Lloyds Buy Pig In A Poke For GBP10.8 Billion
Lloyds Banking Group shares fell 14% this morning, leading the FSTE lower, after they revealed that HBOS made a pre-tax loss of £10.8bn in 2008.
HBOS took a £9.9 billion hit on bad loans, it says.
Lloyds themselves did manage to turn in a profit, albeit only £807 million, 80% down on a year ago. They haven't quite joined the club yet, but are still in talks with the government regarding their participation in the asset protection scheme.
Still, they did manage to claw back £25 of their losses from yours truly when my personal account went overdrawn by £1.71, so all-in-all it could have been worse eh lads? City analysts point out however that my £25 won't show up in the accounts until next year.
HBOS took a £9.9 billion hit on bad loans, it says.
Lloyds themselves did manage to turn in a profit, albeit only £807 million, 80% down on a year ago. They haven't quite joined the club yet, but are still in talks with the government regarding their participation in the asset protection scheme.
Still, they did manage to claw back £25 of their losses from yours truly when my personal account went overdrawn by £1.71, so all-in-all it could have been worse eh lads? City analysts point out however that my £25 won't show up in the accounts until next year.
