Eric Daniels, former chief executive, tells high court that Lloyds Banking Group’s purchase of HBOS in 2008 was on commercial terms and not a ‘rescue’

The former chief executive of Lloyds Banking Group was warned by the Bank of England the only alternative for HBOS was nationalisation if Lloyds did not take it over in 2008, the high court has heard.

Eric Daniels rejected claims that the government backed the deal, adding that it was done on commercial terms and was not a “rescue”.

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