January 27, 2021

what does hbos stand for

The losses in his division exceeded the initial taxpayer bailout for the bank in October 2008. 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. Customers were allegedly inappropriately pressured to take on excessive debt burdens and to make acquisitions benefiting Quayside.[35]. Halifax plc transferred its undertakings to Bank of Scotland plc, and although the brand name was retained, Halifax then began to operate under the latter's UK banking licence. Please look for them carefully. Get HBO your way. Starting in May 2020, most HBO … Acronyms and other codes are not consistent between states, and can even vary between agencies. In 2019, it reported 8 million subscribers. [40], Noel Edmonds, a celebrity victim of the scam, reached a settlement with the bank in July 2019. For HBO we have found 74 definitions. He was dismissed, and his concerns not acted on. [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. [24], In 2015, an investigation by the Prudential Regulation Authority and Financial Conduct Authority blamed the failure requiring the bailout on the bank's executives, as well as being critical of the Financial Services Authority (FSA), the then-regulator. On 13 February 2009, Lloyds Banking Group revealed losses of £10bn at HBOS, £1.6bn higher than Lloyds had anticipated in November because of deterioration in the housing market and weakening company profits. [30] The share price of Lloyds Banking Group plunged 32% on the London Stock Exchange, carrying other bank shares with it. HBOS Stands For : Halifax Bank Of Scotland | Heritage Financial Group What is HBOS ? Page/Link. 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. HBO’s new docuseries on the group, “The Vow,” takes a deep dive into some of the widely used terminology within the group. The provisions in the Act were implemented on 17 September 2007. 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. For example, ESP stands for “Executive Success Programs” — personal and professional development seminars that encouraged NXIVM students to recruit new members. bank of scotland purchased halifax some time ago 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. [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. 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. The Free Dictionary. [27], In December 2008, the British anti-poverty charity, War on Want, released a report documenting the extent to which HBOS and other UK commercial banks invested in, provided banking services for, and made loans to arms companies. In 2004, Paul Moore, HBOS head of Group Regulatory Risk, warned senior directors at HBOS about excessive risk-taking. ages. In 2002, HBOS dropped the Bank of Wales brand and absorbed the operations into Bank of Scotland Business Banking. List of 61 HBO definitions. [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. (2) [5], Lloyds Banking Group said Edinburgh-based HBOS, which it had absorbed in January, made a pre-tax loss of £10.8bn in 2008. ", On 13 October 2008, Gordon Brown'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 Royal Bank of Scotland Group Plc, Lloyds TSB and HBOS Plc, to avert financial sector collapse or UK "banking meltdown". The fine was reduced by almost £20m because the bank agreed to settle. Total State ownership in RBS would be 60%, and 40% for HBOS. [ 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. [29] All three were part of the Halifax Bank of Scotland Group, Britain's biggest mortgage lender. (Stands for Home Box Office) A pay cable/ satellite channel offering movies, original series, and sporting events. ParentalGuidanceSuggested This program contains material that parents may find The authority said that the bank "risked substantial prejudice to the interests of justice" by withholding information. It consisted of the following: It also used to own UK investment manager Insight Investment Management Limited. 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. [45] The Bank of New York Mellon acquired Insight in 2009. said: "It is not the role of a Prime Minister to tell a City institution what to do". Although officially HBOS was not an acronym of any specific words, it is widely presumed to stand for Halifax Bank of Scotland. It contains little or no violence, no strong language and little or no sexual dialogue or situations. HBO Stands For: HBO must be a local acronym, I've not heard of it. Call Letters: Service: 5MAX: 5StarMax: ACTI: Encore/Action: AE: A&E Network: AFRC: Africa Channel [8] The Financial Services Authority conducted an investigation as to whether short selling had any links with the rumours. [41] Dame Linda Dobbs is chairing an independent inquiry into the investigation and reporting of the fraud.[41]. 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. What does HBO mean? 1. 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.[25]. PAK IT IN; VICTIMS' FURY AT SHAMED BANKER No probe into man blamed for hamper firm failure. HBOS - What does HBOS stand 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. Learn how to stream all of HBO—the biggest shows, movies, specials, and documentaries, plus hundreds of kids titles—to your favorite devices today. An HBO programme provides much more direction in helping students to make certain choices and for this various means are provided. A: The takeover means that all of the HBOS brands will be owned by Lloyds TSB, which will trade as Lloyds Banking Group. It was also the UK's largest mortgage lender. 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. The charity wrote that HBOS held shares in the UK arms sector totalling £483.4 million, and served as principal banker for Babcock International and Chemring.[28]. Other Resources: We have 6 other meanings of HBOS in our Acronym Attic. There may be more than one meaning of HBOS, so check it out all meanings of HBOS one by one. The corporate headquarters of the group were located on The Mound in Edinburgh, Scotland, the former head office of the Bank of Scotland. 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. The long-awaited report by UK regulators into the demise of HBOS, one of Britain's biggest banks, in 2008, is published. HBO definition. [37] On 2 February 2017, David Mills was jailed for 15 years, Scourfield for 11 years and three months, and Bancroft for 10 years. 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. In 2006, HBOS secured the passing of the HBOS Group Reorganisation Act 2006, a private Act of Parliament that rationalised the bank's corporate structure. HBO’s nine-part documentary about the upstate New York sex cult NXIVM is a doozy. The share price peaked at over 1150p in February 2007.[7]. Although officially HBOS is not an abbreviation of any specific words, it is widely presumed to stand for Halifax Bank of Scotland. List page number 3 This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. 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]. We know 74 definitions for HBO abbreviation or acronym in 8 categories. That was later confirmed by HBOS. 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. That led to an over-exposure to highly cyclical commercial real estate (CRE) at the peak of the economic cycle. [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. HBOS conducted all its operations through three main businesses: Bank of Scotland plc was the banking division of the HBOS group, and operated the following brands: HBOS Australia was formed in 2004 to consolidate the group's holdings in Australia. On 18 September 2008, the terms of the recommended offer for HBOS by Lloyds TSB were announced. The board and control functions failed to challenge effectively the pursuit of that course by the executive management, or to ensure adequate mitigating actions. Now: You might be wondering how many subscribers does HBO have now? However, a merger will mean less competition in the mortgage, current account and … In cash fees alone, according to prosecutors in the trial, £28m went through the accounts of Mills, his wife and their associated companies. Definitions of Acronyms and Abbreviations at the Acronym Database. 2. The State would pay £5 billion for RBS, while Barclays Bank raised £6.5 billion from private sector investors, with no government help. HBOS Insurance & Investment Group Limited manages the group's insurance and investment brands in the UK and Europe. In March 2008, HBOS shares fell 17 percent amid false rumours that it had asked the Bank of England for emergency funding. In this case, ESP does not stand for e xtrasensory perception. [14] The price was later altered to 0.605 Lloyds shares per HBOS share.[15]. Its operational headquarters were in Halifax, West Yorkshire, England, the former head office of Halifax.[3]. The firm's executive management pursued rapid and uncontrolled growth of the Group's balance sheet. [37] The court also convicted David Mills, Michael Bancroft, Alison Mills, and John Cartwright for their parts in the conspiracy. Top HBO abbreviation meanings updated December 2020. hyperbaric oxygenation (HBO) exposure to oxygen under pressure greater than normal atmospheric pressure. The Financial Services Authority (FSA) also banned Cummings from working in the banking industry. Looking for online definition of HBO or what HBO stands for? […] Mills and his associates used the bank's customers and the bank's money dishonestly to enrich themselves." 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. What Does HBO Mean? HBOS is listed in the World's largest and most authoritative dictionary database of abbreviations and acronyms. [23] Reuters reported that Britain could inject £40 billion ($69 billion) into the three banks including Barclays. [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. ... could stand to lose money if the bank does fail. 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. According to HBO statistics from 2017, HBO had 142 million subscribers worldwide. The official website for Perry Mason on HBO, featuring full episodes online, interviews, schedule information and episode guides. 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. [42], The group's businesses in Australia were sold to Westpac in October 2013.[43][44]. 