Taxpayers should consider banking bailout a ‘good investment’, Lloyds director claims

12 October 2010

British tax payers should be thankful that they had the opportunity to bailout the banks during the global financial crisis, a banking chief has claimed.

Truett Tate, a director at Lloyds Banking Group, made the comments during an interview with BBC Scotland Investigations as part of a documentary called Trust Me I'm A Banker.

Mr Truett told the news provider: “There are a whole lot of people, myself included, who would love to get the kind of return on their investment that the taxpayer has made into this bank.

“They've made an investment that is making money. If you could come to me, with an investment in the infrastructure which would have returned more for the taxpayers, I'm all ears."

The British taxpayer currently holds an 83 per cent stake in the Royal Bank of Scotland (RBS) and a 41 per cent share in Lloyds.

A recent report from the New Economics Foundation predicted that the banking sector may need to source further government bailouts in 2011.

According to calculations by the organisation, a funding deficit means banks will need to double the sum to £25 billion a month.

By Jim Ottewill

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development