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Lloyds 'could reclaim bonuses to pay out PPI refunds'

Lloyds Banking Group has revealed it may try to claw back some of the bonuses it has paid to senior members of staff to deal with payment protection insurance (PPI) claims.

The company has given its high-level employees £375 million as bonuses but has reported a loss of over £3 billion in 2011.

Chairman of the bank's remuneration committee and senior independent director of the firm Anthony Watson told the Treasury select committee that while the lender had not made any decisions regarding recouping this money to deal with PPI refunds, "we have to consider it".

He assured the public body that this proposal "will be part of our deliberations".

Lloyds has already earmarked £3.57 billion to deal with payment protection insurance refunds and had previously announced it intends to reclaim £1.5 million from chief executives to help it to deal with this issue.

Many other lenders, including HSBC, Barclays and the Royal Bank of Scotland, have recently had to increase the amount of cash they have earmarked to cope with PPI claims.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801384852-ADNFCR

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