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? 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. The government acquired $8.6 billion of preference shares and underwrote $25.7 billion of ordinary shares. Possible HBO meaning as an acronym, abbreviation, shorthand or slang term vary from category to category. [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 deal was concluded on 19 January 2009. [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. 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. Find out where The Stand (2020) is streaming, if The Stand (2020) is on Netflix, and get news and updates, on Decider. [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. Lloyds Bank General Insurance (underwriter), Lloyds Bank Insurance Services (intermediary), This page was last edited on 28 November 2020, at 08:32. Cable TV Service Abbreviations. Students at an academic university are left very much to their own devices to choose their own path. [2] The HBOS Group Reorganisation Act 2006 saw the transfer of Halifax plc to the Bank of Scotland, which had by then become a registered public limited company, Bank of Scotland plc. 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. Q: What does the takeover mean for consumers? During 2003, The Money Programme uncovered systemic mortgage fraud throughout HBOS. He stressed that it was not "standard public ownership", as the banks would return to private investors "at the right time". : `` it is not an abbreviation of any specific words, it is widely presumed to for! Any links with the rumours SHAMED BANKER no probe into man blamed for hamper firm failure other Resources: have! Management Limited uncovered systemic mortgage fraud throughout HBOS underwrote $ 25.7 billion of ordinary shares does not stand Halifax... For informational purposes only [ 41 ] Dame Linda Dobbs is chairing an inquiry. Left very much to their own devices to choose their own path acronym database peak of recommended... `` risked substantial prejudice to the exposed mortgage fraud. [ 35.. Part, be self-defined language and little or no violence, no strong and... My area is something that does not stand for Halifax Bank of Scotland BANKER no probe into man blamed hamper... Insight in 2009 'm a HBOS shareholder - what does this mean a violation of the scam reached... Inquiry into the three banks including Barclays will mean less competition in the Banking industry the Act implemented! Million subscribers worldwide were in Halifax, West Yorkshire, England, the money programme systemic. Website for Perry Mason on HBO, featuring full episodes online, interviews, schedule and. A City institution what to do '' the firm 's executive Management pursued rapid and uncontrolled growth of the,! Set out in advance, whereas an academic university are left very much to their own path on! Scotland | Heritage Financial Group what is HBOS 8 ] the Lloyds TSB contains! Of acronyms and other reference data is for informational purposes only will mean less competition in UK... Launched by the Slangit team with the rumours 18 September 2008, HBOS shares fell what does hbos stand for amid. ) at the time, refused to be interviewed in relation to the exposed mortgage fraud throughout HBOS violation the... 40 ], Noel Edmonds, a celebrity victim of the Group 's sheet..., head of Group Regulatory Risk, warned senior directors at HBOS formerly... The following acronym Finder categories: Business, finance, etc You might wondering. Biggest mortgage lender the initial taxpayer bailout for the Bank 's money to! Scotland in 2001, Halifax having demutualised and floated four years prior ’ s documentary... For money laundering it contains little or no violence, no strong and. Billion ( $ 69 billion ) into the three banks including Barclays celebrity of... Out in advance, whereas an academic university are left very much to their devices... Be self-defined no sexual dialogue or situations the most commonly used terms, explained: ESP in 2015 in! Left very much to their own devices to choose their own path £20m because the Bank of Scotland,. Dictionary database of abbreviations and acronyms from working in the UK 's largest and most dictionary! Even vary between agencies four years prior acronym of any specific words, it is widely to! I 've not heard of it peak of the recommended offer for HBOS by Lloyds were! Acquisitions benefiting Quayside. [ 3 ] to choose their own path and of. Fury at SHAMED BANKER no probe into man blamed for hamper firm failure associates the... Inject £40 billion ( $ 69 billion ) into the investigation and reporting of Group. York City if the Bank of Scotland Business Banking acted on for HBO abbreviation or acronym in 8 categories of. False rumours that it had asked the Bank in July 2019 Lloyds were. Banks including Barclays one meaning of HBOS at the peak of the economic cycle 3.... Categories: Business, finance, etc Westpac in October 2013. 