyds_Bank_RFC" title="Lloyds Bank RFC">Lloyds Bank RFC</a></li> <li><a href="/wiki/Museum_on_the_Mound" title="Museum on the Mound">Museum on the Mound</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2" style="background:#024731; color:#FFFFFF"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <b><a href="/wiki/Category:Lloyds_Banking_Group" title="Category:Lloyds Banking Group"><span class="tmp-color" style="color:#FFFFFF">Category</span></a></b></li> <li><span class="noviewer" typeof="mw:File"><span title="Commons page"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span> <b><a href="https://commons.wikimedia.org/wiki/Category:Lloyds_Banking_Group" class="extiw" title="commons:Category:Lloyds Banking Group"><span class="tmp-color" style="color:#FFFFFF">Commons</span></a></b></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Great_Recession" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Great_Recession" title="Template:Great Recession"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Great_Recession" title="Template talk:Great Recession"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Great_Recession" title="Special:EditPage/Template:Great Recession"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Great_Recession" style="font-size:114%;margin:0 4em"><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">By region</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Recession_in_Africa" title="Great Recession in Africa">Africa</a></li> <li><a href="/wiki/Great_Recession_in_the_Americas" title="Great Recession in the Americas">Americas</a> <ul><li><a href="/wiki/Great_Recession_in_the_United_States" title="Great Recession in the United States">United States</a></li> <li><a href="/wiki/Great_Recession_in_South_America" title="Great Recession in South America">South America</a></li></ul></li> <li><a href="/wiki/Great_Recession_in_Asia" title="Great Recession in Asia">Asia</a></li> <li><a href="/wiki/Great_Recession_in_Europe" title="Great Recession in Europe">Europe</a> <ul><li><a href="/wiki/2008%E2%80%932011_Icelandic_financial_crisis" title="2008–2011 Icelandic financial crisis">Iceland</a></li></ul></li> <li><a href="/wiki/Great_Recession_in_Oceania" title="Great Recession in Oceania">Oceania</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">United States-specific</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Automotive_industry_crisis_of_2008%E2%80%932010" class="mw-redirect" title="Automotive industry crisis of 2008–2010">Automotive industry crisis</a></li> <li><a href="/wiki/2008%E2%80%932012_California_budget_crisis" title="2008–2012 California budget crisis">California budget crisis</a></li> <li><a href="/wiki/United_States_housing_bubble" class="mw-redirect" title="United States housing bubble">Housing bubble</a></li> <li><a href="/wiki/United_States_housing_market_correction" class="mw-redirect" title="United States housing market correction">Housing market correction</a></li> <li><a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">Subprime mortgage crisis</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Banking losses and fraud</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Libor_scandal" title="Libor scandal">Libor scandal</a> <ul><li><a href="/wiki/Tom_Hayes_(trader)" title="Tom Hayes (trader)">Tom Hayes</a></li></ul></li> <li><a href="/wiki/2008_Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_trading_loss" title="2008 Société Générale trading loss">Société Générale trading loss</a></li> <li><a href="/wiki/Forex_scandal" title="Forex scandal">Forex scandal</a></li> <li><a href="/wiki/Bernie_Madoff" title="Bernie Madoff">Bernie Madoff</a></li> <li><a href="/wiki/Tom_Petters" title="Tom Petters">Tom Petters</a></li> <li><a href="/wiki/Scott_W._Rothstein" title="Scott W. Rothstein">Scott W. Rothstein</a></li> <li><a href="/wiki/Allen_Stanford" title="Allen Stanford">Allen Stanford</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Government entities</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_Financial_Protection_Bureau" title="Consumer Financial Protection Bureau">Consumer Financial Protection Bureau</a></li> <li><a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance Corporation</a></li> <li><a href="/wiki/Federal_Home_Loan_Banks" title="Federal Home Loan Banks">Federal Home Loan Banks</a></li> <li><a href="/wiki/Federal_Housing_Administration" title="Federal Housing Administration">Federal Housing Administration</a></li> <li><a href="/wiki/Federal_Housing_Finance_Agency" title="Federal Housing Finance Agency">Federal Housing Finance Agency</a></li> <li><a