COMMENT-Time for investors to stop hiding behind the small print

April 2, 2015 1:56 PM

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LONDON, April 2 (IFR) - The hysterical anger from investors after Lloyds announced this week it had won permission to redeem early high-coupon capital issued during the darkest days of the financial crisis was predictable but not justified.

Lloyds raised the Enhanced Capital Notes (ECNs) when it was in dire straights in 2009 but regulators have moved the goalposts substantially since, meaning the bonds are no longer an efficient capital instrument.

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