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(UK) Treasury takes 65% Lloyds stake

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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-07-09 03:16 AM
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(UK) Treasury takes 65% Lloyds stake
Edited on Sat Mar-07-09 03:44 AM by Ghost Dog
Source: BBC

The taxpayer is taking a controlling share of 65% in Lloyds Banking Group, up from the previous 43%.

The government has said new lending from Lloyds will jump to 28bn in the next two years, dwarfing similar figures from Northern Rock and RBS.

The taxpayer will also insure toxic loans worth 260bn ($367bn).

...

"Basically they're going to install their people on the board of Lloyds banking group and say, right, we're going to see 28bn is set aside for lending."

Read more: http://news.bbc.co.uk/2/hi/business/7929820.stm



Now that's a bit more like the real thing (nationalisation). But watch out for where the people they install are coming from, though.
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