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Lloyds facing funding pain

Lloyds' hefty reported loss largely reflects a £3.2bn provision against payment protection insurance claims. But increased funding costs, as reliance on cheap Bank of England liquidity falls, cut the group's net interest margin by 14 basis points to 2.07 per cent. There's more margin pain ahead, too, since £23.5bn in total of Treasury guaranteed debt must be repaid by October.

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