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Watchdog Urges Faster Energy Tariff Reform

Written By Unknown on Sabtu, 22 Juni 2013 | 12.06

The energy watchdog's proposals for a "simpler and fairer" energy market have drawn a mixed response from consumer groups, as the regulator called on suppliers to adopt them "as quickly as possible".

Regulator Ofgem has told suppliers to limit themselves to four "core" tariffs each for electricity and gas and for each type of payment, while all information suppliers send to consumers must be "simplified, more engaging and personalised".

Suppliers will use a new Tariff Comparison Rate (TCR), which the regulator claims will help to simplify the selection process for consumers.

And new enforceable standards of conduct will enable Ofgem to take action against suppliers where they have failed to treat customers fairly.

Today Ofgem launched the last statutory consultation before it decides whether to implement "the most radical reforms to the retail market since competition began".

The reforms are expected to come into effect from the summer, but Ofgem said there was nothing to stop suppliers moving to deliver them now.

Ofgem senior partner for markets, Andrew Wright, said: "Our reforms today are the blueprint for the simpler, clearer and fairer energy market that consumers deserve.

"This will provide them with the choices they want alongside the simplicity they need.

UK power station Both electricity and gas companies have used complex tariff systems

"They have been delivered following two years of engagement with consumers and industry in the most comprehensive ever review of the retail market.

However consumer watchdog Which? said it was "hugely disappointing" that Ofgem had pressed ahead with the TCR format.

Which? executive director Richard Lloyd said: "While these new rules will help make the market simpler and fairer it's hugely disappointing to see the regulator sticking to its fundamentally flawed idea of how energy prices should be presented.

"This will fail to help people find the best deal easily and could even mislead millions into paying over the odds for their energy."

Trade association Energy UK defended the firms and said: "Energy suppliers have already pressed ahead with providing customers with simpler, clearer tariffs.

"Our members have dramatically reduced the number of tariffs, simplified structures and pledged to help all customers move to the deal that suits them best."

But Energy Secretary Ed Davey has continued to push for faster reform and said: "I welcome the continued progress of Ofgem's reform of the retail energy market.

"It's simply scandalous that over eight in 10 of households, including the most vulnerable, are put off switching or engaging in the energy market.

"That's why I'm backing Ofgem's reforms to make it easier to compare tariffs and switch suppliers. These reforms are the fastest way to speed up delivery of simpler bills and a fairer system."


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Diesel Drivers 'Get Worse Deal' In Fuel War

The cost of filling up at the pumps has edged up over the last month, with diesel drivers getting a worse deal than those using petrol, according to new figures from the AA.

The average price of petrol in the UK has risen from 133.35p a litre in mid-May to 134.61p in mid-June, while diesel has gone up from 138.17p a litre to 139.16p.

Northern Ireland has the most expensive petrol, at an average of 135.8p a litre, with London having the cheapest, at 134.61p.

Northern Ireland also has the dearest diesel (139.8p a litre) with London and south west England having the least expensive (139.1p).

The AA said the slight rise in average petrol prices nationally represented "something of a lull" after the 8-10p swings in prices over the last 12 months.

But it warned that this year retailers have on average been "creaming up to £1 a tank extra off diesel car drivers and up to £1.40 a tank extra off diesel van owners".

The AA went on: "At present, the 1p-a-litre premium that fuel stations are generally adding to the cost of diesel adds 5,500 miles to the break-even point for a new car buyer who chooses diesel instead of petrol.

"Diesel cars typically cost £1,500 more but the saving from better fuel efficiency should eventually recoup that."

AA president Edmund King said: "To be fair, there is often much greater variation in the price of diesel among retailers in a town than with petrol.

"However, on average, the profit margin on diesel is consistently at least a penny higher than with petrol.

"The clear message to diesel drivers is to take advantage of the greater range of prices locally. Some forecourts are more diesel-friendly than others."


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Oil Boss Stokes Controversy With £9m Pay Deal

Written By Unknown on Jumat, 21 Juni 2013 | 12.06

By Mark Kleinman, City Editor

The boss of a London-listed oil company is poised to reignite a row with leading shareholders by taking a $13.6m (£8.8m) pay and bonus package for last year.

Sky News has learnt that a growing band of shareholders in Gulf Keystone Petroleum, which focuses on oil exploration in Kurdistan, is agitating for widespread reforms of its boardroom governance and remuneration practices.

