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Will Lloyds Bank leave HBOS in the lurch?

While there is no immediate threat of Lloyds Bank walking away from HBOS there are concerns in some circles that the political and financial backlash is starting to annoy the Lloyds Bank board. Many people seem to forget that Lloyds Bank was invited to become involved by the authorities as it was common knowledge within banking circles that the group was in trouble. Lloyds Bank came forward and saved the day but since then there has been nothing but bickering and criticism for the deal.

The ongoing war of words reached new heights last week when it was announced that the Scottish government, while on the one hand talking with Lloyds Bank about saving jobs, was looking at creating a conglomerate to buy the Bank of Scotland division. It seems that the risk and the finance which Lloyds Bank has put into the deal have gone largely unnoticed by many observers.

The fact is that without the assistance of Lloyds Bank at the time, HBOS would literally have been broken and left in tatters. It would have been operating under the control of an administrator but customers would have left in their droves and finance costs would have mushroomed. People such as Alex Salmond, who has an economics degree, are well aware of the facts but seem intent on sound bites attacking the UK financial sector.

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