Lloyds Banking Group (LBG) announced on Friday that it has run an annual loss of 24 billion pounds due to client defaults.PressTV article.The gigantic losses are blamed on commercial property loans made by Halifax Bank of Scotland (HBOS), which Lloyds integrated at the beginning of 2009.
Headline news on a foreign source but tucked away at the BBC.
BBC News - Lloyds boss dodges BBC reporter
Lloyds Insurance group keeps its books 7 years in arrears deliberately to avoid being wiped out by one natural disaster, they have been reporting losses for several years.
Add seven years to that and they have a problem.