UK banks to report writeoffs.
Global Banking News - 03 August 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Major UK banks are expected to unveil the extent of their writeoffs this week.
It is believed that banks would declare writeoffs of about GBP32bn, and the biggest writedown is expected to be declared by Lloyds Banking Group (LSE: LLOY), largely as a result of problems inside its HBOS businesses.
It is also believed that many banks may be helped by complex accounting rules relating to the way they value their own debt and acquisitions. This may help them to project lesser losses.
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