Pre-tax profit in the first quarter of 2012 was £288m, compared with a £3.5bn loss in the same period last year.

Lloyds’ boss said it “reflected the subdued UK economic environment”.

Lloyds, which is 40%-owned by the government, said the extra PPI provisions were down to “the increase in the volume of complaints”.

Last week Barclays also increased its provision for PPI compensation, setting aside an extra £300m.

PPI is supposed to cover borrowers’ loan repayments if they fall ill, die, or lose their jobs. But it became highly controversial and there have been years of campaigning by consumer groups against the widespread mis-selling of the policies.

Lloyds has now set aside £3.6bn to cover compensation payments.

Repaying loans

There was also an update on Lloyds’ progress in repaying its government-backed loans, which were taken out to keep the bank going during the credit crunch.

It has £12.9bn of Treasury-guaranteed loans left to repay, which is down 45% from the end of the year and compares with a peak of £157.2bn of taxpayer-supported borrowing in December 2009.

The loans came from the Bank of England’s Special Liquidity Facility, which was underwritten by the Treasury, and the Credit Guarantee Scheme, which was also guaranteed by the Treasury

But the repaying of loans supported by the Treasury comes at a cost in terms of lending to businesses and individuals, according to BBC business editor Robert Peston.

“No analyst in the world believes that banks can end their addiction to state-supported loans without there being a negative effect on credit provision for households and businesses,” he said.

Branch sale

The bank said the profit figure was in line with its expectations and its share price rose 8.3% to close at 33.6 pence.

It said it had been focusing on supporting the housing market and had completed more than £1.3bn of new lending to more than 11,500 first-time buyers in the first three months of the year.

Nonetheless, its loan book was worth £535.6bn, which was down 7% from the same period last year.

Lloyds is currently organising the sale of 632 of its branches, a move which was ordered by EU regulatory authorities and must be completed by November 2013.

Last week, Lloyds ended its exclusive talks with Co-operative Group, although it still refers to the Co-op as its preferred buyer.

In the results statement, Lloyds said it was now considering other offers, but that it was also continuing to work on the option of spinning off the branches as a separate group and selling shares in it on the stock market.

It received a fresh offer for the branches from the banking venture NBNK last month.

“Unfortunately the distraction of the branch sales, an increase in provisions for PPI and the general macro environment are heavy burdens to bear,” said Richard Hunter at Hargreaves Lansdown Stockbrokers.

“The likelihood of reaching the government’s 70p plus breakeven point [for the share price] seems a long way off, even if Lloyds is making slow and steady progress, whilst the absence of a dividend is another drag on enticing potential buyers.”

01/05/2012 - BBC.co.uk

The lender said it made a £290m ($468m) provision in the first quarter against PPI claims, taking the total amount set aside to pay out compensation to £745m.

HSBC’s provision follows similar moves by Barclays, Lloyds Banking Group and Royal Bank of Scotland, which have all seen a spike in compensation claims since the beginning of the year.

Mr Gulliver’s comment came as the bank reported its first quarter results, which showed a fall in pre-tax profits to $4.3bn (£2.68bn) from $4.9bn in the same period in 2011.

The fall was largely the result of a move in the value of the bank’s own debt that required it to recognise a $2.6bn charge. Stripping out this accounting charge, underlying pre-tax profit was up 25pc year-on-year at $6.8bn.

HSBC is a year into a turnaround programme designed to increase profitability. The bank said last year it would cut 30,000 jobs, or about 10pc of its global workforce, by the end of 2013.

This morning, the bank said it had so far cut 14,000 full time jobs, saving it about $1.2bn a year in costs.

08/05/2012 - telegraph.co.uk

The banking giant prepared to kiss goodbye to another £290million to settle its share of the payment protection insurance saga, after a significant rise in claims in the first three months of this year.

The extra expense takes HSBC’s total PPI provision to nearly £750m. But it said: “There remains a degree of uncertainty about the eventual costs of redress for this matter.”

Despite the big increase, HSBC’s PPI bill is lower than most rivals.

HSBC revealed ­underlying profits at the bank soared by 25% to £4.2billion in the first three months of this year – or £32,000 a minute.

The bumper haul came as the bank slashed costs, including 14,000 jobs ­worldwide in the past year and 3,500 in the first three months of this year. The company recently announced plans to axe more than 2,200 jobs across the UK.

