Lloyds Banking (LSE:LLOY)
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TIDMLLOY

RNS Number : 9503I

Lloyds Banking Group PLC

31 March 2015

31 March 2015

UPDATE ON ENHANCED CAPITAL NOTES (ECNs)

Further to the RNS dated 16 December 2014, Lloyds Banking Group (the Group) has received permission under Article 78 of the Capital Requirements Regulation (Regulation 575/2013/EU) from the Prudential Regulatory Authority (PRA) for the redemption of certain series of ECNs (listed in the appendix).

The Group has also been notified by BNY Mellon Corporate Trustee Services Limited, the Trustee in respect of the ECNs, that it will seek a declaratory judgment (following an instruction from certain bondholders), in respect of the interpretation of certain terms of the ECNs. The Group will work with the Trustee to seek an expedited process and, on the basis of such, has decided to defer exercising the redemption of these ECNs for the time-being.

The Group will provide a further update on the redemption of the ECNs in due course.

- END -

Appendix

 
       ISIN            Issuer        Issue     Maturity     Coupon    Currency    Principal 
                                      Date                                          Amount 
                                                                                  Outstanding 
                                                                                      (m) 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459088281         No.1       01/12/09    23/05/20    6.4390%      EUR         47.38 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459088877         No.1       01/12/09    19/03/20    11.0400%     GBP         58.25 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459086749         No.1       01/12/09    17/12/19    7.8673%      GBP         17.17 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459088109         No.2       01/12/09    07/02/20    9.3340%      GBP         20.56 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459091582         No.2       01/12/09    09/12/19    7.6250%      GBP         39.95 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459091665         No.2       01/12/09    15/12/19    9.0000%      GBP         15.06 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459091749         No.1       01/12/09    15/12/19    8.1250%      GBP          3.67 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459086582         No.1       01/12/09    12/05/20    7.5884%      GBP         60.51 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459093364         No.1       01/12/09    25/08/20    7.8690%      GBP         26.03 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459090188         No.2       01/12/09    15/07/20    9.1250%      GBP         46.36 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459091079         No.2       01/12/09    10/08/20    12.7500%     GBP         13.16 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459090691         No.2       01/12/09    04/11/20    11.1250%     GBP          4.07 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459086822         No.1       01/12/09    15/09/24    7.9750%      GBP         27.33 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459092390         No.2       01/12/09    14/09/23    11.2500%     GBP         18.75 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459091822         No.2       01/12/09    30/01/22    14.5000%     GBP         15.00 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459092473         No.2       01/12/09    29/09/23    10.5000%     GBP          8.68 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459093281         No.2       01/12/09    10/12/24    16.1250%     GBP         14.30 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459092127         No.2       01/12/09    10/02/23    9.8750%      GBP          5.11 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459092556         No.2       01/12/09    01/09/24    11.8750%     GBP         15.92 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459092804         No.2       01/12/09    15/07/29    9.0000%      GBP          0.62 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0459092986         No.2       01/12/09    07/06/32    8.5000%      GBP          3.48 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
   XS0459093521     LBG Capital 
  / XS0459093794        No.1       10/12/09    01/11/20    7.8750%      USD         69.39 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
                    LBG Capital 
   XS0496068429         No.2       19/03/10    19/03/20    7.8750%      USD         328.95 
-----------------  -------------  ----------  ----------  ---------  ---------  ------------- 
 

For further information:

Investor Relations

Douglas Radcliffe +44 (0) 20 7356 1571

Interim Investor Relations Director

Email: douglas.radcliffe@finance.lloydsbanking.com

Mike Butters +44 (0) 20 7356 1187

Director, Investor Relations

Email: mike.butters@finance.lloydsbanking.com

Duncan Heath +44 (0) 20 7356 1585

Director, Investor Relations

Email: duncan.heath@finance.lloydsbanking.com

Corporate Affairs

Matt Young +44 (0) 20 7356 2231

Group Corporate Affairs Director

Email: matt.young@lloydsbanking.com

Ed Petter +44 (0) 20 8936 5655

Media Relations Director

Email: ed.petter@lloydsbanking.com

Matt Smith +44 (0) 20 7356 3522

Head of Corporate Media

Email: matt.smith@lloydsbanking.com

FORWARD LOOKING STATEMENTS

This document contains certain forward looking statements with respect to the business, strategy and plans of Lloyds Banking Group and its current goals and expectations relating to its future financial condition and performance. Statements that are not historical facts, including statements about Lloyds Banking Group's or its directors' and/or management's beliefs and expectations, are forward looking statements. By their nature, forward looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may occur in the future. Factors that could cause actual business, strategy, plans and/or results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements made by the Group or on its behalf include, but are not limited to: general economic and business conditions in the UK and internationally; market related trends and developments fluctuations in exchange rates, stock markets and currencies; the ability to access sufficient sources of capital, liquidity and funding when required; changes to the Group's credit ratings; the ability to derive cost savings; changing customer behaviour including consumer spending, saving and borrowing habits; changes to borrower or counterparty credit quality; instability in the global financial markets, including Eurozone instability and the impact of any sovereign credit rating downgrade or other sovereign financial issues; technological changes and risks to cyber security; natural, pandemic and other disasters, adverse weather and similar contingencies outside the Group's control; inadequate or failed internal or external processes or systems; terrorist acts, geopolitical events and other acts of war or hostility, geopolitical, pandemic or other such events; changes in laws, regulations, accounting standards or taxation, including as a result of further Scottish devolution; changes to regulatory capital or liquidity requirements and similar contingencies outside the Group's control; the policies, decisions and actions of governmental or regulatory authorities in the UK, the European Union (EU), the US or elsewhere including the implementation of key legislation and regulation; the ability to attract and retain senior management and other employees; requirements or limitations imposed on the Group as a result of HM Treasury's investment in the Group; actions

or omissions by the Group's directors, management or employees including industrial action; changes to the Group's post-retirement defined benefit scheme obligations; the ability to complete satisfactorily the disposal of certain assets as part of the Group's EU State Aid obligations; the provision of banking operations services to TSB Banking Group plc; the extent of any future impairment charges or write-downs; the value and effectiveness of any credit protection purchased by the Group; the inability to hedge certain risks economically; the adequacy of loss reserves; the actions of competitors, including non-bank financial services and lending companies; and exposure to regulatory scrutiny, legal proceedings, regulatory and competition investigations or complaints. Please refer to the latest Annual Report on Form 20-F filed with the US Securities and Exchange Commission for a discussion of certain factors together with examples of forward looking statements. Except as required by any applicable law or regulation, the forward looking statements contained in this document are made as of today's date, and Lloyds Banking Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statements.

This information is provided by RNS

The company news service from the London Stock Exchange

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