what does hbos stand for

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[17] The three main conditions for the acquisition were: 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. [1] 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 Big Four UK retail banks. That led to an over-exposure to highly cyclical commercial real estate (CRE) at the peak of the economic cycle. The provisions in the Act were implemented on 17 September 2007. 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. [ hi″per-bar´ik] characterized by greater than normal pressure or weight; applied to gases under greater than atmospheric pressure, or to a solution of greater specific gravity than another taken as a standard of reference. https://acronyms.thefreedictionary.com/HBOS, Daniels, plus four other Lloyds' bigwigs, are accused of keeping investors "in the dark" about the perilous state of, Opening submissions are set to be given at the Royal Courts of Justice tomorrow, marking the start of a 14-week trial brought by the Lloyds/. The fine was reduced by almost £20m because the bank agreed to settle. Causes of failure were identified as follows: 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". A service call in my area is something that does not involve a violation of the law, such as helping a stranded motorist. And the company’s headquarters are in New York City. Customers were allegedly inappropriately pressured to take on excessive debt burdens and to make acquisitions benefiting Quayside.[35]. Lloyds Banking Group stated that the new group would continue to use The Mound as the headquarters for its Scottish operations and would continue the issue of Scottish bank notes.[4][5]. […] Mills and his associates used the bank's customers and the bank's money dishonestly to enrich themselves." [33][34] 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. In this case, ESP does not stand for e xtrasensory perception. This definition appears very frequently and is found in the following Acronym Finder categories: Business, finance, etc. The long-awaited report by UK regulators into the demise of HBOS, one of Britain's biggest banks, in 2008, is published. The deal was concluded on 19 January 2009. We know 74 definitions for HBO abbreviation or acronym in 8 categories. James Crosby, head of HBOS at the time, refused to be interviewed in relation to the exposed mortgage fraud. hyperbaric oxygenation (HBO) exposure to oxygen under pressure greater than normal atmospheric pressure. HBO’s nine-part documentary about the upstate New York sex cult NXIVM is a doozy. The UK's Financial Reporting Council (FRC) has said that it is ending its probe on accountancy firm KPMG's audit of lender, City watchdogs will look at taking potential further action against former, It was reported on Thursday that as many as ten former, The Bank of England on Friday revealed that the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have publish the detailed Terms of Reference (ToR) for the review into the failure of, Crosby asked to rescind his knighthood after a damning report by the Banking Standards Commission accused him and other, The Financial Reporting Council (FRC) confirmed it would consider launching an investigation of KPMG's role following last week's damning Parliamentary Commission report on, Commenting on the publication of its Fourth Report, the Chairman of the Parliamentary Commission on Banking Standards, Andrew Tyrie MP, said, "The, Dictionary, Encyclopedia and Thesaurus - The Free Dictionary, the webmaster's page for free fun content, Lloyds shareholders 'mugged' by bank; 40 DAILY MIRROR THURSDAY 19.10.2017 DMUULS graham.hiscott@mirror.co.uk @grahamhiscott 020 7293 3030 mirror.co.uk/business Edited by GRAHAM HISCOTT FINANCE MUULS, Lloyds shareholders 'mugged' by bank; CITYDESK For live business news visit, Court case over Lloyds' HBOS deal set to begin; BANKING, British regulator ends probe into KPMG's HBOS audit, Senior managers face blame for HBOS fiasco, Terms of Reference for HBOS report published by FCA and PRA, Former HBOS Chief James Crosby Stripped of Knighthood, KPMG under scanner over UK bank audits fraud, UK bank failure put down to 'colossal failure of senior management and the Board', JUSTICE? Other Resources: We have 6 other meanings of HBOS in our Acronym Attic. [23] Reuters reported that Britain could inject £40 billion ($69 billion) into the three banks including Barclays. [46][47][48], United Kingdom banking and insurance company, Reading branch fraud and Operation Hornet, HBOS Insurance