The latest row has been triggered by the disclosure that Todd Kozel, Gulf Keystone's chairman and chief executive, received a cash bonus of $4.5m (£2.9m) and share bonus of $8.4m (£5.4m) in addition to his $675,000 (£436,000) basic salary.

The details, buried in a statement released on Wednesday morning announcing the company's annual results, have infuriated leading investors.

Gulf Keystone disclosed in the statement that it had received a letter from M&G, the fund management arm of Prudential, proposing the election of four new non-executive directors at next month's annual meeting.

Capital Research Global Investors, one of the world's largest investment institutions, is understood to have thrown its weight behind M&G, while a large Malaysian investor is also said to be considering its position on the issue.

The escalating dispute provides a chaotic backdrop to preparations being made by Gulf Keystone to move its listing from AIM to the main London stock market.

One of the new directors proposed by M&G, Jeremy Asher, is a former director of the company who was ousted three years ago after falling out with executives including Mr Kozel.

Sky News understands from a source inside Gulf Keystone that M&G recently proposed that Mr Asher be installed as interim chairman of the company. When the proposal was made, Mr Kozel and other executives are said to have threatened to resign if the appointment was made.

It is unclear how the disgruntled investors plan to vote on key resolutions at the annual meeting, although Mr Kozel is not thought to be up for re-election.

The shareholders are also thought to have been angered by the disclosure in Wednesday's statement of a loan made by Gulf Keystone to Mr Kozel.

"During 2012, the Company paid for certain personal expenses of $2.8m (2011: $1.7m) on behalf of Todd Kozel that will be refunded to the Company at its demand during 2013," it said. 

"The Group also issued interest-bearing loans of $7m to Todd Kozel and $0.7m to another director. The loans were taken out in order to meet the directors' tax and other liabilities and bear an annual interest charge of 7.5%. By virtue of their directorship, these individuals are related parties of the Group.

"Subsequent to the year end, the $0.7 million loan was repaid in full. Todd Kozel has settled $4.5m of the outstanding $9.9m, the remaining balance shall be repaid in full by the end of August 2013."

Gulf Keystone is one of the most controversially-governed companies on London's junior AIM market, with repeated rows over executive pay in recent years.

Mr Kozel's £8.8m award for 2012 actually represented a sharp decline on his pay in the previous year, which topped $22.2m (£14.4m).

Having recently agreed to relinquish the chairman's role, Mr Kozel has sought to defend his remuneration by arguing that Gulf Keystone has delivered more than £1bn of value to shareholders and a return of more than 4000% since the company's listing.

An ally of his said that the chairman's pay reflected an "overall balanced mix of remuneration and reflects exceptional performance for the year and confidence in future cash flows".

However, Gulf Keystone's shares have fallen sharply from highs triggered by takeover speculation, while it has also been embroiled in legal action brought by a former adviser which has claimed it is owed roughly £1bn in compensation.

Gulf Keystone declined to comment.


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Shares Fall As Fed Plans To Slow Bond-Buying

World stock markets have lost more ground after the US Federal Reserve signalled it was moving closer to slowing its bond-buying programme.

The Fed offered a more optimistic outlook for the US economy and job market but said it would maintain the pace of its bond purchases for now to support recovery.

Equity markets, which have tumbled from post-financial crisis highs in recent weeks on fears of the stimulus being withdrawn, fell further in the wake of the announcement.

The Dow Jones lost 1.3% while in London the FTSE 100 joined Asian markets in falling nearly 3% - the London market returning to levels not seen since September 2011.

The cost of government borrowing also rose in many major economies as a result of Fed Chairman Ben Bernanke's comments.

He had said the central bank could scale back its $85b (£54b) in monthly bond purchases later this year if the economy continued to improve.

Mr Bernanke likened any reduction in the Fed's bond purchases to a driver letting up on a gas pedal rather than applying the brakes.

He said the reductions would occur in "measured steps" and that the programme could end by the middle of next year.

Timothy Duy, a University of Oregon economist who tracks the Fed, called the statement "an open door for scaling back asset purchases as early as September."

The fact that the Fed foresees less downside risk to the job market "gives them a reason to pull back" on its bond purchases, Mr Duy said.

The central bank also said it would maintain its plan to keep short-term rates at record lows at least until unemployment reaches 6.5%.

