Lloyds to pay £2.5 billion to avoid UK ‘protection’
On Friday we mentioned that Lloyds Banking Group changed its mind and declared it will not take part in the Government Asset Protection Scheme (GAPS). In the meantime, the BBC found out just how much it doesn't want the government as a partner: the already 43% taxpayer-owned banker is happy to to pay almost £2.5 billion in fees just to be left alone. Although that may sound on the expensive side, there appears to be method in the madness. Should Llloyds remain the only de-facto independent big banking group, it would be much nimbler and more responsive to market moves than the competition.
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