Burden of taxpayer lifted at Lloyds Lloyds' chief executive would be deluded if he were to think that he was the 'Antonio' whose name has been ringing out across west London in recent days.
While Chelsea FC boss Antonio Conte has steered his team to the Premier League title, long standing Lloyds shareholders have little to celebrate despite signs Antonio Horta Osorio has made the bank safe again. There will have been a sharp intake of relief in Whitehall and elsewhere that the burden of taxpayer ownership has been lifted a decade after Gordon Brown and former Lloyds chairman Sir Victor Blank arranged the shotgun marriage between his bank and HBOS. Centre stage: Shareholders have little to celebrate despite signs Antonio Horta Osorio has made the bank safe again Core capital is up from 7.1 per cent to 13.8 per cent, reliance on short term wholesale funding has been reduced from 200bn to zero and under his stewardship the bank returned to robust pre tax profit of 4.2bn in 2016. But many shareholders have been hit as the value of their holdings was smashed and the dividend stream dried up. Instead, they stood helplessly by as Lloyds paid 17bn of compensation to people wrongly sold payment protection insurance. They watched anxiously as Horta Osorio squabbled with bondholders. And they were puzzled as to why Lloyds was slow to respond to complaints from swindled business customers at the former HBOS Reading branch. Most recently, Horta Osorio plunged into a purchase of credit card group MBNA at the peak of a consumer credit boom. It is not very useful building safe core capital if it is going to be risked on rash decisions. Abuse of customers is not over. Details of the sale by Lloyds of 6bn of structured products, which painted a 'misleading' impression of likely returns, are just emerging. And more than 50,000 jobs exclusive pandora charms have gone despite claims made at the time of the HBOS merger that no posts would be cut. Respect for Horta Osorio among staff was hurt by a half hearted apology after the disclosure of a tryst in Singapore last June. Given Lloyds' domination of the domestic mortgage and current accounts markets, it would be disappointing if the bank had not fully returned to the public markets. Across the Atlantic, banks were far quicker to pay back the taxpayer, and shares in financial pandora jewelry store groups roared back to life. In one respect, Lloyds looks very good pandora jewelry gold when compared to Royal Bank of Scotland where HM Treasury still holds 71 per cent. The mistakes made by Fred Goodwin at RBS were of a different scale. A decade on from the financial crisis, RBS still awaits a deal with the US Justice Department over its role in the securitised mortgage scandal at the heart of the financial crisis. The bank has suffered from constant interference by governments and a Treasury fearful that boardroom decisions would rebound on their political masters. It is doubtful that RBS will get much of a mention in the Tory manifesto. real pandora bracelet What it should say is that the next government would split off RBS's bad loan book and sell shares in the healthy part back to the public super quick. Back at Lloyds, there is no cause for shareholder hosannas yet. BHS fallout TheE courts have had enough of serial bankrupt Dominic Chappell and ordered that Retail Acquisitions, which bought BHS from Sir Philip Green for 1, be wound up. Now that is out of the way, it is time that The Insolvency Service produced its report into the failure. As a legal inquiry it had access to many of the documents that were unavailable to the Commons business select committee, and it has the power to recommend disqualification of anyone found to be engaged in wrongdoing. The public, BHS employees and everyone else touched by the scandal deserve answers. US bubble Britain is not the only country piling up household debt. Figures which have just been released by America's central bank, the Federal Reserve, show that total credit soared to $12.7trillion (9.8trillion) last month the highest level seen since Lehman Brothers collapsed in 2008. Most new mortgage loans have gone to higher grade borrowers but, as in the UK, there has been a boom in lending to people buying fancy motors. More consumers are falling behind on credit card payments and student loans. All of this is manageable while interest rates remain artificially low. But what happens as the Fed intensifies its policy of normalising borrowing costs? Most watched Money videos The new Nissan Qashqai will be in the showrooms from next month Instant karma!: Thief stopped by lorry driver quick thinking Jaguar Land Rover teases the opening of its classic car tour Investing Show: Are stockmarkets too expensive? Is this the best car used advert ever? 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