The Government’s interventions include the removal of dividend tax credits – increasing corporate pension contributions – the cost of the Universal Bank and the automation of benefits, as well as more specific price controls in both the banking and pensions businesses.
good. The long-term winners will be those with extensive customer franchises and distribution reach, augmented by economies of scale and strong brand power.
(banking and financial services overseas in three main areas: The Americas, New Zealand, and Europe and Offshore Banking)
Investment strategy for surplus assets held in excess of liabilities takes account of the regulatory and internal business requirements for capital to be held to support the business now and in the future.
Each reporting entity within the Group has a finance function which is responsible for the production of financial, management and regulatory information. It is the responsibility of Group Finance to produce consolidated information for use internally and to meet external regulatory and statutory reporting requirements. In conjunction with directives laid down by Group Finance, business units or reporting entities: – Have formal month-end and quarter-end procedures in place for preparation of management and financial accounts respectively.
Mr Daniels’ service agreement provides for two years’ notice for the first eighteen months (from November 2001): after that, the notice period reduces to one year. His contract also provides that if, within eighteen months of the commencement of his employment, there were to be a change of circumstances of the company (as defined in the agreement) so that there was, in his reasonable judgement, a materially adverse effect on his prospects or a material diminution in his status, he would be entitled to serve notice terminating his employment and appropriate compensation would be payable to him.
* Market price of shares is below the share option exercise price. ** These directors will receive additional Lloyds TSB Group shares on exercising share options held on 28 December 1995. These shares will compensate them for the special dividend of 68.3p per share which was paid to former TSB Group shareholders in 1996 following the merger with Lloyds Bank, but which was not paid to optionholders.
Debtors falling due within one year: Amounts owed by group undertakings 1,375 1,369
Acquisitions and disposals: Additions to interests in joint ventures (21) (44)
The Group continues to take advantage of the dispensation in the Urgent Issues Task Force’s Abstract 17 ‘Employee Share Schemes’ not to apply that Abstract to the Group’s Inland Revenue approved SAYE schemes.
e Provisions for bad and doubtful debts and non-performing lending (continued)
Lloyds TSB Group plc sponsors the Lloyds TSB Group Employee Share Ownership Trust, a discretionary trust for the benefit of employees and former employees of the Lloyds TSB Group. The Company has lent £21 million to the trustees, interest free, to enable them to purchase Lloyds TSB Group plc ordinary shares, which are used to satisfy options granted by the Company or to meet commitments arising under other employee share schemes. Under the terms of the trust, the trustees have waived all but a nominal dividend on the shares they hold. The cost of providing these shares is charged to the profit and loss account on a systematic basis over the period that the employees are expected to benefit. At 31 December 2002, 2 million shares were held by the trustees with a book value of £13 million and a market value of £7 million. (2001: 2 million shares with a book value of £15 million and a market value of £15 million).
(Loss) profit for the financial year (327) 168 30 Long-term assurance business (continued)
During the year three officers purchased cars from the Group for a total consideration of £37,000.
Details of the principal group undertakings are given in note 21. In accordance with FRS 8, transactions or balances with group entities that have been eliminated on consolidation are not reported.
The pension and other post-retirement benefit cost in respect of defined benefit schemes is comprised of: £m £m