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Lloyds post loss of £570m

Lloyds Banking Group, which is 40% owned by the taxpayer, has recorded losses of £570 million last year. It has set aside £1.5bn for compensation for the PPI scandal.

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Lloyds boss to receive £1.5m bonus

Lloyds Banking Group boss Antonio Horta-Osorio. Credit: PA

Lloyds chief executive Antonio Horta-Osorio will be paid a deferred shares bonus of £1.5 million for 2012, while staff will share a total pot of £365 million.

Mr Horta-Osorio confirmed that he requested for his bonus to be linked to Lloyds shares and the price paid by the Government.

His award will pay out if the Government sells at least a third of its stake at 61p - the average price at which the stake was bought during the bank's bailout at the height of the banking crisis - within five years.

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