Last month, the US economy added 175,000 jobs. But the unemployment rate is still high at 7.6%. Economists tend to regard the job market as healthy when unemployment is between 5% and 6%.


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Federal Reserve Hints At Slowing Bond Purchases

Written By Unknown on Kamis, 20 Juni 2013 | 12.06

The US Federal Reserve has signalled it is moving closer to slowing its bond-buying programme, which is intended to keep long-term interest rates at record lows.

The Fed offered a more optimistic outlook for the US economy and job market, but said it will maintain the pace of its bond purchases for now.

Chairman Ben Bernanke said the Federal Reserve could scale back its $85b (£54b) in monthly bond purchases later this year if the economy continues to improve.

Mr Bernanke likened any reduction in the Fed's bond purchases to a driver letting up on a gas pedal rather than applying the brakes.

He said the reductions would occur in "measured steps" and that the programme could end by the middle of next year.

Investors reacted initially to the Fed's announcement by selling both stocks and bonds.

The Dow Jones industrial average was down 70 points shortly after the statement came out; minutes earlier, it had been down just 16.

Timothy Duy, a University of Oregon economist who tracks the Fed, called the statement "an open door for scaling back asset purchases as early as September".

The fact that the Fed foresees less downside risk to the job market "gives them a reason to pull back" on its bond purchases, Mr Duy said.

The central bank also said it would maintain its plan to keep short-term rates at record lows at least until unemployment reaches 6.5%.

Last month, the US economy added 175,000 jobs. But the unemployment rate is still high at 7.6%. Economists tend to regard the job market as healthy when unemployment is between 5% and 6%.


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Chancellor Unveils Plan For State-Owned Banks

George Osborne has unveiled Government plans for the future of state-owned banks during his annual speech on the state of the UK economy.

During his the speech at Mansion House in London, the Chancellor said the Treasury was considering steps to return Lloyds bank to the private sector and that it could offer shares to the public.

But he added that the sale of the Government's stake in the Royal Bank of Scotland (RBS) remained "some way off".

Mr Osborne said he has ordered an urgent review into the possibility of breaking up RBS into a "good bank" and a "bad bank" to separate out toxic assets and risky loans from parts of the business which support the economy.

The review will particularly focus on assets in Ulster Bank and UK commercial real estate, and will not involve any further injection of taxpayer money into RBS.

The first sale of Lloyds shares is likely to go to institutional investors, but Mr Osborne said a retail offering to the general public is being considered for later - raising the possibility of a "Tell Sid" style privatisation of the kind seen in the 1980s.

In upbeat comments about the state of the UK economy, he said Britain had "left intensive care" and was now moving "from rescue to recovery".

He added: "Nothing better signals Britain's move from rescue to recovery than the fact that we can start to plan for our exit from Government share ownership to private ownership."

Royal Bank of Scotland branch RBS could be broken up to separate toxic assets

The Government bought 39% of Lloyds shares and 81% of RBS in a multi-million pound bailout at the height of the financial crisis in 2008 and speculation has been mounting that the Treasury wants to begin the process of selling its stake before the 2015 general election.

Prime Minister David Cameron recently raised the prospect of selling RBS shares at a loss.

Mr Osborne today said that Lloyds was now in a "good position" with growing investor interest and shares trading at "around the price where selling would reduce the national debt".

The Government believes a sale price of 61.2p would allow it to recoup the £20bn it ploughed into the bank. Shares today closed down 0.42p at 61.76p.

Mr Osborne said: "I can announce that we are actively considering options for share sales in Lloyds.

"Of course, we will only proceed if we get value for the taxpayer. And we have no pre-fixed timescale or method of disposal.

"For the first block of Government shares, an institutional placement is likely to be the most effective way of managing risk and getting value.

Life peerage for Sir Mervyn King There was some good news for Bank of England governor Sir Mervyn King

"So five years on from the financial crisis, we can now take the first steps to returning Lloyds to the private sector where it belongs.

"And for later sales of shares, we will consider a retail offering to the general public."

But he said RBS remained "weighed down by too many poor assets" and insisted there would be no sell-off at a loss.

Responding to the speech, shadow chancellor Ed Balls said: "We have always argued that the future of RBS and Lloyds should be driven by the best interests of the British taxpayer and the wider economy, not a political timetable.

