Freshfields Bruckhaus Deringer and Slaughter and May are among a raft of top City firms to win roles on the Government’s £50bn bailout of the UK banking system.
Freshfields is understood to have reprised its role for longstanding client the Bank of England on the rescue plan, with corporate partner Michael Raffan leading.
Slaughters meanwhile is acting for regular client the Treasury on the deal – which will see eight of the UK’s biggest banks and building societies being partially nationalised through significant capital injections.
Allen & Overy is advising HBOS under financial institutions head Alistair Asher, with Clifford Chance is thought to be leading for Barclays under corporate partner Guy Norman.
Linklaters is understood to have won roles for both Royal Bank of Scotland and Lloyds TSB.
Financial institutions to so far confirm that they will be taking up cash injections are Abbey, Barclays, HBOS, Lloyds TSB, Nationwide Building Society and Royal Bank of Scotland. Other lenders are also invited to apply.
The rescue package sees the Treasury agreeing to supply the lenders with £25bn worth of capital, with a further £25bn available on standby.
In addition, the Government will guarantee banks issuing medium term debt, potentially backing a further £250bn of bank borrowings as well as making £200bn available in liquidity to the market.
This morning’s confirmation of the plan has so far failed to stabilise shares in the UK’s biggest banks after many, notably including RBS, saw significant drops in their share value yesterday.
For more analysis on the post-Lehman landscape visit our Wall Street Wiki
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