According to statements made by the British Treasury and within the framework of the processes that were initiated in December, the British government's equity in Lloyds Banking Group fell to 15.9 percent following a 1 percent sale. Before December, the British Treasury held equity in Lloyds Banking Group totaling 24.9 percent. British Minister of Finance George Osborne said last month that they will be selling off the government-held Royal Bank of Scotland shares. Even though Osborne confirmed that the prices of the shares are not above the investment price in 2008, he said this was the greatest safety net that was ever provided to a private banking institution.