Lloyds banking group, which includes the Halifax and the bank of Scotland, has increased its provisions for its previous shameful activities. The provision for selling people payment protection insurance, which has been more akin to an old style confidence trick that it has to an activity that you would expect from a supposedly reputable bank, has been increased by £1.8 billion to almost £10 billion and the provisions for compensating businesses for selling them interest-rate hedging products has been increased by a mere £130 million. The latter seems suspiciously low figure. Continue reading
Filed under: climate change | Tagged: bank of Scotland, banking, economic stimulus, fraudf, hedging products, Lloyds banking group, payment protection insurance, PPI, Robert Peston, swaps | 2 Comments »