"It was ironic territorial concessions by AH-O himself triggered the worst of a conflict that will set banks back over £35bn. In 2011, he dropped challenges to claims consumers had been mis-sold payment protection cover. Everyone thought the “show” would be over by Christmas and cost Lloyds only £3.5bn.
Ironic too that in a broadcast to the nation via a media call on Wednesday, AH-O claimed credit for reimbursing taxpayers £17bn via share sales and dividends. That was also Lloyds’ running total for PPI provisions."
"Lloyds has announced a 40 basis point increase in core capital buffers to 13.4 per cent after ordinary dividends. But Bernstein analysts see this as propaganda to boost morale. Deduct 80 basis points for a change to the valuation of gilts, and Lloyds would undershoot the 13 per cent target at which special dividends are paid."
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