One reason for the jump in profits was the eurozone debt crisis, as it has made money from selling gilts, other ­Government debts and central bank loans.

But mounting problems in countries such as Greece, which has been plunged into fresh political turmoil after recent elections, are a risk to HSBC, which has £8bn worth of loans to debt-ridden ­countries.

Gulliver was upbeat about the risk posed from Greece yesterday, saying: “If, hypothetically, Greece was to leave the eurozone, I don’t think that results in the rest of the eurozone breaking up.”

09/05/2012 - mirror.co.uk

Research by ING Direct bank found the average savings balance of an ‘ordinary’ saver has increased by 18 per cent in the first three months of the year, with savings balances rising by £284 to £1,858.

This is the first consecutive quarterly rise in savings since 2009 and indicates a reversal in the three-year trend of falling savings levels.

A key driver in this recovery, according to ING, is PPI payouts. It estimates that two million people are in line for a PPI payout this year, with the average claim resulting in a £2,600 refund. This will mean a collective payout of £5.6billion this year.

Of these refunds, it estimates that 34 per cent of the money is destined for savings accounts – the equivalent of £480million channelled into savings in the first quarter of the year, or £1.9billion by the end of 2012.

But for most savers it has been careful spending that has allowed them to continue to restore their reserves, with High Street spending subdued in the first three months of the year.

This, coupled with the fact that borrowing and spending was restrained in the lead-up to Christmas meant that people had fewer post-Christmas debts to pay off, leaving them with more money to save at the start of the year. 

As a result, levels of unsecured debt have also remained stable at £2,242 – an insignificant £18 rise over the last three months. This may very well remain the case for the rest of 2012 according to ING, with the payment of unsecured debt being the most common use of a PPI refund (42 per cent).

Richard Doe, ING Direct chief executive, said: ‘Our research told us that ordinary Britons saw restoring savings as their top financial priority for 2012, but in the current climate we thought it would be tough for them to deliver on this.

‘Six months of relatively restrained spending may not have helped the economy in terms of GDP growth, but it has allowed Britons to deliver on their determination to restore their savings.’

The bank also believes that the High Street should benefit from PPI refunds, estimating that consumers will spend £1.15billion of their payments on consumer goods this year.

James Knightley, an ING economist, said: ‘The household finances of millions of Britons will be boosted by billions of pounds of compensation via PPI refunds, roughly a third of which will be put into savings – as consumers replenish reserves they have had to dip into in previous years.

‘And with employment rising and inflation falling, consumers are also beginning to increase their spending, which in turn should help to generate more economic growth and help get the recovery back on track.’ In a separate survey by investment company Skandia, it found that the amount of savings Britons need to make them happy has risen sharply in the past two years.

Two years ago, 82 per cent of people were happy with savings of £5,000 but according to the research, only 64 per cent today are comfortable with a nest egg of that size.

The UK’s savings ratio - the proportion of income tucked away - plummeted during the mirage economic boom of the Noughties, when growth in the economy was based on borrowing.

Graham Bentley, an investment expert at Skandia, said: ‘The rise in the cost of living, uncertainty with the economic climate and talk of recession is clearly making people wish they had a larger nest egg than they might have considered necessary before.’

Skandia’s research also found over a quarter of people (26 per cent) would be really happy with less than £25,000 a year and almost two thirds (62 per cent) would be really happy with an annual income of £50,000 or less

08/05/2012 - thisismoney.co.uk

After being flooded by claims, taxpayer-backed Lloyds took an additional £375million hit to cover payment protection insurance (PPI) claims. The 40 per cent state-owned bank has now set aside nearly £3.8billion to deal with PPI compensation.

Lloyds, which warned that the final cost of the PPI mis-selling scandal may yet change, revealed profits of £288million for the three months to March 31, compared with £316million in the previous quarter and City expectations of £500million.

Last week Barclays confirmed it had been forced to set aside an extra £300million – adding to its initial £1billion provision – to make amends to borrowers.

And yesterday Clydesdale and Yorkshire banks revealed they have been forced to more than double their provision, setting aside an extra £120million to compensate customers mis-sold payment protection insurance. Royal Bank of Scotland is expected to ratchet up its £950million compensation estimate when it announces its results this week while HSBC lifted its provision from £270million to £400million in February.

