Controversy over Lloyds nationalization

The British government reacted to the outrage of the investors. London is a declaration of trust for leaders of the nationalized bank Lloyds Banking Group.
“At Royal Bank of Scotland, the leaders exchanged. At Lloyds will not happen”, said on Sunday from government circles. At least until the end of the crisis will be chief executive Eric Daniels and chairman Victor Blank will remain in office.

Lloyds Banking Group had on Saturday in the increase of state involvement at around 43 to up to 77 percent agreed. The move diluted the capital of the existing private shareholders strong and also established the state as a controlling majority shareholder. In return for full control of the state is risky assets in the amount of 260 billion pounds (290 billion euros) insure against loss. Lloyds TSB is the Royal Bank of Scotland, the second major British bank, now mostly in the hands of the state. This also controls Northern Rock and Bradford & Bingley.

The pressure on the Lloyds Vorstandsduo Daniels and Blank was at the weekend has risen sharply. “The shareholders are of the opinion that the Board should go,” asked Roger Lawson, chairman of the UK Shareholders Association UKSA. Last week was already a large institutional shareholder resignations at the leadership level of the big British bank demanded. Daniels and Blank will this week meet with investors so they can make a highly controversial deal to convey.

Their Jobs According to industry observers are still not fully secured, as a legal threat after the game. A plea is considering some of the shareholders association UKSA. Daniels had the state so far as “just another shareholder” and downplayed his role. Last week he was still struggling unsuccessfully that the government now has fewer than 50 percent.

The acquisition was necessary after the imbalance with the daughter of HBOS much more dramatic than expected. Lloyds had the mortgage financiers 2008 to pressure the government bought. HBOS threatens losses in tens of billions in mortgage and unsecured retail loans. In the wholesale business, including many commercial real estate loans, more than 150 billion pounds will be secured.

“As a Lloyds shareholder you’re angry because you had a bank, which virtually no state needed help, and you now with a bank sitting scrap,” said Alan Beaney of Principal Investment. More than 80 percent of the insured by Lloyds problem loans are incurred at HBOS.

During the talks with large investors are likely more sensitive observations of Daniels discussed. He was recently admitted to parliament, the economic analysis for the takeover of HBOS was “three to five times faster than normal.

Further questions should be raised, why Daniels lot more for insurance than pay the Royal Bank. Did these two percent of the insured amount on the toxic papers down, it is at 5.2 percent, Lloyds. Moreover, a loss in excess of 28 billion euros. Further losses on the insured securities, contributing to 90 percent of the state.

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