The bill for exiting the Government Asset Protection scheme is being added up.

The Times is quick to point out that the fees paid by Lloyds Banking Group to investment banks belongs to the taxpayer.

GAPS is essentially an insurance scheme and Lloyds Banking is keen to avoid paying too much by a way of a premium to the government for insuring Lloyds Banking's risky assets.

Lloyds said last month it was considering pulling out of the asset protection program to avoid paying the premium and to avoid increasing heat from Europe who regards the government assistance as being tantamount to anti-competitive behaviour.

To pull out completely, Lloyds would have to raise about £25bn pounds from the sale of shares and assets such as its Scottish Widows unit, says Jonathan Pierce, an analyst at Credit Suisse Group AG.

The government, which owns 43% of Lloyds Banking Group, would need to buy more than £6bn pounds of stock in a £11bn pound rights offering.

However even the £11bn rights offer is up for debate. Bloomberg reported on the 8th of October that the offer was closer to £15bn.

At opening in London Lloyds Banking Group shares are 0.83% down, emulating yesterday's losses.