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18 November 2009

Government welcomes approval of Lloyds restructure

The Government has today welcomed the European Commission's state aid approval for the restructuring of Lloyds Banking Group.

Financial Services Secretary to the Treasury Paul Myners said:

"The Government's decisive action to support Lloyds and other banks protected the savings of millions of families and the jobs of thousands.

"With the bank now on a more secure footing, we can begin work to make sure Lloyds plays its part in reforming and repairing the banking system for the future.

"The divestments Lloyds will make following today's approval will lead to an important shake-up of the UK retail banking market.  Together with divestments from RBS and the eventual sale of Northern Rock consumers could have three new banks competing for their business on the High Street within four years.

"We thank the European Commission for their support and hard work in getting us to this important milestone."

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