Lloyds shares hold steady as restructuring gets seal of approval
19 November 2009 / by Rebecca Sargent
Shares in Lloyds Banking Group held steady at almost 91p this morning following the approval of its restructuring measures by the European Commission.
When Lloyds Banking Group was bailed out by the taxpayer last October, it was on the condition that the Group submit a restructuring plan. The plan will see 100s of branches, including its Cheltenham & Gloucester and TSB brands, go up for sale.
The seal of approval by the EU now means that Lloyds Banking Group can start its capital raising plans, which include a £17.5billion rights issue, and that will allow the Group to reduce the UK Government’s share.
Commenting, competition commissioner Neelie Kroes said: “This plan effectively addresses the Commission’s competition concerns and at the same time ensures the return of Lloyds Banking Group to long term viability.”
Also in approval of the measures set out by Lloyds was Financial Services Secretary to the Treasury, Paul Myners, who said: “The Government’s decisive action to support Lloyds and other banks protected the savings of millions of families and the jobs of thousands.
“With the bank now on a more secure footing, we can begin work to make sure Lloyds plays its part in reforming and repairing the banking system for the future,” he said, adding:
“The divestments Lloyds will make following today’s approval will lead to an important shake-up of the UK Retail banking market.”
© Fair Investment Company Ltd
| Sorry, your search has returned no results. |
* Income payments and returns are dependent upon the FTSE 100 Index.
| Provider | Account | Interest Rate (AER) | Term | Apply |
|---|---|---|---|---|
 The Access Bank UK » |
3 Year Fixed Rate |
2.20% per annum |
£5,000 | Apply Now > |
| Earn 2.20% fixed interest – 3 year term – Minimum deposit £5,000 – No withdrawals permitted. FSCS Protected | ||||
The Access Bank UK » |
2 Year Fixed Rate |
2.02% per annum |
£5,000 | Apply Now > |
| Earn 2.02% fixed interest – 2 year term – Minimum deposit £5,000 – No withdrawals permitted. FSCS Protected | ||||
 Vanquis Bank » |
4 Year Fixed Rate Bond |
2.40% per annum |
£1,000 | Apply Now > |
| Earn 2.40% gross/AER fixed for 4 years. Save £1,000 – £250,000. No withdrawals during the term. Individual or joint accounts available. Annual or monthly interest. FSCS Protected | ||||
The Access Bank UK » |
1 Year Fixed Rate |
1.72% per annum |
£5,000 | Apply Now > |
| Earn 1.72% fixed interest. 1 year term, save from £5,000 to £500,000, no additional deposits or withdrawals permitted, FSCS Protected | ||||
Vanquis Bank » |
3 Year Fixed Rate Bond |
1.85% per annum |
£1,000 | Apply Now > |
| Earn 1.95% gross/AER fixed for 3 years. Save £1,000 – £250,000. No withdrawals during the term. Individual or joint accounts available. FSCS Protected | ||||
| Sorry, your search has returned no results. |
| Provider | Account | Interest Rate | Term | Apply |
|---|---|---|---|---|
 |
Up to 6 years |
|||
| Capital protected deposit plan with the potential to mature after years 3, 4, 5 and 6. If the plan matures early it will return 5% times the number of years the plan has been in force. Also available for Cash ISA and ISA transfer. | ||||
* Income payments and returns are dependent upon the FTSE 100 Index.
| Provider | Account | Interest Rate (AER) | Term | Apply |
|---|---|---|---|---|
 RCI Bank » |
Freedom Savings Account | 1.30% | Instant Access | More Info > |
| MARKET LEADING. Earn 1.30% gross/AER. Instant Access. No notice periods. Unlimited payments and withdrawals. Pay in from £100. RCI Bank are protected up to a total of €100,000 by the FGDR, the French deposit protection scheme. Manage account online. | ||||
 Ford Money » |
Flexible Saver |
1.22% |
Instant Access | More Info > |
| Earn 1.22% AER variable interest. Interest can be paid monthly or annually. Open an account singly or jointly. Minimum deposit £1. Unlimited deposits and withdrawals permitted. FSCS Protected | ||||
 AA Savings » |
Easy Saver | 1.15% | Easy Access | More Info > |
| 1.15% gross/AER. Instant Access. Free withdrawals and no notice period. Deposit from £100. Includes a fixed bonus of 0.95% gross fixed for the first 12 months. Quick and easy online application | ||||
 Aldermore Bank » |
Easy Access Account | 1.00% | Easy Access | More Info > |
| 1.00% gross/AER on balances from £1,000 to £1 million. Unlimited withdrawals without restriction or loss of interest. | ||||
Gross is the interest you will receive before tax is deducted.
AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
| Sorry, your search has returned no results. |
$(document).ready(function(){ $("#ctl13_GeneralComparisonTabsTable1_divTablesWraper .comparison_table_tabs_container a").click(function(){ var $this = $(this); var TableStyle = ''; var $tab;
if (TableStyle=='uswitch') $tab = $this.parent('li'); else $tab = $this.parent('div').parent('div').parent('td');
var $activeTab = $('#ctl13_GeneralComparisonTabsTable1_divTablesWraper .comparison_table_active_tab');
if ($tab.attr('class')=='comparison_table_active_tab'){ return false; }
$activeTab.removeClass('comparison_table_active_tab'); $activeTab.addClass('comparison_table_inactive_tab');
$tab.removeClass('comparison_table_inactive_tab'); $tab.addClass('comparison_table_active_tab');
$('#ctl13_GeneralComparisonTabsTable1_divTablesWraper .TableTabDiv').hide(); $('#ctl13_GeneralComparisonTabsTable1_divTablesWraper #' + this.className).show();
return false; }); });
function openFactSheet(url) { var w = window.open(url, '', 'width=1000,height=800,scrollbars=yes,resizable=yes'); w.focus(); }