Click the image for the cartoon, or go here
The sale of shares in the new organisation resulting from the autumn’s emergency merger of Lloyds TSB and Halifax Bank of Scotland did not attract many investors at all. This means the government has had to step in to buy the remaining shares in both formerly independent banks. In all, we (the taxpayer) will own more than 43% of the new Lloyds Banking Group and effectively underwrite or guarantee the unknown size of the groups debts or, liabilities.
The Guardian offers a round up of other news from the retail sector here
UPDATED: Wed 14th Jan 9pm. Farewell Halifax Bank of Scotland
