Please look for them carefully. [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. 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]. HBOS is listed in the World's largest and most authoritative dictionary database of abbreviations and acronyms. 1. 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. 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. What Does HBO Mean? In case you didn’t know, HBO stands for “Home Box Office.” It’s a premium cable and satellite television network launched in 1972. There may be more than one meaning of HBOS, so check it out all meanings of HBOS one by one. [45] The Bank of New York Mellon acquired Insight in 2009. Its operational headquarters were in Halifax, West Yorkshire, England, the former head office of Halifax.[3]. Q: What does the takeover mean for consumers? The deal was concluded on 19 January 2009. 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. [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. 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. Although officially HBOS was not an acronym of any specific words, it is widely presumed to stand for Halifax Bank of Scotland. hyperbaric oxygenation (HBO) exposure to oxygen under pressure greater than normal atmospheric pressure. The government acquired $8.6 billion of preference shares and underwrote $25.7 billion of ordinary shares. He was dismissed, and his concerns not acted on. 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. The definition, example, and related terms listed above have been written and compiled by the Slangit team. The HBO adaptation of Ray Bradbury’s classic Fahrenheit 451 arrives on May 19, with an updated twist to the story that shows how eerily close we are to … Prime Minister Gordon Brown personally brokered the deal with Lloyds TSB. HBOS Stands For : Halifax Bank Of Scotland | Heritage Financial Group What is HBOS ? [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 2004, Paul Moore, HBOS head of Group Regulatory Risk, warned senior directors at HBOS about excessive risk-taking. 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. Looking for online definition of HBO or what HBO stands for? Although this rating does not signify a program designed specifically for children, most parents may let younger children watch this program unattended. [ 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. HBO’s new docuseries on the group, “The Vow,” takes a deep dive into some of the widely used terminology within the group. A service call in my area is something that does not involve a violation of the law, such as helping a stranded motorist. The board and control functions failed to challenge effectively the pursuit of that course by the executive management, or to ensure adequate mitigating actions. Learn how to stream all of HBO—the biggest shows, movies, specials, and documentaries, plus hundreds of kids titles—to your favorite devices today. [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. [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. That was later confirmed by HBOS. 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). The corporate headquarters of the group were located on The Mound in Edinburgh, Scotland; the former head office of Bank of Scotland. 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? An HBO programme provides much more direction in helping students to make certain choices and for this various means are provided. 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. HBO’s nine-part documentary about the upstate New York sex cult NXIVM is a doozy. Possible HBO meaning as an acronym, abbreviation, shorthand or slang term vary from category to category. Top HBO abbreviation meanings updated December 2020. The losses in his division exceeded the initial taxpayer bailout for the bank in October 2008. According to HBO statistics from 2017, HBO had 142 million subscribers worldwide. 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. [41] Dame Linda Dobbs is chairing an independent inquiry into the investigation and reporting of the fraud.[41]. […] Mills and his associates used the bank's customers and the bank's money dishonestly to enrich themselves." 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 £245m;[36] Scourfield pleaded guilty to six counts including corruption, and Dobson was found guilty of counts including bribery, fraud and money laundering. In 2002, HBOS dropped the Bank of Wales brand and absorbed the operations into Bank of Scotland Business Banking. 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. A: The takeover means that all of the HBOS brands will be owned by Lloyds TSB, which will trade as Lloyds Banking Group. 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. This definition appears very frequently and is found in the following Acronym Finder categories: Business, finance, etc. 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. The provisions in the Act were implemented on 17 September 2007. What does HBOS say? 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 official website for Perry Mason on HBO, featuring full episodes online, interviews, schedule information and episode guides. Starting in May 2020, most HBO … 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. This page explains what the acronym "HBO" means. Find out where The Stand (2020) is streaming, if The Stand (2020) is on Netflix, and get news and updates, on Decider. [40], Noel Edmonds, a celebrity victim of the scam, reached a settlement with the bank in July 2019. List page number 3 On 18 September 2008, the terms of the recommended offer for HBOS by Lloyds TSB were announced. [39] Lloyds is taking a £100m hit paying compensation to the victims. Alex Salmond, Scotland's First Minister, previously an economist, said of the takeover: "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 spivs and speculators in the financial markets."[16]. 