Lloyds Banking Group today admitted it has so far failed to agree terms with the Government to place £250 million of assets into the Government's toxic debt insurance scheme despite hopes of securing a deal by this morning, reports The Times .
Shares in Lloyds fell 15.8 per cent in early morning trade, losing 11.9p to 63.1p, as it also revealed that losses at HBOS, the stricken lender it acquired in January, reached £10.8 billion for 2008. Over the same period, Lloyds' profits plunged by 80 per cent to £807 million. The combined group, which is 43 per cent owned by the taxpayer, said this morning that discussions with the Treasury "about participating in the Asset Protection Scheme are progressing and are well advanced." However, a failure to agree terms in time for the bank's results will come as a blow to Lloyds, which had ...
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