PPI was routinely mis-sold to borrowers as a safety net in case they lost their jobs or became too ill to work. Lloyds, which includes the Halifax, was pushed to a £3.5billion loss in 2011 by the PPI mis-selling scandal, leaving taxpayers wondering when they will get their money back.

Alongside the extra hot from PPI announced today, there was some good news for taxpayers, Lloyds said it only has £12.9billion of Treasury-guaranteed loans left to repay, which is down 45 per cent from the £23.5billion at the end of the year and down 77 per cent from a year ago.

Lloyds took £157.2billion of state-backed loans in December 2009, including £107billion from the Bank of England’s Special Liquidity Facility, which was underwritten by the Treasury, and £50billion from the Credit Guarantee Scheme.

Lloyds saw its shares rise 2 per cent after today’s update.

Shares in Lloyds have fallen 50 per cent in the last 12 months to around 31.7p - half the 63p price tag paid by the Government for its stake in the throes of the financial crisis.

Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, said: ‘The likelihood of reaching the Government’s 70p-plus break-even point seems a long way off, even if Lloyds is making slow and steady progress, whilst the absence of a dividend is another drag on enticing potential buyers.’

01/05/2012 - thisismoney.co.uk

The move brings its total PPI bill to nearly £3.6 billion, and comes just one week after Barclays increased its PPI provision by £300 million.

Lloyds said there had been an increase in the volume of complaints received recently and therefore had to up its provision accordingly. It said it would continue to monitor the position closely.

PPI, or payment protection insurance, is supposed to cover your debt repayments in the event you are unable to work, but has been mis-sold in millions of people in recent years.

In total the major banks are expected to fork out more than £6 billion in compensation, having so far paid £3 billion, according to new figures from the Financial Services Authority.

The news comes as Lloyds, which is 39% owned by the taxpayer, revealed a 9% fall in its profits in the first three months of this year.

Lloyds said its profits fell to £288 million, down from £316 million in the final quarter of 2011. This time last year, Lloyds’ £3.2 billion PPI provision saw the bank report a £3.47 billion loss.

Chief executive Horta-Osório said the bank had made ‘substantial progress’.

‘Although our results reflected the subdued UK economic environment, the actions we have taken to further reduce costs, strengthen the balance sheet and reduce risk, and the additional investment we have made in our core franchise, are mitigating these effects and will position us well for future growth,’ he said.

Looking forward, however, Horta-Osório said: ‘We think that the economy will be reasonably flat this year, but it is going to be a long and difficult recovery’.

‘We expect it to recover to growth in 2013 and expect unemployment to peak at close to 9% by early next year,’ he added.

The Lloyds boss also reportedly hit out at claims management companies over the huge number of fraudulent PPI claims put through on behalf of customers – many of which had never even taken out a policy.

01/05/2012 - citywire

Barclays, the Royal Bank of Scotland (RBS) and HSBC are all preparing to increase their provisions.

Lloyds Banking Group, which set aside the largest amount to cover potential PPI compensation, £3.2 billion, says it is monitoring the situation closely but has not decided to increase its provision at this time.

Customers were mis-sold PPI, which is a type of insurance that is designed to protect they become ill or lose their jobs.

Announcing its first quarter results, Barclays has increased its provisions by £300 million to £1.3 billion.

RBS, which announces its first quarter results next week, is expected to raise its provisions against PPI compensation claims from £950 million.

Meanwhile, HSBC, which raised its provisions from £270 million to £400 million in February could raise its provision again if claims continue to remain at a high level.

Initially, the Financial Services Authority (FSA) estimated that the amount of PPI compensation banks would face would be £4 billion. £2.5 billion has already been paid out to consumers and banks have set aside a total of £6 billion to cover PPI claims up until this point.

26/04/2012 - myfinances.co.uk

The bank reported its first-quarter results the day before its annual meeting at which one in four shareholders are expected to register a protest against the bank’s pay policies, particularly the £17m handed to the chief executive, Bob Diamond, and the £5.7m the bank paid to cover his tax when he relocated from the US to become chief executive.

Diamond refused to indicate the scale of the protest against the remuneration report or comment on the impact that the focus on the pay deals is having on the business after the Institute of Directors described Barclays’ pay as “out of order”.

