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Lloyds considers multi-billion share issue, say reports

Lloyds Banking Group is believed to be looking to raise up to £15bn to reduce the cost of its participation in the Government’s asset protection scheme, according to reports.

Reports say the bank, which is 43 per cent owned by the taxpayer, is said to be concerned about the billions in fees attached to the scheme and is considering a multi-billion pound share issue to scale back its involvement.

Lloyds agreed to put £260bn worth of loans into the scheme in March but could significantly reduce its participation if the government agrees, according to reports.

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