"George Osborne has now been forced to back down from the foolhardy idea of a pre-election firesale of RBS.

"The Government's review of the future shape of RBS is welcome but it must look at all the options, including the case for splitting retail and investment banking at RBS, so that there is no return to business as usual."

Mr Osborne's speech came as Downing Street confirmed Sir Mervyn King will be made a peer upon his retirement as Governor of the Bank of England.

Prime Minister David Cameron nominated him for a life peerage for his significant contribution to public service.

In his final Mansion House speech Sir Mervyn said more money must be pumped into the economy to underpin the UK's "modest" recovery.


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Tax Evasion: G8 Leaders Vow Tougher Stance

Written By Unknown on Rabu, 19 Juni 2013 | 12.06

Q & A: What's The G8 All About?

Updated: 8:12pm UK, Tuesday 18 June 2013

The G8 is a group of eight countries which are among the world's richest, plus the European Union.

It comprises the UK, the US, France, Germany, Italy, Japan, Canada, Russia and the EU. As a result of their shared wealth, they have common interests and meet annually to discuss the issues that affect them.

What does it do?
It aims to overcome some of the major world problems by creating and agreeing solutions. Each year, the host sets the agenda and sometimes promotes practical ways of resolving issues.

Who are the leaders attending?
The UK's David Cameron, The US's Barack Obama, France's Francois Hollande, Germany's Angela Merkel, Italy's Enrico Letta, Japan's Shinzo Abe, Canada's Stephen Harper, Russia's Vladimir Putin and the EU's Herman van Rompuy and Jose Manuel Barroso. 

Why is this year's being held in Northern Ireland?
Each year, a different country takes its turn to host the summit. This year it is Britain's turn. Northern Ireland, which experienced  paramilitary conflict until the Belfast Agreement brought it to a close, was chosen because it symbolises how working together can result in a successful peace.

Why do protesters demonstrate when it's held?
Much of the criticism of the G8 relates to claims that the group does not do enough to help the developing world, either through lessening Third World debt, or through reducing the cost of medicines. Other critics are against the way the grouping together of wealthy countries distorts power, by causing 'globalisation'.

Who pays for the summit and its policing?
The member country holding the G8 presidency is entirely responsible for organising and the cost of each year's summit. That includes its policing. This year's has been held at the Lough Erne Resort in County Fermanagh. The cost is estimated at £60m, with the Northern Ireland government paying £6m and the UK Treasury meeting the rest.

When was it last staged in UK and what happened?
It was last held in the UK in 2005, at Gleneagles, near Stirling, Scotland. On the agenda were the cancelling of third world debt and global warming. Ahead of the summit, finance leaders agreed to write off $40bn worth of debt owed by the 18 most highly indebted poor countries. The members also agreed a joint declaration to tackle global warming. More than 10,000 police officers from all over the UK kept order at protests. There were 700 arrests and in the middle of the event, on July 7, four terrorists set off suicide bombs on the London transport network, killing 52 people.

What has it ever achieved?
Many have argued that the G8 is becoming increasingly irrelevant, as other nations outside the eight become wealthier. The five leading developing nations, China, India, Brazil, Mexico and South Africa are not automatically invited. As a result, the meetings are sometimes seen as being a 'rich man's club, which is limited in its decision making. Some have suggested the G20, which involves the world's 20 richest countries, should replace it.


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Bankers Should Face Jail Terms, Report Says

A new criminal offence punishing bankers for "reckless misconduct" while running their institutions is the centrepiece of proposals unveiled by a group of MPs and peers aimed at reforming the industry.

The Parliamentary Commission on Banking Standards (PCBS), which was set up after last summer's Libor-manipulation scandal led to Barclays being fined £290m, said in its final report that all areas of British banking required urgent change.

Citing "a profound loss of trust born of profound lapses in banking standards", the commission said a string of measures were needed to repair the industry's reputation.

In its 553-page report called Changing Banking For Good, the PCBS argued that individual accountability among senior bankers was lamentable, that industry pay schemes required a radical overhaul, and that executives should face a new sanctions regime that would dish out appropriate penalties, replacing a system that "looked good but achieved little".

It also said, as expected, that the Treasury's strategy for managing its 82% stake in Royal Bank of Scotland (RBS) was not working adequately and that options, including analysis of a break-up of the bank, should be conducted in the coming months.

