Lloyds now owned by government.

[efq]

A deal that will see hundreds of billions of pounds worth of Lloyds loans being underwritten by the Government has been confirmed.


The deal comes after the bank posted losses of almost £11bn


In return the taxpayers' stake in the ailing bank will rise from 43% to around 75%.
Under the terms of the deal, the Government will underwrite around £260bn in "toxic" assets held by Lloyds Banking Group.
This would limit the bank's potential losses and enable it to start lending again.
At the same time, Lloyds will convert the costly preference shares held by the Government into ordinary shares, which attract no interest.





It is currently paying 12% interest on the preference shares.
The move will give the Government a greater say in the way the bank is run as ordinary shares carry voting rights.
A Sky source said: "It's more or less a done deal - they're only finalising details now, and an announcement can be expected in the morning.
"Lloyds will put £260bn into the asset protection scheme, and is committed to additional mortgage and business lending for the next 12 months.

The Treasury has already struck a similar deal with Royal Bank of Scotland, which last month reported record losses of £24.1bn.
Lloyds has been forced to request further support because of the heavy losses run up by HBOS which it took over to prevent its collapse.
Although Lloyds recently reported a pre-tax profit of £807m for 2008, HBOS lost just under £11bn over the same period.

Thats another bank gone, you people are in trouble and theres no denying it.

http://news.sky.com/skynews/Home/Bus...s_Toxic_Assets

[Anvrew]

I always liked their ads..
Wonder what banks next?

[Minstrels]

Voiding can I just ask why you have a problem with England? And if you claim you don't why are you laughing because the banks are shutting?

[Ashhizzle]

How can you say we're in trouble?

my familys in no trouble at all, nor is any other family i know...

bit of an assumption there.

yeah theres a few familys out there, but not everybody.

& im sure your sittin on a pile of creds yourself

[Anvrew]

^ Yeh, I'm not affected by it either.
Everyones just 'scared' somthing will happen.

[Ramones]

If anything this is a good thing?

[Anvrew]

^ WHY THEY HAD GOOD ADS.

[Jord]

I always liked their ads..
Wonder what banks next?

Same ill miss em

[Kipp]

I wonder what bank would be next.

[marriott0.01]

They advertised themselves as Britain's safest bank? God help the rest!