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Govt stake in Lloyds could reach 70% through APS, say reports

The Government stake in Lloyds Banking Group could increase to 70 per cent as part of a £250bn asset protection deal, say reports.

The bank is currently 43 per cent owned by the taxpayer but the BBC claims a deal is close to being agreed that would increase this stake substantially through the Government’s asset protection scheme, which would underwrite the bank’s bad debts.

Royal Bank of Scotland was the first to sign up to the APS with the Government set to insure £325bn of its assets.

A spokeswoman for Lloyds says discussions are ongoing, but would not comment on when an announcement was likely to be made.

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