Despite Its PPI and Other Fiscal Faults, Lloyds Sells Its Stake By £12 Billion

July 3, 2015
by admin in PPI News

In as much as Lloyds had lost so much profits in the last few years due to payment protection insurance and other financial scandals, it remains a contender in profitability. Lloyds owes more than £12 billion for mis sold PPI and about £1 billion for fines and other fiscal troubles.

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However, it increased its profits and raised the sale of its government shares back to the private sector by £12.5 billion. Lloyds said on Thursday its taxpayer-stake had been reduced by 15.9% from 15.9 % as it launches itself back to full privatisation.

Morgan Stanley, which is selling the banks’shares, confirms that the governments holding on Lloyds had been reduced by 9 per cent.

However, critics said it shows how the government is supporting and is lenient against banks. A consumer body has asked whether FCA fines were effective in reforming banks or changing bank behaviour.