Lloyds TSB 'will give cash back to taxpayer'
www.moneynews.co.uk > LloydsTSB > Lloyds TSB 'will give cash back to taxpayer'
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Lloyds TSB 'will give cash back to taxpayer'
Wed 10th Jun 2009
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After being resuced weith a £17 billion loan last year, Lloyds will now use the cash it has raised to buy back the preference shares - enabling it to halt the £480 million it owes annually to the treasury in dividends.
This can only be good news for confidence in the UK's banking sector, according to Lord Myners, a city minister, who described the move as "very real progress".
He said: "To imagine, three months ago, that we could have raised primary equity for a major UK bank experiencing the sort of bad debts that Lloyds was announcing is extremely difficult."
Lloyds TSB took over HBOS in January after the mortgage giant, which includes Halifax and the Bank of Scotland, looked set to go bust last October.
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