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| Call for HBOS to be nationalised | Call for HBOS to be nationalised |
| (10 minutes later) | |
| Leading Scottish financier Jim Spowart has said nationalising Halifax Bank of Scotland (HBOS) would be preferable to a takeover by Lloyds TSB. | Leading Scottish financier Jim Spowart has said nationalising Halifax Bank of Scotland (HBOS) would be preferable to a takeover by Lloyds TSB. |
| Mr Spowart, who has been acting on behalf of an unidentified possible bidder for the bank, said the option of nationalisation should be examined. | Mr Spowart, who has been acting on behalf of an unidentified possible bidder for the bank, said the option of nationalisation should be examined. |
| He also called for other potential offers to be looked at. | He also called for other potential offers to be looked at. |
| BBC business editor Robert Peston reported on Monday that Bank of China hoped to make a bid for HBOS. | BBC business editor Robert Peston reported on Monday that Bank of China hoped to make a bid for HBOS. |
| However, he said that if Mr Spowart and Bank of China were anywhere close to making a formal offer, "they would by now have been forced to make a statement to that effect by the Takeover Panel". | However, he said that if Mr Spowart and Bank of China were anywhere close to making a formal offer, "they would by now have been forced to make a statement to that effect by the Takeover Panel". |
| 'Very important' | 'Very important' |
| Mr Spowart - who set up the Intelligent Finance online bank, a division of HBOS - would not confirm that Bank of China were the bidders. | |
| Speaking on the BBC's Newsnight Scotland, he said it was only a week since potential bidders were informed by the UK Government that offers for HBOS would be considered. | Speaking on the BBC's Newsnight Scotland, he said it was only a week since potential bidders were informed by the UK Government that offers for HBOS would be considered. |
| "We have only been into this for one week," he said. | "We have only been into this for one week," he said. |
| "I would rather it have been kept in the private domain until we were ready to make any bid which was forthcoming." | "I would rather it have been kept in the private domain until we were ready to make any bid which was forthcoming." |
| Mr Spowart, who also established other direct financial services firms including Direct Line, said he supported the campaign by leading bankers Sir Peter Burt and Sir George Mathewson to take over the running of HBOS and look at alternatives to the Lloyds TSB deal. | Mr Spowart, who also established other direct financial services firms including Direct Line, said he supported the campaign by leading bankers Sir Peter Burt and Sir George Mathewson to take over the running of HBOS and look at alternatives to the Lloyds TSB deal. |
| There is another alternative which has not been looked at, which is the nationalisation aspect Jim SpowartFinancier "I think the management at HBOS have thrown their guns overboard a few weeks ago and are not prepared to look at any alternatives. It is very important these alternatives are looked at, especially for the future of Scotland." | There is another alternative which has not been looked at, which is the nationalisation aspect Jim SpowartFinancier "I think the management at HBOS have thrown their guns overboard a few weeks ago and are not prepared to look at any alternatives. It is very important these alternatives are looked at, especially for the future of Scotland." |
| Mr Spowart said the Lloyds TSB takeover was agreed before the bail-out of the banks by the government a month ago | Mr Spowart said the Lloyds TSB takeover was agreed before the bail-out of the banks by the government a month ago |
| He said: "I think the situation changed a few weeks ago when the government came in with money to capitalise the banks." | He said: "I think the situation changed a few weeks ago when the government came in with money to capitalise the banks." |
| He added: "I think the board at HBOS should have taken more time to consider the situation at that time. | He added: "I think the board at HBOS should have taken more time to consider the situation at that time. |
| "It has just been a merger with Lloyds TSB at all costs." | "It has just been a merger with Lloyds TSB at all costs." |
| A figure of £11.5bn was allocated by the government to bail out HBOS. | |
| Mr Spowart said the bank should be able to stand on its own after that kind of financial injection. | Mr Spowart said the bank should be able to stand on its own after that kind of financial injection. |
| "There is another alternative which has not been looked at, which is the nationalisation aspect," Mr Spowart said. | "There is another alternative which has not been looked at, which is the nationalisation aspect," Mr Spowart said. |
| "The government became a shareholder in this bank when they decided to put in £11.5bn and that has never been looked at." | "The government became a shareholder in this bank when they decided to put in £11.5bn and that has never been looked at." |
| He said nationalisation could be more attractive than the Lloyds TSB takeover. | He said nationalisation could be more attractive than the Lloyds TSB takeover. |