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- Title
Quasi-Nationalisation in the UK Banking Crisis: A Problematic Policy Option.
- Authors
Henderson, Elisa
- Abstract
The systemic banking crisis in 2008 led to the quasi-nationalisation of two UK listed banks: The Royal Bank of Scotland and Lloyds Banking Group (National Audit Office, 2010). Using property rights and agency theory as the theoretical frameworks, this paper analyses whether the quasi-nationalisation of these banks has been successful. It is argued that as a rescue mechanism, quasi-nationalisation was a positive development. However, questions arise over its effect as an instrument of banking reform. The State's arm's length approach to management represents a lost opportunity to change the culture of profitability over people that contributed to the banking crisis.
- Subjects
UNITED Kingdom; FINANCIAL crises; BRITISH banking industry; ROYAL Bank of Scotland; LLOYDS Banking Group PLC; AGENCY theory
- Publication
Financial Accountability & Management, 2015, Vol 31, Issue 4, p463
- ISSN
0267-4424
- Publication type
Article
- DOI
10.1111/faam.12065