The Mail on Sunday

Will the ‘Big Sexy Turtle’ reprieve bank dividends?

- Alex Lawson’s

IT’S almost a year since Andrew Bailey was named as the new Governor of the Bank of England.

His Covid baptism of fire has made it an arduous first year, and the man nicknamed the ‘Big Sexy Turtle’ by predecesso­r Mark Carney has a tough decision looming.

Banks expect an update this week or perhaps next on whether they will be allowed to restart handing out dividends after the Old Lady of Threadneed­le Street banned payouts in March.

Provisions for bad loans were not as large as feared in the banks’ recent results, suggesting they should have the cash to make the payments – if allowed.

Expect shares in Lloyds, NatWest and t he r est to get a lift if the green light shines.

But with a bleak winter of company failures and job losses ahead, will the sight of banks handing huge sums to investors be an image Bailey can risk?

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