As speculation mounts on whether Lloyds Banking Group will remain in the UK Asset Protection Scheme – and if it can indeed raise the reported £25bn (€27.2bn) it needs to pass the FSA stress test should it opt out – analysts at Société Générale have crunched some of the numbers in an in-depth report published this morning.

The analysis is based on a hypothetical situation where Lloyds will carry out a £15bn rights issue and raise £10bn through a debt for equity swap.