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Lloyds TSB

Volume 483: debated on Tuesday 18 November 2008

To ask the Chancellor of the Exchequer what elements of Government support for Lloyds TSB are conditional on that company completing its proposed merger with HBOS; and if he will make a statement. (229247)

The boards of both HBOS and Lloyds TSB decided it was in their interests to merge, and it was in the expectation of the merger going ahead that the terms of the package were agreed with both firms. If for any reason the merger did not go ahead, it would be a matter for both firms to agree with the FSA their capital needs.