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Lloyds Bank fails to agree toxic asset insurance deal

It has today been revealed that Lloyds Bank is no nearer an agreement with the UK authorities with regards to its toxic assets from the combined Lloyds Bank and HBOS group. While the amount of toxic assets in question is less than half of that which has already been agreed with the Royal Bank of Scotland there appears to be some problem on the side of the UK authorities. There is speculation that Lloyds Bank has been asked to pay a fee which is the equivalent of 3% more than that which the government agreed with Royal Bank of Scotland although nobody is quite sure why.

The last few days have seen rumours of political bias towards the Royal Bank of Scotland which has apparently left other UK banks struggling to arrange the same terms for their own toxic asset insurance deals. The fact that Royal Bank of Scotland has already taken up over £350 billion of the planned £500 billion programme is a major concern with suggestions that other banks could be left high and dry in these difficult times.

However, the recent collapse in the Lloyds Bank share price could force the hand of the UK government and make a difficult situation ten times worse!

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