"LLOYDS BANKING GROUP is being kept afloat with £165 billion of loans and guarantees from the Bank of England and other central banks around the world, The Sunday Times can reveal.Shocking but do remind me whose idea Lloyds takeover of HBOS was?
The bank’s reliance on state funding, detailed in a document released last week in connection with a separate £21 billion fundraising, gives the first insight into the huge scale of aid extended to banks during the financial crisis.
The document says the bank is still “heavily reliant” on government funding. Lloyds also says it would face a “materially higher refinancing risk” if it was not available.
The scale of Lloyds’ dependency has surprised analysts, but they say it shows just how big a financial timebomb it has become. The support is nearly equal to the £175 billion of UK government borrowing to be raised this year, and almost as big as the Bank of England’s £200 billion quantitative easing programme. "
I am not a sheep, I have my own mind
I have had enough of being told what and how to think
Whilst we are still allowed the remnants of free speech,
I will speak out.
I also reserve the right to discuss less controversial matters should I feel the urge.
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Sunday 8 November 2009
Just remind me who wanted to bring HBOS and Lloyds together?
The Times's reveals that:
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