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Accord, the HBOS Group union, said that it is not opposed in principle to the acquisition of HBOS by Lloyds TSB. However, it considers that the acquisition will only be successful if the human consequences are properly taken into account. For this reason, Accord may back the acquisition if HBOS and Lloyds are prepared to respond positively to a set of 10 points.These points include:

- A commitment to fully and timely disclose information prior to and about all stages of the proposed acquisition to the unions and to employees.

- A commitment to maintain employment in those parts of the UK in which either HBOS or Lloyds TSB currently have significant operations.

- A commitment that the new company will not outsource or off-shore its UK call centre operations.

- A commitment that job cuts will be made through normal turnover, early retirement and voluntary redundancies supported by other programmes and policies which seek to avoid involuntary redundancies.

- A commitment to consult trade unions about any proposal to close branches.

- A statement from Lloyds TSB that HBOS employees pay, pension provisions, other terms & conditions of employment and benefits will be protected.



Although details about job cuts have not been released yet, there are fears that more than 10,000 workers could lose their jobs within a few months after the takeover as the new company seek to quickly return to profitability.



According to the British newspaper The Guardian, the government is expected to back Accord's demands.



For more information on these demands, please see Accord's statement: