February 27, 2009

Lloyds Banking Group on Friday reported 2008 losses of 10.8 billion pounds, or about $15.3 billion, a second blow to the British banking industry following Thursday's historic losses reported by the Royal Bank of Scotland.Lloyds, in a statement, said the losses were attributable to HBOS, the troubled bank acquired by Lloyds late last year.

The Lloyds takeover of HBOS was backed by the government, in an effort to prevent a potential HBOS failure from slamming a U.K. economy already reeling in the midst of the global financial crisis.The group is 43 percent owned by the British taxpayers after a 17 billion pound ($24 billion) government bailout last year.