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Mixed outlook for UK bank shares UK bank shares in fresh falls
(8 minutes later)
UK banking sector shares were mixed in Tuesday trading, following sharp falls on Monday. UK banking sector shares were down in Tuesday afternoon trading, following sharp falls on Monday.
Royal Bank of Scotland shares rose 10%, having plunged 67% on Monday after the bank had predicted a record loss. Royal Bank of Scotland shares fell 6%, having plunged 67% on Monday after the bank had predicted a record loss.
But Lloyds Banking Group - which had fallen 34% on the first day after it completed the acquisition of HBOS - was down a further 27%. Lloyds Banking Group - which had fallen 34% on the first day after it completed the acquisition of HBOS - was down a further 25%.
On Monday the government announced of a second package of measures to help the banking sector.On Monday the government announced of a second package of measures to help the banking sector.
The plan includes an insurance scheme to cover bad debts held by banks and a £50bn fund to allow the Bank of England to lend money directly to businesses.The plan includes an insurance scheme to cover bad debts held by banks and a £50bn fund to allow the Bank of England to lend money directly to businesses.
Barclays was down 17% while HSBC lost 3.3%. Barclays was down 15% while HSBC lost 2.5%.