November 2009
It emerged that the EU would force Lloyds to sell a large chunk of its business to comply with competition rules following its merger with HBOS. It set an end-of-2013 deadline to complete a sale or float.

April 2011
The Independent Commission on Banking (ICB) said in its interim report that Lloyds should “substantially enhance” its sale.

Summer 2011
Lloyds kicked off the sale with minimal regard for Vickers’ demands after the Treasury made it clear it did not mind.

September 2011
The ICB’s final report substantially watered down its demands.

December 2011
The Co-op was named as preferred bidder over NBNK, the only other bidder.

March 2012
Lloyds admitted it will not meet its first quarter 2012 deadline for signing a contract with the Co-op.