href="/wiki/Federal_Housing_Finance_Board" title="Federal Housing Finance Board">Federal Housing Finance Board</a></li> <li><a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a></li> <li><a href="/wiki/Government_National_Mortgage_Association" title="Government National Mortgage Association">Government National Mortgage Association</a></li> <li><a href="/wiki/National_Asset_Management_Agency" title="National Asset Management Agency">National Asset Management Agency</a></li> <li><a href="/wiki/Office_of_Federal_Housing_Enterprise_Oversight" title="Office of Federal Housing Enterprise Oversight">Office of Federal Housing Enterprise Oversight</a></li> <li><a href="/wiki/Assistant_Secretary_of_the_Treasury_for_Financial_Stability" title="Assistant Secretary of the Treasury for Financial Stability">Office of Financial Stability</a></li> <li><a href="/wiki/UK_Financial_Investments" title="UK Financial Investments">UK Financial Investments</a></li></ul> </div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible autocollapse navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Government_policy_and_spending_responses" style="font-size:114%;margin:0 4em">Government policy and spending responses</div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Banking and finance<br /> stability and reform</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banking_(Special_Provisions)_Act_2008" title="Banking (Special Provisions) Act 2008">Banking (Special Provisions) Act 2008</a></li> <li><a href="/wiki/China%E2%80%93Japan%E2%80%93South_Korea_trilateral_summit" title="China–Japan–South Korea trilateral summit">China–Japan–South Korea trilateral summit</a></li> <li><a href="/wiki/Commercial_Paper_Funding_Facility" title="Commercial Paper Funding Facility">Commercial Paper Funding Facility</a></li> <li><a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank Wall Street Reform and Consumer Protection Act</a></li> <li><a href="/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008">Emergency Economic Stabilization Act of 2008</a></li> <li><a href="/wiki/Irish_emergency_budget,_2009" class="mw-redirect" title="Irish emergency budget, 2009">Irish emergency budget, 2009</a></li> <li><a href="/wiki/Temporary_Liquidity_Guarantee_Program" title="Temporary Liquidity Guarantee Program">Temporary Liquidity Guarantee Program</a></li> <li><a href="/wiki/Term_Asset-Backed_Securities_Loan_Facility" title="Term Asset-Backed Securities Loan Facility">Term Asset-Backed Securities Loan Facility</a></li> <li><a href="/wiki/Troubled_Asset_Relief_Program" title="Troubled Asset Relief Program">Troubled Asset Relief Program</a></li> <li><a href="/wiki/2008_United_Kingdom_bank_rescue_package" title="2008 United Kingdom bank rescue package">2008 United Kingdom bank rescue package</a></li></ul> </div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th id="Bank_stress_tests" scope="row" class="navbox-group" style="width:1%">Bank stress tests</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2010_European_Union_bank_stress_test" title="2010 European Union bank stress test">EU</a></li> <li><a href="/wiki/2009_Supervisory_Capital_Assessment_Program" title="2009 Supervisory Capital Assessment Program">U.S.</a></li></ul> </div></td></tr></tbody></table><div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Stimulus and recovery</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0;background: #f7f7f7;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2008_European_Union_stimulus_plan" title="2008 European Union stimulus plan">2008 European Union stimulus plan</a></li> <li><a href="/wiki/2008%E2%80%932009_Keynesian_resurgence" title="2008–2009 Keynesian resurgence">2008–2009 Keynesian resurgence</a></li> <li><a href="/wiki/American_Recovery_and_Reinvestment_Act_of_2009" title="American Recovery and Reinvestment Act of 2009">American Recovery and Reinvestment Act of 2009</a></li> <li><a href="/wiki/Chinese_economic_stimulus_program" title="Chinese economic stimulus program">Chinese economic stimulus program</a></li> <li><a href="/wiki/Economic_Stimulus_Act_of_2008" title="Economic Stimulus Act of 2008">Economic Stimulus Act of 2008</a></li> <li><a href="/wiki/Fraud_Enforcement_and_Recovery_Act_of_2009" title="Fraud Enforcement and Recovery Act of 2009">Fraud Enforcement and Recovery Act of 2009</a></li> <li><a href="/wiki/Green_New_Deal" title="Green New Deal">Green New Deal</a></li> <li><a href="/wiki/Housing_and_Economic_Recovery_Act_of_2008" title="Housing and Economic Recovery Act of 2008">Housing and Economic Recovery Act of 2008</a></li> <li><a href="/wiki/National_fiscal_policy_response_to_the_Great_Recession" class="mw-redirect" title="National