Mortgage News

UK Banks Face US Obama Tax

15th January 2010 | The US President has announced plans to recoup monies of almost £7bn from three of UK's biggest banks as a result of the global financial crisis.

The Daily Telegraph has reported that RBOS (The Royal Bank of Scotland), HSBC and Barclays could be facing a levy of almost $11bn (£6.7bn) after Barack Obama’s decision.

Nicknamed the ‘Obama tax’, the Financial Crisis Responsibility fee has been reported to generate desperately needed revenues for the American government somewhere in the range of $90bn (£55bn) and $117bn (£72bn).

This comes as a blow to the three banks, so early in the new year, who make up some of top mortgage lenders in the UK.

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