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Lloyds boss attracts criticism at shareholders meeting

Eric Daniels, the boss of Lloyds bank, was ridiculed at the company's shareholder meeting yesterday which was held to vote through the £13.5 billion rights issue. While the rights issue was voted through with a significant majority vote it gave many institutional and private investors the chance to quiz the company on the multibillion pound loan received from the Bank of England at the height of the banking crisis last year.

Only a couple of days ago it emerged that Lloyds bank was in receipt of a £26 billion emergency loan from the Bank of England which was not made public at the time. Eric Daniels admits that he cannot remember whether he was allowed to tell investors about the emergency funding for the company's HBOS subsidiary last year. As a consequence a number of investors feel that they were allegedly misled with regards to the real trading position of Lloyds bank and the underlying financial strength of the merged operation.

There is some debate as to whether this particular train of thought is correct but the truth is that it has taken 12 months to make public the £26 billion emergency loan, something which reflected the severity of the UK economic situation at the time. What else is there to emerge that we have not yet been made aware of?

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