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If the gov say no to a div and make lloyds buy back at lest 1/3 of what they own it would put the sp up giving the gov security with price on remanding shares. that way we don't get div but we all get a better sp the gov can then look at selling remainder at profit which would look good for gov. After sale we would receive a better div we all win
True, the resumption of divi would be a welcome impetus for a rising SP, but I still reckon a a substantial buyback would do even more. it would send the signal that Lloyds' board recognize the dilution of shares that's taken place since the start of the collapse and were prepared to do something serious to improve this situation.
You make fair points Baronbog - I reluctantly accept we may be forced to wait till full year results in Feb for an exact amount to be announced, meanwhile just confirmation in principle that LBG is to be treated as a 'normal bank' and free to pay a divi should send the SP skyward, satisfy the II's who have purchased to date and guaranteed HMG a profitable exit in due course,
I agree Lloyds will easily pass the tests, just can't see any bureaucrat putting his neck on the line agreeing a divi before it's officially announced they've passed the tests. Also ECB may have different test criteria and while Lloyds appears to have one of the strongest capital ratios around I'm guessing they'll still wait till both have given the thumbs up.
I don’t know if I missed it, but did you put the Pillar 2A requirement out in the document there? Because obviously that would be quite interesting just to help us realise exactly how much surplus capital you have?
Answer: George Culmer
Hi Chris. No you didn’t miss the P2A, it is not buried in there or anything like that.
We haven’t disclosed at the moment, we haven’t disclosed for a couple of reasons. One, as you probably know, the PRA are going through consultation in terms of disclosure. I know a number of our peers do, but they are going through consultation at the moment on this subject. And secondly, we have a submission that is working its way through the PRA on the Pillar 2A. So my expectation would be that we will be disclosing by the end of the year when the PRA have decided and once we have had our submission looked at and review. So that is the reasons for not now.
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