Talks continue as Lloyds teeters on the brink of nationalisation
What is going on in the Lloyds Banking Group talks with the UK government?
To borrow from Harold Wilson, I know what's going on: the talks are going on. And on, and on, and on.
Odd that they should be going on for so long.
RBS managed to agree a deal with the Treasury in time for the announcement of their annual results last Thursday.
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It had been hoped that Lloyds would do the same on the following day, though that was probably pushing it a bit.
Lloyds chairman Sir Victor Blank said that the reason they had not clinched their deal was that that the Treasury civil servants were "knackered" after the RBS talks.
Not the kind of word you would normally associate with the sophisticated Sir Victor, but there was probably an element of truth in it.
However, the civil servants will have had time for some sleep since then and so that excuse (explanation?) - take your pick of word - is wearing thin.
The suspicion has to be that Lloyds headstrong chief executive, Eric Daniels, is still resisting the idea that the deal will lead to the government taking up to 70% of his bank.
Sadly, there seems little alternative given that ministers are about to insure a mere £250 billion of the bank's bad or questionable assets.
A lot of the negotiations has, of course, been highly technical. What kind of share will the government get? Will they preference shares, or 'B' shares, or whatever?
But the Treasury has some of the smartest civil servants in the country, Lloyds has very clever people too.
The longer the delay, the worse it looks for the bank.
To coin a phrase from their advertising, they are on a journey.
The sooner they get to the destination the better.
