"There can be no doubt that the fact of the £25.4bn loan was not only being kept secret for the possible advantage of the UK banking system, but was deliberately kept secret so that Lloyds TSB shareholders were not put off the proposed acquisition of HBOS."
When the merger with HBOS was recommended to Lloyds TSB's shareholders, HBOS was being supported by the authorities using secret loans worth £25.4 billion and $11 billion which were not disclosed to Lloyds TSB's shareholders.
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In a few years time, officials at the Bank of England, America's Federal Reserve and even former government ministers might well find themselves appearing in court to testify under oath about HBOS' true financial position in late 2008.
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