LLOYDS PASS STRESS TEST BUT GET 0/10 FOR ETHICS IN £11bn INSURANCE SCAM….

The Slog

draglib….as further holes appear in euro stress test

(Left: after a hard day spent defending the honour of Mme Néolibertine, Romeo Dragula collapses onto her bed, exhausted)

I suppose passing a stress test wouldn’t be that difficult if £11bn of your assets were the result of fraudulent insurance selling. But that’s what has been revealed as the bill Lloyds Bank now has to pay….so you’d think in that case, passing any stress test would be very hard indeed.

I mean just to put this into perspective, in 2013 the Group made £6.2bn profit. So they’re going to be £4.8bn adrift after paying the fine aren’t they? Well, no – not really, because the balance sheet shows that deposits grew by £13.8bn, and assets by £7.5bn…and as the latter are loans, FRB accounting rules allow the bank to, er, double their assets by simply writing the amount they lent twice. Of…

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