LSB Lon.Scottish Bk

    RNS Number : 2527J
  London Scottish Bank PLC
  01 December 2008
   

    
London Scottish Bank plc

Update

London Scottish Bank plc (the "Company" or "Group") announced on 17 September 2008 that it continued to have a shortfall of regulatory
capital and was engaged in discussions that might or might not lead to an offer for the Group. Whilst a number of parties remain interested
in acquiring the Group, there can be no certainty that any offer will be made for the Group on a viable basis or that the regulatory capital
shortfall can be remedied in the short to medium term.

Without the certainty of an offer for the Group or the regulatory capital shortfall being remedied, the FSA yesterday took action to impose
a requirement on the Company's permission to prevent it from accepting deposits and the Company is therefore unable to renew maturing
deposits.  Consequently, the Company instructed its lawyers to take immediate steps to petition the Court for an Administration Order, which
was made by the Court at 11.54pm on 30 November. Thomas Burton, Margaret Mills, Thomas Jack, and Simon Allport all of Ernst & Young LLP have
been appointed as joint administrators.

HM Treasury and the Financial Services Compensation Scheme have confirmed that no FSCS Eligible Claimant will lose any money on their
deposits as a result of the administration. The Company will seek to work closely with the administrators to minimise the effect on
employees.

Accordingly, the Company has requested that its shares be suspended with immediate effect from trading on the London Stock Exchange and
listing on the Official List.

A further announcement will be made in due course.
    For more information please contact:

    London Scottish Bank plc
    Citigate Dewe Rogerson 
    Grant Ringshaw
    Sarah Gestetner 
    Lindsay Noton 
    020 7638 9751

    Ernst & Young LLP
    Vicky Conybeer    
    0207 951 0868/07870 635196

This information is provided by RNS
The company news service from the London Stock Exchange
 
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