Thread: U.K. stats agency reclassifies Lloyds and RBS

Britain's Office for National Statistics on Thursday reclassified Royal Bank of Scotland and Lloyds TSB as public corporations from Oct. 13, when the government announced it would recapitalize the companies. The agency said data from the two banking groups will be incorporated into data on public sector finances "as soon as is practicable, but it should be noted that they are large, complex organizations, and this may take some time." The U.K. government has pumped 17 billion pounds into Lloyds Banking Group and holds a roughly 43% stake in the company. The government has also pumped around 20 billion pounds into RBS and will hold a roughly 70% stake once preference shares are converted.

http://www.marketwatch.com/news/story/UK-stats-agency-reclassifies-Lloyds/story.aspx?guid={01CBC05D-684B-493B-A6BA-4B69B8D6B1EC}&dist=hplatest

The UK needs to do more to reverse the deep economic recession in the country.