Lloyds repays final loan of €3.5bn to ECB
Saturday 11 May 2013
Lloyds Banking Group, bailed out to the tune of £20bn by the taxpayer four years ago, yesterday made two moves signalling its strengthening balance sheet.
In the biggest move, it said it had paid back all the €13.5bn (£11.4bn) of cheap loans it took from the European Central Bank last year. This is almost two years before they were due for repayment.
The bank had already paid back €10bn of the funds drawn under the ECB’s Long Term Refinancing Operation. Yesterday it said it is repaying the final €3.5bn following the sale of its Spanish retail business at the end of last month. Lloyds said the repayment “demonstrates the group’s balance sheet strength and strong liquidity position”.
It has also sold a loss-making property loan portfolio to the private equity group Cerberus for £325m. The portfolio’s gross assets are valued at £525m and it lost £47m last year.
Presents unwrapped, turkey gobbled... it's time to relax
Video: It is the type of thing no parent wants to hear
- 2 This letter from a reader explains why women can’t play football
- 4 Scientists predict green energy revolution after incredible new graphene discoveries
Black Friday 2014: Opening times for Asda, John Lewis, GAME, PC World and Argos
Sean Abbott: Messages of support flood in for bowler after death of Phil Hughes
Plebgate: Andrew Mitchell’s reputation in tatters as judge rules he used the word ‘pleb’
Dr Lam Hoe Yeoh: Voyeur doctor jailed for eight years after using network of hidden cameras to film patients, colleagues and friends on the toilet
'You should come to my house and eat cheeses with me': 4-year-old sends adorable love letter to girl at school
Ukip says babies born to immigrants in the UK should be classed as migrants – which would include Nigel Farage’s own children
Obama: The only people with the right to object to immigration are Native Americans
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
Ukip mocked after mistaking Westminster Cathedral – for a mosque
Sarah Vine criticises lesbian mother Jack Monroe: 'If she was unsure about her sexuality, she should have taken greater precautions'
iJobs Money & Business
£50000 - £100000 per annum + benefits: h2 Recruit Ltd: Are you a high achievin...
£35000 - £100000 per annum + benefits: h2 Recruit Ltd: An award winning, marke...
£19000 - £24000 per annum: Recruitment Genius: Due to our clients continuing s...
£20000 - £22000 per annum: Argyll Scott International: Service Desk Analyst Re...