“As you will see from today’s media coverage, the Banking Group’s announcement that it had reached agreement with the other three Foundations received significant attention.
“I asked the Banking Group yesterday morning if we could have a copy of the agreement that has been signed by the other Foundations, but so far this has not been forthcoming. It therefore remains difficult for us to comment on the actual agreement. It is also bemusing that if the Group is so keen for us to accept this agreement they are not prepared to share it with us.
“However, a Lloyds Banking Group spokesman confirmed to The Scotsman that the share of pre-tax profits going to the other Foundations has been halved, and that the Group will have a say in which charities receive funding. This is exactly the threat to our income and independence that means we are not prepared to accept the Group’s proposal.
“We remain committed to reaching an agreement with the Group, but despite our efforts they are only prepared to discuss their own deeply flawed proposal. Once again we have asked Sir Win Bischoff, the Group’s Chairman, to step in and help a resolution be achieved.”