Lloyds' Government Deal Failure Shocks the City ; Banking

Evening Standard - London › February 27, 2009

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Summary

SHARES in Lloyds Banking Group tumbled today after it failed to reach a deal with the Government over the terms of a vital bailout and it revealed that newly acquired HBOS lost Pounds 10.8 billion last year.

The bank -- created by the emergency takeover of failed lender HBOS by Lloyds TSB -- shocked the City and Westminster when it admitted it has not yet agreed a deal with the Treasury about insuring billions of pounds worth of toxic assets.

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Lloyds' Government Deal Failure Shocks the City ; Banking

Lloyds shares fell 8% or 6.1p to 68.9p in early trading, although traders predicted a turnaround once a deal was struck. The st...

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