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Prime Minister David Cameron is attending the summit for talks on strengthening European economies and staving off further financial crises following bail-outs for Greece and Ireland.
He said the central bank needed to clearly explain when and why it would act to salvage a company in jeopardy or face the prospect of a long line of companies seeking bail-outs.
Shareholders of both banks believe they have been left out of pocket by the bail-outs at the peak of the crisis.
Speculation about a bail-out for Ireland pushed the Dublin government's borrowing costs to record highs last week, the latest indication that the continent-wide crisis over governments with too much debt is still festering and clouding prospects for a hesitant economic recovery.
The Lloyds TSB merger with HBOS is already in the in-tray, alongside yesterday's formal notification from London of the Bradford and Bingley rescue plan, the Fortis and Dexia bail-outs in Belgium, and the bail-out of Germany's Hypo Real Estate.
The inquiry by the Financial Services Authority (FSA) is expected to examine a range of issues, including the banks' risk management processes and the conduct of directors prior to the first wave of bail-outs, the Sunday Telegraph said.
The measure was adopted last year, prompted by concerns that the scale of banker bonuses was one of the major contributors to the 2008 financial crisis resulting in a series of state bail-outs for firms such as Royal Bank of Scotland and Lloyds.
What about the Royal Bank of Scotland and Lloyds Banking Group, now part-nationalised after billion-pound taxpayer bail-outs.
The commissioner suggested that the IMF, which is based in the US, could leave the Troika in a few months, leaving the Commission and central bank to manage the bail-outs of crisis-hit countries.
The EU official pointed to an EU project that foresees a progression of aid for ailing banks, first from investors and creditors, known as a bail-in, followed by help from the host country, and as a last resort, from the European Stability Mechanism, a rescue fund, with the latter two representing bail-outs.
Public sector net borrowing, excluding financial interventions such as bank bail-outs, was pounds 18.
The Office for National Statistics revealed the figure for Government net borrowing, excluding financial interventions such as bank bail-outs, was Au126 billion in the financial year to March, including Au18.