The government's stake in Lloyds will reach 77 per cent once it converts into ordinaries its existing holding of £4bn of prefs and the £15.6bn of new B shares it will receive as “payment” for the insurance policy just agreed. The state's economic interest will be higher still, since the B shares will receive dividends worth 125 per cent of those payable to ordinary shareholders. By some measures, Lloyds is in fact now in worse shape than Royal Bank of Scotland. Whereas RBS asked the government to cover losses on loans and other receivables accounting for 15 per cent of its assets, Lloyds has had to insure nearly a quarter of its balance sheet.
作为英国政府和劳埃德刚刚达成的担保协议的“付款”，政府将获得价值156亿英镑的劳埃德新B股股份。一旦政府将目前持有的40亿英镑优先股和这些新B股转换为普通股，它在劳埃德持股比例将达到77%。国家的manbetx20客户端下载 利益仍将得到优先考虑，因为这些B股获得的股息将是普通股股东的125%。按照某些指标来衡量，劳埃德目前的状况实际上比皇家苏格兰银行(RBS)更糟。皇家苏格兰银行要求政府担保的贷款和其它应收款损失占其资产的15%，而劳埃德则必须为占其资产负债表近四分之一的资产寻求担保。