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Lloyds Banking Group has made an offer to buy a sizeable portfolio of its own debts as part of its attempts to eliminate costly funding.
The major UK financier is following the lead of the Royal Bank of Scotland (RBS), which announced its intention to use excess money on its balance sheet to reduce its reliance on expensive financial assistance, the Financial Times reports.
According to the news source, Lloyds is attempting to repurchase around £10 billion ($16.2 billion) worth of senior bonds it currently has denominated in a number of different currencies globally.
Both Lloyds - which is partly-owned by the government - and the 82 per cent state-backed RBS have embarked on programmes to cut the size of their balance sheets in recent times by selling off unwanted assets.
However, the two lenders have not yet managed to return to profit and experts in the banking industry do not believe they will begin paying out normal dividends again until this is the case.
By Tony Aynsley
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