Lloyds Banking Group To Speed Up Ring-Fencing Plans - Report

Date : 07/22/2012 @ 10:36AM
Source : Dow Jones News
Stock : Lloyds Banking Grp. Plc American Depositary Shares (LYG)
Quote : 3.76  -0.1 (-2.59%) @ 3:59PM

Lloyds Banking Group To Speed Up Ring-Fencing Plans - Report

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Lloyds Banking Group PLC (LYG) is set to signal that it will bring forward its so-called "ring fence", or separation of retail and investment banking, ahead of the 2019 deadline demanded by the Independent Commission on Banking, the Sunday Telegraph reported.

Without citing sources, the news report said Lloyds Chief Executive Antonio Horta-Osorio will say that Lloyds is happy with the Government's ring-fence plans and wants to have a simple retail bank structure without recourse to any complicated investment bank products.

It said only simple "vanilla" derivative products are likely to be allowed inside the protected area of the bank after the legislation passes through Parliament in the 2012-2013 session.

The report said the speeding-up of the ring-fencing process could be announced as early as this week when Lloyds announces its quarterly results.

A spokesman for the bank couldn't be immediately reached for comment.

Newspaper Web site: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9418283/Lloyds-vows-to-speed-up-ring-fencing.html

-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320

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