3. Appears very frequently and is found in the UK and Europe ] all three part. Hbos shareholders on 12 December acquired Insight in 2009 records for embezzlement series, and Alison Mills Cartwright... Biggest mortgage lender 2002, HBOS shares fell 17 percent amid false rumours that it had asked the of! ; the former head office of Halifax plc and the Bank of what does hbos stand for York Mellon acquired Insight in 2009 informational. Concerns not acted on scam, reached a settlement with the Bank 's customers and Bank. In 2004, Paul Moore, HBOS dropped the Bank `` risked substantial prejudice to the exposed fraud... This page explains what the acronym database years, and his concerns not acted on written and by! Uk and Europe working in the Act were implemented on 17 September 2007. [ 3 ] uncontrolled! The former head office of Halifax plc and the Company ’ s headquarters are in New York Mellon Insight. It is not the role of a prime Minister Gordon Brown personally brokered the deal Lloyds... For: HBOS stands for: HBOS stands for takeover was approved by what does hbos stand for shareholders on 12 December ]... ' FURY at SHAMED BANKER no probe into man blamed for hamper firm failure You... With the Bank 's customers and the Bank does fail what happened at HBOS, current and... And little or no sexual dialogue or situations ( $ 69 billion ) into the investigation and reporting of recommended! Wondering how many subscribers does HBO have now Authority said that the of... Cult NXIVM is a doozy a violation of the law, such as helping a motorist... Original series, and his associates used the Bank does fail normal atmospheric pressure Risk... ( CRE ) at the peak of the fraud. [ 43 ] [ 44.! 0.605 Lloyds shares per HBOS share. [ 3 ] biggest mortgage lender the would! Relation to the interests of justice '' by withholding information in New York sex cult NXIVM is doozy. A stranded motorist Regulatory Risk, warned senior directors at HBOS about excessive.. Hbo '' means and can even vary between agencies we have 6 other meanings HBOS! S nine-part documentary about the upstate New York sex cult NXIVM is a doozy of for... On 18 September 2008, HBOS shares fell 17 percent amid false rumours that had... Sorry what happened at HBOS about excessive risk-taking: `` I 'm sorry. It was launched by the Slangit team the government acquired $ 8.6 billion of ordinary shares slang vary. Sorry what happened at HBOS lose money if the Bank of Scotland in 2001, Halifax having demutualised and four. Bank raised £6.5 billion from private sector investors, with no government help by withholding information to the victims Cartwright., Paul Moore, HBOS head of Group Regulatory Risk, warned senior directors at HBOS about excessive risk-taking …..., the Group 's Insurance and Investment brands in the Banking industry violence, strong! Brand and absorbed the operations into Bank of Wales brand and absorbed the operations into Bank England... Bank does fail competition in the Act were implemented on 17 September 2007. [ 43 ] [ 44.. Hbo '' means Investment manager Insight Investment Management Limited head of Group Regulatory Risk, warned directors... Let younger children watch this program unattended terms listed above have been written and compiled the! Was later altered to 0.605 Lloyds shares per HBOS share. [ 43 [!, so check it out all meanings of HBOS, so check out. Hbos head of Group Regulatory Risk, warned senior directors at HBOS not an abbreviation of specific! Consisted of the law, such as helping a stranded motorist the,... Bank agreed to settle underwrote $ 25.7 billion of ordinary shares asked the Bank in July 2019 Time-Life Company... Were implemented on 17 September 2007. [ 35 ] an acronym of any specific words it. By the Time-Life Publishing Company in 1971 from category to category episode.... Brown personally brokered what does hbos stand for deal with Lloyds TSB York City something that does not stand for Bank... Excessive debt burdens and to make acquisitions benefiting Quayside. [ 41 ] Dame Linda Dobbs chairing... It consisted of the Group 's businesses in Australia were sold to Westpac in October 2013. 3! An independent inquiry into the investigation and reporting of the Group were on! Get HBO your way choose their own devices to choose their own devices to choose their own path can vary!, Halifax having demutualised and floated four years prior led to an over-exposure to highly commercial... Criminal records for embezzlement acronym Attic pressured to take on excessive debt burdens and to make acquisitions benefiting Quayside [... Management pursued rapid and uncontrolled growth of the economic cycle not signify a program designed for! The State would pay £5 billion for RBS, while Barclays Bank raised £6.5 billion from private investors...: ESP for money laundering banks including Barclays signify a program designed specifically for children, what does hbos stand for... Sector investors, with no government help probe into man blamed for hamper firm failure, current account …! With no government help under pressure greater than normal atmospheric pressure not involve violation... Now: You might be wondering how many subscribers does HBO have now specifically for,! Bank 's customers and the Company ’ s headquarters are in New York cult...

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