The increase in the PPI provision, which came after the bank had warned in March that it might have to raise the £1bn provision, may indicate that other banks such as Royal Bank of Scotland and HSBC might also be facing higher bills to pay compensation for the insurance.

The additional PPI provision pushed the bank to a £475m statutory loss before tax once a reversal in the value of paying back its own debt is included.

Stripping out that additional £2.6bn cost of paying back its own debt and the PPI charge, profits were up 22% at £2.4m and were higher than had been expected.

Shares rose 1.7% by 8.45am to trade at 211p. Ian Gordon, banks analyst at Investec, pointed to a strong performance from the Barclays Capital investment banking arm, where revenues were up 91% on the previous quarter.

Diamond said the environment in which the bank operated was “unpredictable” but reckoned it was able to adapt. He set out two priorities for 2012 - to provide better returns on equity - a measure of shareholder performance - and to design a “resolution and recovery plan”, which regulators want banks to create to enable them to be wound down without a taxpayer bail out.

The terms of Diamond’s bonus were tweaked last week in an effort to quell any shareholder rebellion. Half of the £2.7m awarded to him in shares for 2011 will only pay out if the bank’s return on equity - a measure of shareholder performance - is higher than the cost of equity - a measure of the cost of doing business for Barclays. At the end of 2011 the ROE was 6.3% although this was 12.2% in the first quarter of 2012 and higher than the 11.5% cost of equity - an improvement Diamond might hope will take the heat out of Friday’s annual meeting even though he has set a 13% ROE target.

Chris Lucas, the finance director who has had similar changes to his £1.7m bonus, added that he “looked forward to increasing the dividend” - set at 1p for the quarter - in the future. This is again an attempt to appease investors over the pay deals at the Barclays, which in 2011 paid £2.1bn in bonuses and £700m in dividends.

Barclays continues to make a loss in its European operations, largely because of its business in Spain, although the losses narrowed by 27% to £43m.

With the UK officially back in recession, Diamond said customers were more cautious and highlighted the problems in the eurozone, which he said accounted for 50% of the UK’s trade.

Barclays - which is to hold a “citizenship day” next month - also provided details of its citizenship in the first quarter, when it lent £10bn in the UK - the same amount as a year ago - and raised £1.5bn under the government’s national loan guarantee scheme and helped big companies raise £266m. Diamond made citizenship one his four priorities on becoming chief executive in January 2011.

In February this year, Barclays admitted it was the bank that had been targeted by the Treasury when it closed down two tax avoidance schemes.

26/04/2012 - guardian.co.uk

A disclaimer document seen by The Daily Telegraph states that the presentation was “not for distribution to retail clients”, despite the customer in question being a small hotelier who did not fit the definition of a professional investor.

A spokesman for Barclays said: “The wording was included in some presentations by mistake,” but added that it “did not influence the way we dealt with our customers”.

The spokesman said: “Where our clients were private customers we treated them as such, regardless of the language mistakenly included in these presentations.”

The admission of the error by Barclays is the second serious mistake identified by The Sunday Telegraph and The Daily Telegraph in a month-long investigation of claims that it and other major UK banks profiteered by selling complex derivative products to unwitting small business customers.

Last month, Barclays was forced to apologise to the Financial Services Authority after evidence was uncovered that revealed the bank had demanded that its clients withhold information from the regulator over the sale of hedging products.

After the revelation, the FSA forced Barclays’ investment bank to write to the businesses affected, telling them they were no longer bound by “confidentiality agreements”.

The latest error will add to the pressure on Barclays amid growing concerns at the potential scale of mis-selling claims against British banks.

Abhishek Sachdev, a former derivatives salesman and the founder of Vedanta Hedging, which advises people who think they may have been mis-sold interest rate swaps, said he thought the disclaimer error was a sign of “sloppy compliance procedures” at Britain’s biggest banks.

“Compliance departments have been woefully under-resourced and were no match for an aggressive sales force. In the cases I have looked at, documents often show inconsistencies, which show how sloppy procedures were,” he said.

FSA staff are currently reviewing evidence handed to them by the banks of their exposure to interest rate swap mis-selling claims.

Lord Turner, chairman of the regulator, is being kept informed of the study and talks between the banks and the FSA are taking place at “the highest levels”, according to one source.

The FSA is expected to complete its review by the end of May, after which it will have to decide if the evidence warrants a more in-depth investigation.

