Lloyds Banking Group was locked in talks with the Treasury and its advisers last night over the size and terms of its participation in the Government's asset protection scheme as its HBOS subsidiary reported losses of over £10bn.
Lloyds said that it was in talks with the Government about the scheme and was aiming to give details this morning. 'These discussions are ongoing and no terms have been agreed. There can be no certainty that Lloyds' participation would be on the same terms as those announced by RBS,' the bank said.
As with RBS, the key discussion points for Lloyds are the size and character of the assets to be insured, the price and the method of payment.
The Independent, BBC