How To Guides
- Childbirth & Education
- Legal Formalities
- Pensions & Benefits
- Property & Accommodation
Did you know...?
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- Daily brief -Wednesday 7 October 2015
- When Expat Eyes Are Smiling
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Retiro Park : Madrid
- Wincham announce opening of Marbella office
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
EU says Lloyds needs to shrink presence
Partially-nationalised bank Lloyds needs to shrink its activities in areas where it is currently dominant to compensate for taking billions of pounds in state aid, the European Union's antitrust chief said.
Lloyds became Britain's largest mortgage lender after it acquired its beleaguered rival HBOS earlier this year, which owned mortgage provider Halifax.
Media reports said the European Commission could force a sale of part or all of Halifax as a condition for approving state aid given to Lloyds. Other asset sales could also be likely.
"We need to ensure aid does not allow the bank to consolidate and reinforce its leading presence in markets in which it is already concentrated to the detriment of consumers" European Competition Commissioner Neelie Kroes told the European Parliament on Tuesday.
She said the European Commission was currently assessing Lloyd's restructuring plan, tied to the state aid it received from British authorities.
The bank's restructuring would need to ensure its viability, that it also shoulder part of the burden and that it does not distort competition, Kroes said.
Lloyds' shares were up 1.45 percent in mid-session, outperforming a 0.6 percent higher DJ Stoxx banking index.
Latest News & Stories
- UK's EU referendum Unsettles Brit Expats in Spain
- Would-be Spaniards : How much do you know about Spain ?
- Big tech companies continue cutting profits to pay less tax in Spain
- PP blames Socialists and Podemos for risk of missing deficit targets
- Vodafone Spain to offer 6 months of free Netflix
- Spain's economy making progress but imbalances still substantial - ECB, Commission
- Madrid offers assisted reproduction to all after lesbian couple ruling
- Government appeals for unity on October 12 national holiday
- Spain arrests 89 accused of running people-smuggling ring
- Spain underscores "solvency" of BBVA & Santanderamid emerging market woes