In fact, Lloyds can also hope that the government's stake will be smaller than the maximum 43%, and maybe even smaller than a Barclays-style 32%. Lloyds shares closed at 198p yesterday, some 14% above the rights issue price, suggesting appetite among UK institutions for investing now that dividends are back on the menu. Indeed, Lloyds and Barclays could resume payments at roughly the same time next year.