The commission's hard-hitting recommendations underline the scale of public anger that so few British bank executives have faced punishment over the crisis that led to hundreds of billions of pounds of public money being put at risk to rescue them.

Only a small handful of senior bankers have been sanctioned by regulators for their roles prior to the bailouts of 2007 and 2008, while relatively few have been hit in the pocket despite mis-selling scandals such as the one involving payment protection insurance.

Andrew Tyrie, the Conservative MP who chaired the commission, said that senior bankers had hidden "behind an accountability firewall" but warned that governments and regulators had also been culpable for the decline in standards.

Among the concrete measures recommended by the PCBS are:

:: The introduction of a new criminal offence for reckless misconduct that would carry a custodial sentence.

:: Bankers' pay should be deferred for up to 10 years and should be more closely aligned to the safety and soundness of a firm.

:: Regulators should gain powers to cancel the pay and pensions of executives at banks which require taxpayer support.

:: UK Financial Investments, the body responsible for managing taxpayers' stakes in Lloyds and RBS, should be scrapped.

:: New senior persons and licencing regimes to ensure that regulators can take tougher action against bankers whose actions damage their employer's reputation or finances.

:: Reforms aimed at bolstering competition in retail banking, including, as Sky News revealed this month, a review of the costs and benefits of full current account portability.

Parts of the banking industry, whose main lobbying group the British Bankers' Association refused to respond on camera to the report, are expected to argue that some of the proposed reforms would undermine the City's international competitiveness.

Measures to defer pay for up to a decade would go further than any other major banking centre, but the PCBS argued that it was essential to do so if the industry's culture was to be genuinely reformed.

"The scale of remuneration in banking, the way it has been set and the form in which it has been paid have all incentivised misconduct and excessive risk taking. The rewards for fleeting, often illusory, success have been huge, while the penalties for failure have been much smaller, or non-existent," it said.

"Many bankers were on to a one-way bet. Unlike unlimited liability partnerships, they had little or no skin in the game."

The Government is expected to consult on the PCBS recommendations that would require legislative change.

In a statement, the Treasury welcomed the commission's report, saying there were "many recommendations in it which will help the government's plan to create a stronger and safer banking system".

"The Government publicly welcomes the commission's recommendations on increased personal responsibility especially at a senior level, increased professional judgement by regulators and better functioning markets.

"We will now get on with a swift response and will report before the summer recess."

In his annual Mansion House speech on Wednesday night, George Osborne is likely to back the commission's call for a review of the options for the Government's stake in RBS, according to Treasury aides.

Vince Cable, the Business Secretary, also welcomed the report, backing calls for banks to relinquish ownership of the payments system and for a new approvals regime for bank staff.


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Paris Air Show: Airbus Beats Boeing

Written By Unknown on Selasa, 18 Juni 2013 | 12.06

The world's biggest air show has started with a huge order for the Airbus superjumbo and deals for Boeing's troubled Dreamliner.

The two rivals announced a slew of orders at the Paris Air Show, where they traditionally battle for supremacy in the booming market for airliners.

But Airbus came out on top on day one with three times the order book compared to Boeing.

It secured at least £11.6bn in orders compared to £3.87bn for Boeing.

The aviation giants are fighting to get an edge in the market for long-haul wide-body planes at this year's show, which started north of Paris under black skies, thunder, lightning and torrential rain.

Airbus took centre stage with the big deals, including a mammoth provisional order for 20 A380 double-decker superjumbos.

The deal was with aircraft financing group Doric with a catalogue price of about £5bn.

The European manufacturer also said US aircraft leasing group ILFC had ordered an extra 50 of its new A320neo airliners - which are not yet in service - at a catalogue price of £3.18bn.

German airline Lufthansa said it had completed an order, announced in March, for 100 medium-range Airbus A320 aircraft, worth £8.5bn at list prices.

Engineers check specials vectored thrust jet engines of a Sukhoi Su-35 fighter after a flying display, two days before the Paris Air Show, at the Le Bourget airport near Paris In addition to commercial aircraft, military sales are big in Paris

This took Airbus' total firms orders so far to £11.6bn. If the A380 deal is firmed up - as both companies said it would be - total orders come to £16.7bn.

The head of Boeing's commercial aviation division Ray Conner said the show was going to be a "great competition" and added that airlines would "benefit from the fact that both companies are going to have a good wide-body product line."