Barclays, HSBC and RBS have already settled cases involving allegations their investment banking arms mis-sold swaps to some small business clients.

At the weekend, The Sunday Telegraph revealed Barclays faces a new legal case from the owners of a north London Turkish shop who claim the bank sold them a complex interest rate hedge despite the fact neither could speak English.

Barclays is fighting the case and has denied the claims.

16/04/2012 - telegraph.co.uk

Complaints about mis-sold PPI — which covers loan and card payments if you cannot work — rose by 85% to 977,510 in that period.

This jump in claims over debt insurance mis-selling was expected after banks lost a High Court case last year where they had attempted to derail plans to force lenders to automatically refund those mis-sold.

More than three million people are in line for compensation as a result, expected to result in an overall bill of £9 billion. Just under £2 billion of that sum was paid in 2011.

Meanwhile, the number of banking complaints were at their lowest level since 2006. There were 787,096 grievances in the second half of last year, 2% down on the previous half year and 13% down on a year ago.

The percentage of complaints upheld by firms rose from 51% in the first half of 2011 to 60%, mainly due to banks paying out on PPI automatically.

While that percentage is up, many complaints are still wrongly rejected.

Figures from the Financial Ombudsman Service, which settles disputes between firms and their customers, showed last month that too many providers are forcing customers to ask it to adjudicate after rejecting their initial complaint.

When that happens, the Ombudsman finds in the consumer’s favour 72% of the time on average across all products, and 88% of the time on PPI.

28/03/2012 - moneysavingexpert.co.uk

Just three weeks after publishing its annual report, the bank has been forced to insert a new statement in its regulatory filings in the US to admit that the pace of claims by customers has risen.

“Subsequent to the approval of the 2011 financial statements on 7 March 2012, Barclays has observed an increase in PPI complaint volumes in recent weeks. It is too soon to determine whether this increase may have a material impact,” the bank said in the filing for US regulators.

The bank took a £1bn provision for PPI claims in 2011, some £565m of which is yet to be used. It has made clear that it, like other banks, has based the value of the provision on a number of “interdependent assumptions” to decide on the value of the provision. It followed a move by Lloyds Banking Group to take a £3.2bn hit for PPI misselling.

The bank admits that many of the assumptions have been “highly subjective” and not always easy to measure. “When considering the key assumptions independently, the most significant driver of the provision is complaint flow. If the level of complaints were 10% higher (lower) than the estimated level for all policies, assuming no change in other assumptions, then the provision would have increased (decreased) by approximately £100m,” Barclays said.

The bank did not provide any detail about the increase in the size of complaints it had received in March, although data provided by the Financial Services Authority last week found that Barclays had been the most complained-about bank in the last half of 2011 – albeit not just for PPI.

30/03/2012- theguardian.co.uk

The lender attracted 281,000 complaints in the second half of 2011, up from 251,000 in the first half, as total complaints against the financial services sector rose by 21 per cent to more than two million.

Although Barclays was the worst single performer, the complaints made to Lloyds Banking Group as a whole, including its HBOS and Halifax brands, outnumbered those to Barclays.

The bulk of the overall rise was down to complaints about payment protection insurance (PPI), which was sold by banks alongside loans and credit cards. Many of the policies were sold to people who could never make a valid claim due to conditions in the small print.

Barclays pointed out that it has cut complaints about its core banking service by almost a third. Antony Jenkins, chief executive of its retail and business banking arm, said: “Complaints are still higher than our customers should expect, but we are on the right track.”

Lloyds TSB opened more than 240,000 complaints over the period, a rise on just under 182,000 seen during the previous six months. Bank of Scotland received 206,000 complaints, up from the 130,000 in the first half of 2011.

A statement from Lloyds Banking Group said stripping out general insurance and PPI complaints from the figures, it had cut complaints by nearly a quarter. Of the major banks, Royal Bank of Scotland received the fewest new complaints – at 103,385.

Last month, The Scotsman revealed that more than three-quarters of people successfully claiming PPI redress through the Financial Services Compensation Scheme used claims management companies.

The FSCS is urging consumers to submit claims themselves to maximise the compensation they receive.

29/03/2012 - scotsman.com

Every six months the Financial Services Authority (FSA) pulls together complaints figures for all the banks and publishes them on its website – today it revealed figures for the second half of 2011. 

