Breakingviews | Lloyds

Considered view

29 Oct 2009 16:29

Closing the GAPS

By George Hay

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The UK bank appears to need £25bn to exit the state’s loan-loss insurance scheme, but a rights issue could probably provide only half that. Swapping hybrid debt for convertibles would plug the gap, while diluting the government’s stake. But such a plan won’t be easy to execute.

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