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Government will return Lloyds Banking Group to the private sector - recovering the £20.3bn taxpayers injected

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Does anyone else find this whole thing bizarre? They were going to do a public share sale, but they couldn't because the price was too low. The price is still low, and instead of offering the shares to the public at these low prices, they are going to sell into the open market :unsure:

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The general public should be spending as much of their money as possible on buying/renting their slave boxes and paying taxes to have anything left over for share purchases. 

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35 minutes ago, NuBrit said:

Does anyone else find this whole thing bizarre? They were going to do a public share sale, but they couldn't because the price was too low. The price is still low, and instead of offering the shares to the public at these low prices, they are going to sell into the open market :unsure:

It must mean TPTB think the shares represent value at their current low price. So the plebs cannot be allowed to buy them. They have to be sold to the right faces. 

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Maybe Carney's going to cut rates and put more pressure on banks net interest margin. The banks will have to respond with cost cutting - lay offs?

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5 minutes ago, satch said:

What's the betting that shortly after they are sold the Lloyds shares start rising substantially .... yielding a nice profit for those who were 'chosen' and allowed to buy.

Zilch chance.

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10 hours ago, satch said:

You mean split it into two bits, a good one and a bad one and just sell the good one to their mates and the taxpayer can keep the bad one. No government would ever do such a thing, not at all possible, will never happen .... that would be corrupt ...........

But it is now one bank. Splitting it would be very difficult. Its business model has changed since the merger so de- merging the bank us no longer a realistic option in the short term. 

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13 hours ago, Ash4781 said:

Maybe Carney's going to cut rates and put more pressure on banks net interest margin. The banks will have to respond with cost cutting - lay offs?

Lloyds are already passing on the rate cuts, or at least they have done so with my savings accounts. 0.05% FFS!

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1 minute ago, John The Pessimist said:

Lloyds are already passing on the rate cuts, or at least they have done so with my savings accounts. 0.05% FFS!

0.25% to 0.05% was it for ISA, savings?

They desperately are trying to make it easier for customers to switch current accounts. I can see why at these rates.

See below- basic at the moment....

Customers at Royal Bank of Scotland and NatWest may soon be sorting out issues with help from a virtual chatbot.

Web-based Luvo will be able to answer simple queries such as how to order a replacement card

http://www.bbc.co.uk/news/technology-37565653

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40 minutes ago, Ash4781 said:

0.25% to 0.05% was it for ISA, savings?

They desperately are trying to make it easier for customers to switch current accounts. I can see why at these rates.

See below- basic at the moment....

 

 

Customers in droves all visiting their financial advisor.Id like to get 3% as safe as possible like i used to get from the bank."We have this stock market fund that only invests in "safe" blue chips......" ,just before a huge crash?

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3 hours ago, Ah-so said:

But it is now one bank. Splitting it would be very difficult. Its business model has changed since the merger so de- merging the bank us no longer a realistic option in the short term. 

But the ringfencing of the retail banks is due in the bext two years. So its quite possible they could structure the sale as part of the "safe" "profitable" retail bank. 

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19 hours ago, NuBrit said:

Does anyone else find this whole thing bizarre? They were going to do a public share sale, but they couldn't because the price was too low. The price is still low, and instead of offering the shares to the public at these low prices, they are going to sell into the open market :unsure:

I love a happy ending.

Probably need to get rid quick before the next bailouts are due.

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5 minutes ago, hotairmail said:

That is irony right?

You can trace much of the discontent manifested in stuff like Brexit, Trumpism etc. directly back to the financial crisis. The after effects will last decades.

Your 'happy ending' is a fiction.

It was sarcasm. 

Of course you can trace the discontent back to the financial crisis. That's when people started to notice what was going on. It started with globalisation and freer trade. But the genie is out of the bottle now, and we can't put it back in by talking tough to China or the USA.

Which is exactly what is so funny. Leaving the EU won't solve any of the problems - the chancellor is still desperate to keep the banks on side (they are likely to get their way), the landed Lords who have ruled this country since William the Conqueror will still own the ground we call walk on, and ordinary working people will be giving up between 25% and 60% of their earnings to keep things just the way they are. 

For all it's faults, the EU was interestingly one of few (if not THE only) organisation prepared to take on big business. See the recent entanglements with Apple, Google and mobile network providers for details.

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19 hours ago, hotairmail said:

Well I agree with much of your analysis but not the conclusion. Smaller and more local control is a better structure for any future change to my mind. 

The EU was formed as a protectionist organisation and typically you'll find it protects its own (full knowledge of VW emissions issues for a decade or more for instance) and takes on foreign businesses almost exclusively.

 

 

 

Bigger structures have an advantage of scale, more resources and power. That's why we are not living as separate family groups any longer but we are organised in higher structures like states. The EU is a natural consequence of this process , enabled by techonological progress. 

Whether you like it or not those bigger structures are going to swallow small ones by economical coersion or primitive physical force. 

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23 minutes ago, hotairmail said:

 

 

And yet, every empire dies.

Every person, state, empire dies but then comes another one. It is a dynamic process.

Empires are going to survive longer and be more stable because the world is smaller thanks to technological progress.

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On 07/10/2016 at 0:06 PM, dgul said:

And get rid of RBS while they're at it.  Missed the boat really, but better than holding a bankrupt.

No point in selling it off if they only have to dive back in an rescue it again later. Lloyds and RBS are totally different beasts anyway. Lloyds / HBOS was a standard case of a bunch of bad debts mostly in the UK but with a very solid base business underneath it (Lloyds would have come through the crash in very good shape if the one eyed mentalist hadn't pushed it into buying HBOS). RBS on the other hand is a convoluted mess of retail and complex investment banking spread across multiple jurisdictions. Even without buying ABN AMRO it would probably still have needed to be bailed out.

I doubt we'll ever get the money that went into bailing out RBS back. Best scenario is that it gets stripped back over time to a much smaller but profitable core that can be floated or taken over but at a deep discount to the price the government originally paid. Worst case is that the profitable bits get sold off one at a time until all that's left is a worthless lump of toxic crap that can be safely left to go bust wiping out all remaining shareholders, the UK government included.

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