Lloyds Banking Group failed to agree terms for involvement in the government’s asset protection scheme it emerged on Friday as it confirmed a £10.8bn loss at HBOS and warned of further losses this year.
The bank, which is 43 per cent owned by the state, said on Friday talks with the Treasury on the asset protection scheme, which is expected to insure about £500bn worth of bank assets, were “progressing” and were “well advanced”. It said it would provide a further market update in due course.

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