The UK government sold its remaining stake in Lloyds Banking Group yesterday, drawing to a close one of the largest bailouts of the financial crisis, the Financial Times reports. The £20.3 billion taxpayer-backed rescue left the British government with a 43 per cent stake in the bank. The bank's share price closed at 71p on Tuesday, compared with the 73.6p per share the government paid at the time of its rescue, with the government making a nominal profit of £900 million along the way. The China Banking Regulatory Commission is to deal with the bankruptcy of commercial banks, six years after a previous attempt fell by the wayside. The CBRC also flagged plans for 46 new or revised regulations covering issues such as wealth management products and peer-to-peer lending, reports local news service Caixin.  The revival in concern by China's banking regulator was attributed to the surge in credit since the global financial crisis and also to the liberalisation of the financial sector, amid the suggestion that underestimated bad debt levels are being "masked" by bank mergers. The Federal Reserve Bank of New York issued its Quarterly Report on Household Debt and Credit overnight. It showed total household debt reached US$12.73 trillion in the first quarter of 2017 and finally surpassed its US$12.68 trillion peak reached during the recession in 2008. This marked a $149 billion (1.2 per cent) quarterly increase and nearly three years of continued growth since the long period of deleveraging following the Great Recession. The Report is based on data from the New York Fed's Consumer Credit Panel, a nationally representative sample of individual- and household-level debt and credit records drawn from anonymised Equifax credit data.