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22nd October 2009 - The Bigger Picture - UKFI invites Accord to further talks

The continuing press speculation about the Lloyds Banking Group possibly launching a rights issue to raise capital, the lack of clarity about the Bank’s entry into the Government Asset Protection Scheme and rumours that the European Commission may require the Bank to sell part of the Business on competition grounds create a heady mix which is very unsettling for Accord’s members.

Add to this the arrangements for 2009 bonuses (expected in 2010) for those members not in sales related incentive schemes and the need for clarity becomes greater still.

The Union was pleased, therefore, to be asked to attend a further meeting with UK Financial Investments (the body that overseas the tax-payers shares in some UK banks).

The meeting took place at HM Treasury yesterday (21/10/09) and the Union put forward members concerns on these matters.

Accord hopes that a number of issues are moving towards resolution and we expect that the Bank will be able to provide clarity soon.

Any queries should be referred to ged.nichols@AccordHQ.org

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