Banking: Lloyds

House of Lords written question – answered at on 20 April 2009.

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Photo of Lord Oakeshott of Seagrove Bay Lord Oakeshott of Seagrove Bay Spokesperson for the Treasury, Spokesperson for Work and Pensions

To ask Her Majesty's Government what is the total amount of bonuses paid and due for payment in 2009 by Lloyds Banking Group plc; and to how many employees.

Photo of Lord Myners Lord Myners Parliamentary Secretary, HM Treasury

Lloyds Banking Group has announced that no discretionary bonuses will be paid in 2009 except to the most junior staff earning an average of around £20,000, and that there will be no annual free share award to anyone in the bank.

Beyond this there are some guaranteed bonuses, and Lloyds has agreed that only legally binding, unavoidable payments will be made, and that it will exercise any discretion it has to defer payments.

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