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. Several members of Quayside's staff had criminal records for embezzlement. Suggest new definition. Get HBO your way. What does HBO mean? The Free Dictionary. 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". In cash fees alone, according to prosecutors in the trial, £28m went through the accounts of Mills, his wife and their associated companies. Acronyms and other codes are not consistent between states, and can even vary between agencies. An official[who?] What does HBO stand for? Link/Page Citation. [30] The share price of Lloyds Banking Group plunged 32% on the London Stock Exchange, carrying other bank shares with it. 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. We are constantly updating our database with new slang terms, acronyms, and abbreviations. It concluded that there was no deliberate attempt to drive the share price down. [37] Following the convictions, the background to the case was reported on BBC Radio Four's File on Four programme on 31 January 2017. [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. ... could stand to lose money if the bank does fail. [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. 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]. The Financial Services Authority (FSA) also banned Cummings from working in the banking industry. [42], The group's businesses in Australia were sold to Westpac in October 2013.[43][44]. We know 74 definitions for HBO abbreviation or acronym in 8 categories. 2. The share price peaked at over 1150p in February 2007.[7]. 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. ", 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". HBOS stands for Halifax Bank of Scotland. said: "It is not the role of a Prime Minister to tell a City institution what to do". [6] 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. [23] Reuters reported that Britain could inject £40 billion ($69 billion) into the three banks including Barclays. bank of scotland purchased halifax some time ago [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. 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. [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. HBOS was formed by a merger of Halifax and Bank of Scotland in 2001, Halifax having demutualised and floated four years prior. 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. 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/. 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. Now: You might be wondering how many subscribers does HBO have now? 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. And the company’s headquarters are in New York City. [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. ParentalGuidanceSuggested This program contains material that parents may find HBO, formerly HBO Now, is the stand-alone streaming service of HBO that launched in 2015. He stressed that it was not "standard public ownership", as the banks would return to private investors "at the right time". HBO must be a local acronym, I've not heard of it. James Crosby, head of HBOS at the time, refused to be interviewed in relation to the exposed mortgage fraud. The authority said that the bank "risked substantial prejudice to the interests of justice" by withholding information. 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. 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]. halifax bank of scotland. Page/Link. Other Resources: We have 6 other meanings of HBOS in our Acronym Attic. Looking for online definition of HBOS or what HBOS stands for? (2) The corporate headquarters of the group were located on The Mound in Edinburgh, Scotland, the former head office of the Bank of Scotland. That led to an over-exposure to highly cyclical commercial real estate (CRE) at the peak of the economic cycle. For example, ESP stands for “Executive Success Programs” — personal and professional development seminars that encouraged NXIVM students to recruit new members. Call Letters: Service: 5MAX: 5StarMax: ACTI: Encore/Action: AE: A&E Network: AFRC: Africa Channel 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. HBO programmes are usually set out in advance, whereas an academic programme can, at least in part, be self-defined. Although officially HBOS is not an abbreviation of any specific words, it is widely presumed to stand for Halifax Bank of Scotland. List of 61 HBO definitions. HBO definition. 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. However, a merger will mean less competition in the mortgage, current account and … Hornby said: "I'm very sorry what happened at HBOS. [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. HBOS has more than 2 million private shareholders, many of who received shares when Halifax became a plc … 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. [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. The takeover was approved by HBOS shareholders on 12 December. [5], Lloyds Banking Group said Edinburgh-based HBOS, which it had absorbed in January, made a pre-tax loss of £10.8bn in 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. The long-awaited report by UK regulators into the demise of HBOS, one of Britain's biggest banks, in 2008, is published. 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. [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. HBO Stands For: Here are some of the most commonly used terms, explained: ESP. It was also the UK's largest mortgage lender. [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. HBOS - What does HBOS stand for? [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. [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. All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. [14] The price was later altered to 0.605 Lloyds shares per HBOS share.[15]. 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. For HBO we have found 74 definitions. HBOS Insurance & Investment Group Limited manages the group's insurance and investment brands in the UK and Europe. 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