Over 20 per cent of Lloyds Banking Group’s home loan portfolio have been included amongst their toxic assets and inserted into the government’s insurance scheme as the lender looks to protect itself from the impact of further house price falls. The home loans included account for £74 billion of the £260 billion placed under the taxpayer protection scheme by Lloyds. The majority of the home loans are said to have come from HBOS, prompting anger from Lloyds shareholders following the recent takeover.
Roger Lawson, chairman of the UK Shareholders' Association, said, ‘The general view of Lloyds investors is that chairman Sir Victor Blank and the rest of the board should go. The key concern is that ever since Sir Victor and chief executive Eric Daniels decided to take over HBOS, it has been a disaster. Clearly, it was a mistake and the result is that shareholders no longer own the company.’
A spokesman for Lloyds said the bank had bought ‘cost effective protection’ for its most toxic assets. He added, ‘The board is completely behind the management. It is imperative we have a strong balance sheet behind us at a time like this when the UK is moving into a very difficult economic situation.’
Lloyds Place Home Loans Under Taxpayer Protection Scheme
Lloyds Place Home Loans Under Taxpayer Protection Scheme
Mon, 09 Mar 2009
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