Lloyds Banking Group has placed 20 per cent of its home loans as well as a number of its other assets into a government protection scheme as a bid to protect itself from any further house price reductions, it has been revealed.
The lender had placed assets totalling up to £260 billion with home loans accounting for £74 billion into a government taxpayer protection scheme.
HBOS has been blamed for a majority of the home loans placed in the scheme.
Roger Lawson, chairman of the UK Shareholders' Association, said: “The general view of Lloyds investors is that chairman Sir Victor Blank and the rest of the board should go.
The key concern is that ever since Sir Victor and chief executive Eric Daniels decided to take over HBOS, it has been a disaster. Clearly, it was a mistake and the result is that shareholders no longer own the company.”
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