fiscal policy response to the Great Recession">National fiscal policy response to the Great Recession</a></li> <li><a href="/wiki/Zero_interest-rate_policy" title="Zero interest-rate policy">Zero interest-rate policy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Government interventions,<br /> rescues, and acquisitions</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0;background: transparent;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_banks_acquired_or_bankrupted_during_the_Great_Recession" title="List of banks acquired or bankrupted during the Great Recession">List of banks acquired or bankrupted during the Great Recession</a></li></ul> </div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th id="Non-banking" scope="row" class="navbox-group" style="width:1%">Non-banking</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Chrysler" title="Chrysler">Chrysler</a></li> <li><a href="/wiki/General_Motors" title="General Motors">General Motors</a></li></ul> </div></td></tr></tbody></table><div> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Securities involved <br /> and financial markets</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Auction_rate_security" title="Auction rate security">Auction rate securities</a></li> <li><a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">Collateralized debt obligations</a></li> <li><a href="/wiki/Collateralized_mortgage_obligation" title="Collateralized mortgage obligation">Collateralized mortgage obligations</a></li> <li><a href="/wiki/Credit_default_swap" title="Credit default swap">Credit default swaps</a></li> <li><a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed securities</a></li> <li><a href="/wiki/Secondary_mortgage_market" title="Secondary mortgage market">Secondary mortgage market</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Social responses</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Tea_Party_protests" title="Tea Party protests">Tea Party protests</a> (United States; c. 2009)</li> <li><a href="/wiki/2009_May_Day_protests" title="2009 May Day protests">2009 May Day protests</a> (Europe, Middle East and North Africa, Asia; 2009)</li> <li><a href="/wiki/Arab_Spring" title="Arab Spring">Arab Spring</a> (MENA; 2010–2012)</li> <li><a href="/wiki/Occupy_movement" title="Occupy movement">Occupy movement</a> (worldwide; 2011–2012) <ul><li><a href="/wiki/Occupy_Wall_Street" title="Occupy Wall Street">Occupy Wall Street</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a> <ul><li><a href="/wiki/2008_Central_Asia_energy_crisis" title="2008 Central Asia energy crisis">2008 Central Asia energy crisis</a></li></ul></li> <li><a href="/wiki/Effects_of_the_Great_Recession_on_museums" title="Effects of the Great Recession on museums">Effects of the Great Recession on museums</a></li> <li><a href="/wiki/Decline_of_newspapers" title="Decline of newspapers">Decline of newspapers</a></li> <li><a href="/wiki/2007%E2%80%932008_world_food_price_crisis" title="2007–2008 world food price crisis">2007–2008 world food price crisis</a></li> <li><a href="/wiki/Retail_apocalypse" title="Retail apocalypse">Retail apocalypse</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></li> <li><a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a></li> <li><a href="/wiki/List_of_countries_by_public_debt" class="mw-redirect" title="List of countries by public debt">List of countries by public debt</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q1538443#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q1538443#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="font-size:114%;margin:0 4em"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q1538443#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></span></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">International</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://isni.org/isni/000000009694580X">ISNI</a></span><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://isni.org/isni/0000000105032384">2</a></span></li></ul></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://viaf.org/viaf/143331899">VIAF</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">National</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://id.loc.gov/authorities/nb2010003792">United States</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="http://olduli.nli.org.il/F/?func=find-b&local_base=NLX10&find_code=UID&request=987007393521405171">Israel</a></span></li></ul></div></td></tr></tbody></table></div>    </div><noscript><img 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