Lloyds Banking Group set to return to profitability this year

Neither link works for me lol

why is this in GD.

trying to bring the tone of the forum up a notch Hatter?
 
It doesn't for me now either, but it did when first posted.

[edit]Seems the whole site is down.
 
Rich_L said:
I suspect more it's good news, so it doesn't belong in the election thread with all the other bad news about the economy :p
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Actually - you can argue this is bad news. If the Government hadn't forced HBOS through and given Lloyds a short deadline they might have done proper due diligence and not been saddled with such substantial impairments over the last year.
 
Good news for whoever gets to sell the 11 billion-odd shares bought at a knock-down price though eh?
 
Rich_L said:
Good news for whoever gets to sell the 11 billion-odd shares bought at a knock-down price though eh?
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Absolutely. I've never been against the Government buying stakes in the failing banks.

However - unless I am mistaken, in the case of Lloyds the Government doesn't decide when to 'sell' these preference shares back onto the market. The bank chose to rebuy the shares at a certain price as and when it sees fit.

Also, the cost to the Government for bailing out the banks is pegged at around £850bn, and the Government simply cannot recover all of that money - despite Treasury assurances. We may well see the tangible money used to buy stakes in the banks returned, but none of the gigantic peripheral costs of servicing the bailout and servicing our additional national debt.

The exact cost to the tax payer will not be known for years to come (and will never be exactly known because of the complex dealings within the Treasury).

Off the point, you might be interested in this article: http://www.guardian.co.uk/commentisfree/cifamerica/2009/may/18/us-economy-bank-bailout
 
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