LONDON (AP) — U.K. Treasury chief Philip Hammond says taxpayers have recovered all of the funds Britain injected into Lloyds Banking Group at the height of the 2008 financial crisis.

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Hammond said Friday in Washington that it had passed the milestone, recovering all 20.3 billion pounds (currently worth $26 billion) injected.

Hammond says that while stepping in to offer support was right, "the government should not be in the business of owning banks in the long term." A remaining 2 percent stake is set to be sold in coming months depending on market conditions.

By contrast, Royal Bank of Scotland — the other major institution bailed out in the crisis — remains firmly owned by the taxpayer. The government owns 72 percent of RBS, which was briefly the largest bank in the world.

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