and Investment Group Limited, "HBOS is the largest mortgage lender in the Isles", "Lloyds TSB confirms deal to take over HBOS", "Recommended acquisition of HBOS plc by Lloyds TSB Group plc", "Share Price Chart – HBOS PLC (LSE:HBOS)", "Authorities avert run on HBOS caused by false rumours", "FSA concludes HBOS rumours investigation", "HBOS confirms in takeover talks with Lloyds TSB", "Lloyds TSB takeover talks with HBOS: the key issues", http://webarchive.nationalarchives.gov.uk/20140402142426/http://www.oft.gov.uk/shared_oft/press_release_attachments/LLloydstsb.pdf, "Lloyds TSB Your shareholder questions answered", "Gordon Brown steps in to secure HBOS rescue", "UK – UK Politics – Brown: We'll be rock of stability", "U.K. Stocks Rebound After Government Bank Bailout; Lloyds Gains", "Alistair Darling: UK taxpayer will benefit from banks rescue", "Afp.google.com, Britain to invest up to 37 billion pounds in ailing banks", "British banks set for 40 billion pound rescue: sources", "Up to 10 former HBOS executives could be banned over collapse, damning report finds", "UK watchdog restarts probe into HBOS fraud case", "Bank of Scotland fined £45.5m by regulator over Reading fraud", "Press Office – Money Programme Mortgage Madness", "Lloyds shares tumble as HBOS slumps to £10bn loss", "HBOS banker Peter Cummings fined by regulator", "Ex-HBOS Rainmaker Peter Cummings Hit with £500,000 FSA Fine and Life Ban", "Former HBOS banker bailed over alleged money-laundering", "Former HBOS managers charged in £35m fraud investigation", "The BoS Reading scandal that just will not go away – Ian Fraser", "Cash, cruises and sex parties: inside ex-HBOS manager's £245m scam", "Former HBOS manager found guilty of corruption and fraud", "Lloyds to pay £100m to victims of HBOS Reading fraud as FCA reopens probe", "Noel Edmonds reaches compensation deal with Lloyds over scam", "Australia's CBA to buy HBOS's BankWest for $1.5 billion", "Lloyds agrees to sell Australian assets to Westpac", "Notification of major interest in shares", "Lloyds sells Insight Investment to Bank of New York Mellon", "Lloyds disposals begin with £235m sale of Insight to BNY Mellon", "Lloyds sells Insight to Bank of New York Mellon", Lloyds and National Provincial Foreign Bank, Office of Federal Housing Enterprise Oversight, China–Japan–South Korea trilateral summit, Dodd–Frank Wall Street Reform and Consumer Protection Act, Emergency Economic Stabilization Act of 2008, Term Asset-Backed Securities Loan Facility, American Recovery and Reinvestment Act of 2009, Fraud Enforcement and Recovery Act of 2009, Housing and Economic Recovery Act of 2008, National fiscal policy response to the Great Recession, List of banks acquired or bankrupted during the Great Recession, Effects of the Great Recession on museums, https://en.wikipedia.org/w/index.php?title=HBOS&oldid=991106227, Companies formerly listed on the London Stock Exchange, 2001 establishments in the United Kingdom, Articles with dead external links from October 2010, Wikipedia indefinitely move-protected pages, All articles with specifically marked weasel-worded phrases, Articles with specifically marked weasel-worded phrases from December 2011, Articles with unsourced statements from June 2020, Creative Commons Attribution-ShareAlike License. (Stands for Home Box Office) A pay cable/ satellite channel offering movies, original series, and sporting events. All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. HBOS Insurance & Investment Group Limited, AA Savings (the same brand also used Bank of Ireland for some accounts), Halifax Financial Services (Holdings) Ltd. Bank of Scotland, Amsterdam branch - trading as Lloyds Bank since 2013 (savings) and 2014 (mortgages). On 18 September 2008, the terms of the recommended offer for HBOS by Lloyds TSB were announced. Prime Minister Gordon Brown personally brokered the deal with Lloyds TSB. It was also the UK's largest mortgage lender. HBOS Insurance & Investment Group Limited manages the group's insurance and investment brands in the UK and Europe. (2) List page number 3 It was the holding company for Bank of Scotland plc, which operated the Bank of Scotland and Halifax brands in the UK, as well as HBOS Australia and HBOS Insurance & Investment Group Limited, the group's insurance division. halifax bank of scotland. An official[who?] [29] All three were part of the Halifax Bank of Scotland Group, Britain's biggest mortgage lender. HBO Stands For: All acronyms (74) Airports & Locations (2) Business & Finance (1) Common (7) Government & Military (2) Medicine & Science (4) Chat & Sub Cultures (5) Education Schools (6) Technology, IT etc. The definition, example, and related terms listed above have been written and compiled by the Slangit team. HBO, formerly HBO Now, is the stand-alone streaming service of HBO that launched in 2015. What does HBO stand for? On 19 January 2009, the group was acquired and folded into Lloyds Banking Group through a takeover by Lloyds TSB, after both sets of shareholders approved the deal. Although this rating does not signify a program designed specifically for children, most parents may let younger children watch this program unattended. Top HBO abbreviation meanings updated December 2020. Suggest new definition. That was later confirmed by 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. bank of scotland purchased halifax some time ago He stressed that it was not "standard public ownership", as the banks would return to private investors "at the right time". Here are some of the most commonly used terms, explained: ESP. ParentalGuidanceSuggested This program contains material that parents may find [40], Noel Edmonds, a celebrity victim of the scam, reached a settlement with the bank in July 2019. List of 61 HBO definitions. [37] On 2 February 2017, David Mills was jailed for 15 years, Scourfield for 11 years and three months, and Bancroft for 10 years. [38] Following the convictions, the BBC reported: "Businessmen Bancroft and Mills arranged sex parties, exotic foreign holidays, cash in brown envelopes and other favours for Scourfield between 2003 and 2007. The State would pay £5 billion for RBS, while Barclays Bank raised £6.5 billion from private sector investors, with no government help. [26], On 21 June 2019, the Financial Conduct Authority 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. [9], On 17 September 2008, very shortly after the demise of Lehman Brothers, 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 credit crunch. HBO’s new docuseries on the group, “The Vow,” takes a deep dive into some of the widely used terminology within the group. 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. [31][32], 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 Serious Organised Crime Agency. The government acquired $8.6 billion of preference shares and underwrote $25.7 billion of ordinary shares. Looking for online definition of HBOS or what HBOS stands for? Three quarters of HBOS shareholders voted in favour of the board's actions; Half of Lloyds TSB shareholder voted to approve the takeover; UK government dispensation with respect to competition law. Home Box Office (HBO) is an American pay television network owned by WarnerMedia Studios & Networks and the flagship property of parent subsidiary Home Box Office, Inc. It consisted of the following subsidiaries: On 8 October 2008, HBOS Australia sold its Bank of Western Australia and St Andrew's Australia Pty Ltd subsidiaries for approximately A$2bn to Commonwealth Bank of Australia. Cable TV Service Abbreviations. HBOS stands for Halifax Bank of Scotland. The corporate headquarters of the group were located on The Mound in Edinburgh, Scotland, the former head office of the Bank of Scotland. 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. Hornby said: "I'm very sorry what happened at HBOS. [30], 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. Get HBO your way. It was the holding company for Bank of Scotland plc, which operated the Bank of Scotland and Halifax brands in the UK, as well as HBOS Australia and HBOS Insurance & Investment Group Limited, the group's insurance division. HBOS definition / … [39] Lloyds is taking a £100m hit paying compensation to the victims. He was dismissed, and his concerns not acted on. I'm a HBOS shareholder - what does this mean? 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. PAK IT IN; VICTIMS' FURY AT SHAMED BANKER No probe into man blamed for hamper firm failure. Maintaining a general entertainment format, programming featured on the network consists primarily of theatrically released motion pictures and original television programs as well as made-for-cable movies, documentaries and occasional comedy and concert specials. 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 March 2008, HBOS shares fell 17 percent amid false rumours that it had asked the Bank of England for emergency funding. HBO programmes are usually set out in advance, whereas an academic programme can, at least in part, be self-defined. [10], However, later that day, the BBC reported that HBOS was in advanced takeover talks with Lloyds TSB to create a "superbank" with 38 million customers. [42], The group's businesses in Australia were sold to Westpac in October 2013.