Lloyds to repay £11.4bn ECB loans

Taxpayer-backed Lloyds Banking Group has achieved another milestone in its path to recovery as it announced plans to repay billions of pounds of European Central Bank loans.

The lender, which is 39% owned by the Government, said it was paying back all the 13.5 billion euros (£11.4 billion) borrowed under a cheap funding scheme run by the ECB nearly two years before the repayment deadline.%VIRTUAL-SkimlinksPromo%