Downing Street Says » Lloyds Bank

» Wednesday, November 3, 2010

Lloyds Bank

Asked about the salary of the new incoming Chief Executive of Lloyds and whether the Prime Minister thought it was appropriate, the PMS said that this was an appointment made by the board of Lloyds. The Treasury would have been consulted through UK Financial Investments in its position as major shareholder in that bank.

The PMS said that the person who had been appointed was well qualified for the job and had a track record of increasing lending to small businesses. The new Chief Executive would be running a bank in which the taxpayer still owned 40% and it was in the taxpayers interest that that bank was run well.

Asked if it was possible for the Government to have a veto in this situation, the PMS advised people to speak to the Treasury.

Asked if the bank could not be run well without the financial package the new Chief Executive was reported to be receiving, the PMS said that the bank needed to be able to employ the right person for the job. The PMS added that as he understood it, the new Chief Executive had taken a pay cut compared to his previous salary.

Asked whether the new Chief Executive had given any indication as to how much the bank would be willing to lend to small businesses, the PMS advised people to check with the Treasury on the details, but he believed that his bonus arrangements were linked to small business lending targets.

Asked if the new Chief Executive was a non-dom’, the PMS said that it wasn’t Government policy to comment on an individual’s tax status.

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