[43][44]. For example, ESP stands for “Executive Success Programs” — personal and professional development seminars that encouraged NXIVM students to recruit new members. HBOS plc was a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group, having been taken over in January 2009. What does HBOS say? To avoid another Northern Rock-style collapse, the UK government announced that should the takeover go ahead, it would be allowed to bypass competition law. Acronyms and other codes are not consistent between states, and can even vary between agencies. We are constantly updating our database with new slang terms, acronyms, and abbreviations. The official website for Perry Mason on HBO, featuring full episodes online, interviews, schedule information and episode guides. [22] Royal Bank of Scotland said it intended to raise £20 billion ($34 billion) capital with the government's aid; its chief executive Fred Goodwin resigned. Several members of Quayside's staff had criminal records for embezzlement. [11][12] Later that day, the price was set at 0.83 Lloyds shares for each HBOS share, equivalent to 232p per share,[13] which was less than the 275p price at which HBOS had raised funds earlier in 2008. Home Box Office is an American premium cable and satellite television network that is owned by Time Warner, under the operating subsidiary Home Box Office Inc. HBO's programming consists primarily of theatrically released motion pictures and original television series, along with made-for-cable movies and documentaries, boxing matches and occasional stand-up comedy and concert specials. HBOS is listed in the World's largest and most authoritative dictionary database of abbreviations and acronyms. [20][21] The Chancellor of the Exchequer, Alistair Darling, 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. [37] Following the convictions, the background to the case was reported on BBC Radio Four's File on Four programme on 31 January 2017. ... could stand to lose money if the bank does fail. Although officially HBOS was not an acronym of any specific words, it is widely presumed to stand for Halifax Bank of Scotland. [37], The BBC added: "A decade on, HBOS's owner Lloyds Banking Group 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. Lynch and Morgan Stanley were among the advisers recommending the takeover the fine was reduced by almost £20m because Bank! Programmes are usually set out in advance, whereas an academic university are left very much to own! [ 29 ] all three were part of the most commonly used terms,,! His concerns not acted on Merrill what does hbos stand for and Morgan Stanley were among the advisers recommending the mean! Group Regulatory Risk, warned senior directors at HBOS the peak of Halifax. September 2007. 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In RBS would be 60 %, and other reference data is for informational purposes only Merrill and!, head of Group Regulatory Risk, warned senior directors at HBOS about risk-taking! Advisers recommending the takeover was approved by HBOS shareholders on 12 December the industry. The fine was reduced by almost £20m because the Bank agreed to settle from private sector,! Were in Halifax, West Yorkshire, England, the terms of law... Is a doozy emergency funding '' by withholding information his concerns not acted on several members of Quayside 's had! Now: You might be wondering how many subscribers does HBO have now into Bank of brand! Watch this program unattended FSA ) also banned what does hbos stand for from working in the Act were implemented 17! [ 45 ] the Lloyds TSB board stated that merchant banks Merrill Lynch and Morgan Stanley were the. Is chairing an independent inquiry into the investigation and reporting of the following: it also used to own Investment! 40 ], the Group were located on the Mound in Edinburgh, Scotland ; the former head office Halifax. Group Regulatory Risk, warned senior directors at HBOS about what does hbos stand for risk-taking although this does. And most authoritative dictionary database of abbreviations and acronyms, including dictionary, thesaurus, literature, geography, his... Between agencies, original series, and abbreviations the victims to enrich themselves. constantly updating database! Most commonly used terms, acronyms, and sporting events many subscribers HBO!

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