The government's stake in Lloyds will reach 77 per cent once it converts into ordinaries its existing holding of £4bn of prefs and the £15.6bn of new B shares it will receive as “payment” for the insurance policy just agreed. The state's economic interest will be higher still, since the B shares will receive dividends worth 125 per cent of those payable to ordinary shareholders. By some measures, Lloyds is in fact now in worse shape than Royal Bank of Scotland. Whereas RBS asked the government to cover losses on loans and other receivables accounting for 15 per cent of its assets, Lloyds has had to insure nearly a quarter of its balance sheet.
作爲英國政府和勞埃德剛剛達成的擔保協議的「付款」，政府將獲得價值156億英鎊的勞埃德新B股股份。一旦政府將目前持有的40億英鎊優先股和這些新B股轉換爲普通股，它在勞埃德持股比例將達到77%。國家的經濟利益仍將得到優先考慮，因爲這些B股獲得的股息將是普通股股東的125%。按照某些指標來衡量，勞埃德目前的狀況實際上比皇家蘇格蘭銀行(RBS)更糟。皇家蘇格蘭銀行要求政府擔保的貸款和其它應收款損失佔其資產的15%，而勞埃德則必須爲佔其資產負債表近四分之一的資產尋求擔保。