Lloyds boss's 'obscene' £2m pay-out

HALIFAX MP Linda Riordan has branded the £2.3 million bonus set to be handed to the chief executive of Lloyds as "obscene".

Outgoing boss Eric Daniels is entitled to the cash, set at 225 per cent of his salary, in this year's controversial round of payouts by the taxpayer-backed banking group.

Mrs Riordan said: "This is an obscene amount of money. I don't know what world Mr Daniels is living in, but it does not seem to be the real one.

"Lloyds staff in Halifax will be gobsmacked at this news. They do a fantastic job for a fraction of Mr Daniels' salary. It is them, not him, who contribute to the bank's success in this town. I have spoken with some staff today and to say they were stunned in an under-statement."

More than 400 job cuts were announced by the banking giant in Halifax last year.

Nationally, 22,000 jobs have been lost since it took over HBOS in 2008.

Taxpayers own a 41 per cent stake in the group after the Government bailed it out in the wake of the banking crisis.

Mr Daniels, who leaves Lloyds in March, has waived his bonuses for the last two years. But he is expected to accept the latest mammoth payout after returning the company to profit. Mrs Riordan said: "The Government owns nearly half of this company. It's about time they showed some teeth and stopped the outrageous bonus culture for under-performing bosses."

Reports suggest banks are preparing to hand out 7 billion in bonuses this year despite pressure on the Government to curb the culture.

The Courier's Facebook friends reacted angily to the news of Mr Daniels' bonus.

Here is a selection of your comments:

* Gemma Nortcliffe: A slap in the face for tax payers!

* Danielle Jane Clarke: The goverment bailed the banks out - they shouldn't get naff all.

* Ian Griffiths: This is disgraceful. The FSA have shown themselves to be a laughing stock and totally useless in their policing of the banking industry.

* Rebecca Bazunu: Think they should not be paid a bonus until they have

paid back what they owe the tax payer.

* Sally Sumner: Disgusting and shouldn't be allowed - if it's a slap in the face please can I be first in line.

* Katherine Horner: When all banks have finished the bonus season the Osbourne bank levy of 2.9billion will be nothing.

* Should Eric Daniels be entitled to a whopping bonus? Email yoursay@halifaxcourier.co.uk