LLOYDS Banking Group has confirmed it has been fully returned to private hands nearly nine years after the UK Government bailed it out at the height of the financial crisis.
The Government’s final tranche of 638.4 million Lloyds shares have been sold, marking a milestone for the lender and closing a troubled chapter for the group.
Lloyds said the taxpayer had made a profit of £894 million on the original £20.3 billion of cash pumped in as part of its rescue.
Chief executive Antonio Horta-Osorio said: “Six years ago we inherited a business that was in a very fragile financial condition. Thanks to the hard work of everyone at Lloyds, we’ve turned the group around.
“We’re going to continue to use our strong position to help Britain prosper.”
Chairman Lord Blackwell said the sale of the last 0.25 per cent stake “marks the final step in the rescue and rejuvenation of Lloyds Banking Group”.
“The combination of our strong financial performance and the progress we have made towards our strategic priorities has enabled over £21.2bn to be returned to the Government, more than repaying the amount that taxpayers invested,” he said.
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here