The total number of complaints is up 21% compared with the previous six months, the FSA said.

According to the FSA the spike in complaints is largely a result of the recent payment protection insurance (PPI) mis-selling scandal, with complaints about PPI soaring 85% to 977,510.

Major banks such as Barclays, Lloyds, HSBC (HSBA.L), RBS (RBS.L) and Santander have put aside a combined total of more than £6 billion to deal with the millions of PPI complaints which are still rolling in.

Despite an overall rise in complaints, the number of complaints received about banking specifically fell significantly during the same period, with all major banks apart from Bank of Scotland and RBS reporting a decline.

However, just one month ago the Financial Ombudsman Service (FOS) – which reports the number of disputes which could not be resolved between the business and the individual – revealed that it received an increased number of banking complaints for all major banks apart from Santander.

28/03/2012 - citywire.co.uk

The figures showed that total complaints about financial firms rose by 21pc during the period compared to the same six months the previous year. This sharp rise in complaints was driven the growing number of complaints about PPI. Complaints about this controversial insurance, which was routinely sold by banks alongside loans and credit cards, rose by 85pc over this period to just under one million new complaints, according to the FSA data.

Because of their large customer base, banks received the lion’s share of complaints. Lloyds TSB received 244,249 new complaints over this period. However, Bank of Scotland and Halifax – which are now part of Lloyds Banking Group – received 204,876 complaints. Taking all three brands together, the group accounted for 449,125 complaints, putting it well ahead of Barclays.

Lloyds Banking Group also attracted the largest number of new “general insurance” complaints, at 324,827, the majority of which are likely to have been about PPI.

Of the major banks Royal Bank of Scotland received the fewest new complaints, at 103,385. HSBC had 116,891 complaints, but only 45,296 that were PPI-related. Santander received 208,994 new complaints over the period.

The huge volume of PPI complaints has led to the banks paying out billions in compensation. Many of these policies were sold to people who could never make a valid claim, thanks to exclusions in the small print, which were never clearly explained.

Last year the FSA introduced new rules on how banks and other lenders should deal with such complaints. This led to a surge in complaints, which has created a backlog with some banks.

New figures show that four out of five complaints are coming via claims management firms, which advertise on TV and also cold call many customers. However, while these firms will take up to a third of any compensation paid, figures show that their success rate is no higher than individuals pursuing their own complaints, either with the bank direct or via the Financial Ombudsman Service. With some firms the Ombudsman is finding in the customer’s favour in more than nine out of 10 cases.

Antony Jenkins, the chief executive of Barclays retail and business banking said that “complaints are still higher than our customers should expect”, but he said the bank was “on the right track” to bringing these numbers down having seen a 31pc year-on-year reduction in complaints.

A spokesman for Lloyds said that when complaints were considered per 1,000 customers its complaints record compared favourably with other banks. In total it received 1.5 complaints per 1,000 customers. It said RBS and NatWest received four per 1,000 customers, Barclays received 3.7, while Santander received 4.6 for every 1,000 customers.

28/03/2012 - telegraph.co.uk

The FOS said it had received ‘unprecedented’ volumes of complaints relating to the sale of personal protection insurance (PPI), accounting for 50% of all FOS cases expected in 2012.

It said it will bring in a special PPI case fee of £350 but will review it position next year.

The FOS said a PPI case typically cost it £750. Added to that it said PPI claims had been ‘industrialized’ and it expects volume to keep increasing, predicting 15% more cases in 2012/13 than 2011/12.

However firms opposed an additional levy to ease the FOS’s upfront costs. Respondents to its consultation said:

•They did not understand the basis on which a fee of £350 had been calculated

•They were wary of a precedent being set and wanted any supplementary case fee to be temporary

•A combined case fee of £850 could encourage inappropriate behavior by claims-management companies, who should meet some of the costs themselves

It said claims handling had also been slowed by other factors such as fewer cases being resolved informally and a rise in ‘harder-fought’ disputes with both businesses and clients less willing to concede defeat.

The FOS has confirmed an operational budget of £191.1 million for 2012- 13. This includes a £17.7 million general levy.

The total levies fall short of the estimated £197.5 million total operating costs, leaving a deficit of £6.4 million.

27/03/2012 - citywire.co.uk