Interesting changes at Lloyds - according to Mr Leggat

[maineflyer 0]

THE reason for the delay in Rangers publishing their half-yearly figures is ,there are those on the Ibrox board who quite simply do not trust Lloyds.

 

However, I believe that recent top level talks with the new men at the top of Lloyds will see Rangers release the figures this week.

 

It surprises me that not much has been made of what has been going on at Lloyds' top table in the last month.

 

For the fact is that since the last update on the power struggle on the Ibrox board, and my revelations about why the half yearly accounts had not been published, there have been massive changes at Lloyds.

 

It now remains to be seen whether those changes will undermine the position of Donald Muir and Mike McGill, the two Ibrox directors who are seen as Lloyds men.

 

Somehow, and for no reason I can fathom, the huge upheaval at Lloyds has not made its way onto the sports pages of the nation's newspapers.

 

Though what's being going on at Lloyds has appeared on the business and financicial pages of such reputable media outlets as the Daily Telegraph and the Scotsman.

 

Let's kick off right at the top of the tree. The man who was in charge of Lloyds as chief executive, Eric Daniels, is no more.

 

And a good thing too, many may believe.

 

Closer to home for Rangers, the executive director of Lloyds, who had special responsibilities for the bank's business in Scotland, Archibald Gerard Kane, is also no more.

 

An even better thing those on the Ibrox board with the good of Rangers in their hearts, Martin Bain, Alastair Johnston John McClelland, Paul Murray and Dave King, may well believe.

 

The new Lloyds chief executive is the Portuguese born Antonio Horto-Osorio, who took over three weeks ago, and who is believed to be a hands-on supremo.

 

Certainly it did not take him long to express what many interpreted as his dis-satisfaction with the performance of Lanarkshire born man-of-mystery Kane.

 

One of the new chief executive's acts was to show Kane the door and replace him with Philip Grant.

 

My research into Grant seems to show he was previously with the Royal Bank of Scotland, but the probe is ongoing.

 

More of Lloyds new man Grant at a later date.

 

For the moment, it is better to examine just what has been going on between Rangers and Lloyds during this period of turmoil at the bank.

 

You may recall that last month I revealed the four page document which contains Rangers half yearly figures, plus a statement from chief executive, Bain, was pulped after Muir and McGill were reported to have objected to what Bain had written.

 

There followed a round of briefings by Donald Muir to a small cherrypicked group of reporters, which surprisingly exiled the Daily Record.

 

WHY?

 

Rangers were believed to be furious that the outcome of these clandestine meetings was a series of stories which claimed Lloyds had saved Rangers.

 

There was even some talk that what Muir had done may have breached the strict confidentiality laws governing the relationship between a bank and its customer.

 

While this was all going on, Bain met with the bank again to try and thrash out a new business plan.

 

When he reported back to the Rangers board, McClelland, Murray and Johnston were unhappy with what the bank proposed.

 

That led to a further delay This happened against the backdrop of Horto-Osorio was getting his feet under the Lloyds boardroom table.

 

Now, with the arrival of the new executive director at Loyds with special responsibilites for their business in Scotland, Philip Grant, Rangers have a new man to negotiate with.

 

The latest delay to the publication of the half yearly accounts is a direct result of those talks, with Rangers hoping they get more sense out of the new man than they did from Archibald Gerard Kane.

 

Or from the man who was responsibe for business banking at Lloyds when they took over Rangers banking arrangements, the now departed founder board member of the Celtic Trust, Manus Joseph, J Fullerton.

 

Rangers can point to the fact Lloys inherited a debt of �£31M, largely due to the club's absence from Europe in the year before, which had fallen to �£23M by the time the annual audited accounts were published in the summer of 2010.

 

It is believed that debt to Lloyds will now be around �£20M....or even less.

 

Which will show the new men at Lloyds the ability Rangers have to reduce their debt, provided they are allowed to conduct their business in a way geared to bring that business success.

 

As the business of Rangers Football Club is football, success financially is relative to the success on the park of the team.

 

Therefore, playing in Europe - even in the Europe League - increases the club's income.

 

In turn making Rangers more able to continue to reduce its debt to Lloyds.

 

That is neither brain surgery nor rocket science.

 

The amazing thing is that Eric Daniels, Archibald Gerard Kane or Manus Joseph J Fullerton seemed to realise that.

 

Or if they did, the gave every appearance of wanting to ignore the fact. For whatever reason.

 

Now, perhaps trust will finally be established between Lloyds Bank and Rangers Football Club.

 

http://leggoland2.blogspot.com/

[Zappa 0]

Can't help wondering if these developments at Lloyds could have an effect on the takeover saga as well.

[pete 2,499]

Can't help wondering if these developments at Lloyds could have an effect on the takeover saga as well.

 

Yes of course it will have an effect imo. I don't think that Lloyds really want to lose Rangers as a customer and that is what I find so crazy about the whole show. I fear there were attempts to ruin Rangers by tims in a position to do it.

[Zappa 0]

I fear there were attempts to ruin Rangers by tims in a position to do it.

 

That's what David Leggat's been insinuating for quite a while pete and I've been inclined to agree with him tbh. We don't yet know if things will be better now, but Leggo will be keeping us up to date with anything he finds out. I'd say it couldn't have gotten any worse as things were before these changes, but it could have.

[maineflyer 0]

There's going to be one hell of a story to tell if and when this sharesale goes through. You have to think Lloyds Bank will be writing a non-disclosure clause into any deal.

[Bluedell 5,624]

McGill's a Murray man, not a bank man and I thought Kane and Fullerton had nothing to do with the Rangers account.

[metlika 0]

Yes of course it will have an effect imo. I don't think that Lloyds really want to lose Rangers as a customer and that is what I find so crazy about the whole show. I fear there were attempts to ruin Rangers by tims in a position to do it.

 

Lloyds inherited us from HBOS to say they don't want to lose us I find that strange. They are sucking all their money back from us as quick as they can before CL money drys up.

[pete 2,499]

Lloyds inherited us from HBOS to say they don't want to lose us I find that strange. They are sucking all their money back from us as quick as they can before CL money drys up.

 

Sorry I think that is the most bullshit story that exists. If a firm or bank take another bank or firm over then they take on their problems as well