HM Treasury’s Recapitalization Plan

On October 13, 2008, HM Treasury, the United Kingdom’s economics and finance ministry, announced a rescue plan under which three of the U.K.’s largest banks (Royal Bank of Scotland Group PLC, HBOS PLC and Lloyds TSB Group PLC) will be recapitalized. The U.K. government is expected to make up to £37 billion in preferred and common equity investments in the banks. Cravath is representing HM Treasury in the U.S. law aspects of this matter. The lawyers involved are partners B. Robbins Kiessling and Philip J. Boeckman.