The Royal Bank of Scotland (RBS) is reportedly preparing a rights issue to replenish its capital reserves.
The rights issue is needed to repair the balance sheet that has been badly dented by the cost (£47BN shared between two others) of buying ABN, and the £1.6BN in write downs from the credit crunch.
Reports indicate that RBS are looking to raise £12BN.
Previously RBS has indicated, via a briefing from chairman Sir Tom McKillop to major shareholders, that there would be no rights issue.
Things change quickly these days!