22
Jun/090

Government has over 65% Share of Lloyds

Lloyds have signed the new Government Protection Scheme, but they are not happy about it.

Lloyds have signed the agreement after losing £10.8bn when they bought HBOS. The move to take over HBOS was supported by the government but it later suffered a loss of £10.8bn that Lloyds had to take on themselves. This has forced Lloyds to sign up to the Asset Protection Scheme to protect them from ‘toxic loans’, but in turn this gives the Government over 65% share in the company.

The asset protection scheme has been designed to help the banking sector and give consumers more confidence within the market.

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