LBG

Losses on the toxic loans LBG inherited in that deal have been shrinking at a much faster rate of late than the bank had anticipated.

The first problem, at least in the case of LBG, is that the extra capital promised is too small to deal with a serious crisis.

Eric Daniels, LBG's chief executive, still insisted on February 11th that "it was a good deal for Lloyds TSB" .

LBG, meanwhile, has few peripheral assets (aside from an insurance business which it was miraculously allowed to keep).

HBOS, now part of Lloyds Banking Group (LBG), had what is probably the worst commercial-property portfolio of any British bank.

So RBS and LBG want to renegotiate to reduce the cost of the insurance and the volume of assets they place into the scheme.

Under that plan the government will shoulder much of the risk of big losses on those toxic assets in return for a payment.

Even so, it is not clear whether RBS and LBG are really strong enough to loosen their ties to the government.

There is a strong incentive for the government, too, to keep the majority of LBG's shares in private hands.

On November 3rd Britain's two monsters, Royal Bank of Scotland (RBS) and Lloyds Banking Group (LBG), got the treatment.

The prime minister, for his part, insists that he does not want to nationalise LBG.

Yet the Treasury's insurance scheme for banks' dodgy loans could well lead to public ownership for LBG.

But the larger political danger for Mr Brown remains the fate of LBG.

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