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Lloyds TSB: Pay

Volume 485: debated on Tuesday 16 December 2008

To ask the Chancellor of the Exchequer whether he expects to be consulted on the size of any stock bonuses awarded to Lloyds TSB directors during (a) 2008 and (b) 2009. (240442)

[holding answer 8 December 2008]: The Government have set up UK Financial Investments (UKFI) to manage the stakes they take in financial institutions including Lloyds TSB. Part of UKFI's remit is to ensure appropriate implementation of the terms of the recapitalisation agreements with the banks, including those relating to directors' bonuses.