"Paul Scott" wrote:

Er, doesn't that just make the Lloyds TSB subsidiary another Rosco? What's
the main difference?


It depends how you define a ROSCO. The accepted definition is being one
the three Rolling Stock Companies that were set up in the mid-1990s to
hold former BR rolling stock.

These three ROSCOs - Angel Trains, Eversholt Leasing and Porterbrook-
were privatised in 1996. Angel Trains was later sold to Abbey National
which later became part of the Banco Santander group. Eversholt
Leasing was sold to HSBC and became HSBC Rail. But all three are still
trading.

Other leasing companies have entered the market, but they don't tend to
be called "ROSCOs" because they were not among the original three. The
Lloyds TSB subsidiary will probably resemble a ROSCO in all but origin -
if it isn't one of the original three, it isn't a true ROSCO.