"I think we have the better products and at the end of the day, hopefully the better product wins," Mr Conner said ahead of the show.

On Monday, Boeing announced several orders for its next-generation 787 Dreamliner, its new 737 MAX and its existing long-haul 777 plane.

Japan's Skymark Airlines said it had put down firm orders for four 737 Max aircraft, becoming the first Japanese airline to set its sights on Boeing's new medium-haul plane, in a deal worth £255m at catalogue prices.

Leasing firm GECAS, meanwhile, ordered 10 787 Dreamliners worth £1.8bn at list prices, while Qatar Airways announced orders for nine 777s - two firm, and seven options, worth about the same amount.

Boeing and Airbus traditionally vie for the highest number of orders at the Paris Air Show.

However, deals are usually concluded at less than the list prices, depending on discounts and tough negotiations over made-to-measure features.


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Lloyds To Hit Back Over Branch Sale Claims

By Mark Kleinman, City Editor

The chairman and chief executive of Lloyds Banking Group will hit back on Tuesday at claims that they succumbed to political pressure to sell a major branch network to the Co-operative.

Sky News understands that Lloyds has submitted written evidence to the Treasury Select Committee (TSC) containing what it will say is "proof" that its now-abandoned deal with the Co-op was agreed on purely commercial terms.

Sir Win Bischoff, Lloyds' chairman, and Antonio Horta-Osorio, the bank's chief executive, will appear before the Committee on Tuesday morning as it launches an inquiry into the failure of the transaction.

They have submitted a dossier of evidence to the MPs containing contemporaneous internal memos and correspondence which the two men will argue demonstrates that the decision to enter exclusive talks with the Co-op was in the interests of shareholder value.

That argument is of wider relevance because Lloyds is 40%-owned by British taxpayers.

Lloyds has been stung by accusations that it was influenced by political ambitions of bolstering Britain's mutuals and that it rejected a bid from the investment vehicle NBNK Investments which appeared to offer a higher price for the branch network, known as 'Verde'.

Both George Osborne, the Chancellor, and Vince Cable, Business Secretary, expressed their support for the Co-op's takeover of the branches.

Lord Levene, who stepped down as NBNK chairman after its bid was dismissed, has stepped up a crusade against Lloyds and UK Financial Investments (UKFI), the agency which manages the taxpayer's stake in the bank, following the emergence of the crisis at the Co-op's banking arm.

The mutual's banking problems were thrown back into the spotlight on Monday when it unveiled a £1.5bn rescue plan that will involve losses for some bondholders.

Among the documents submitted to the TSC by Lloyds is a letter from Sir Win to Margaret Hodge, chair of the Public Accounts Committee, which scrutinised the Verde deal last year.

The dossier does not, however, contain correspondence between Lloyds and the Treasury in relation to the deal.

"That's because there isn't any to send," said a source close to the bank.

Sir Win and Mr Horta-Osorio are expected to say at the TSC hearing that the Co-op's offer provided greater certainty to Lloyds' board, despite the argument of Lord Levene that the mutual would have paid just £350m up-front, while NBNK was offering £400m more.

Lloyds is expected to dispute that claim during Tuesday's session. Sky News understands that it will say that in addition to the up-front cash payment, the Co-op was also offering £250m for the provision of IT systems and a further £100m for Lloyds' work building the new bank.

The mutual was also prepared to pay £400m as an 'earn-out' if Verde had hit various return targets in future years, Lloyds will say.

And the taxpayer-backed lender will add that NBNK was given five opportunities to revise its bid during the auction process.

The investment vehicle wanted to subtract £120m of its cash payment to rebrand the branch network, making the real value of its offer £630m, according to the evidence submitted by Lloyds.

David Davis, the Conservative MP, wrote in The Times on Monday that the Treasury was obliged to explain whether it played any role in the Verde auction process.

"In particular, why reject a strong bid from a well-funded plc in favour of an inferior bid from an institution that was clearly unable to fund the deal? Given the Co-op's balance sheet problems, why was it allowed to bid at all?"

Since the collapse of the deal with the Co-op, Lloyds has disclosed that the cost of separating the branch network has risen from just over £1bn to £1.6bn. It plans to float the business as TSB Bank plc on the stock market after the summer.

Lloyds declined to comment.


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