Printer Friendly

UK banks to report writeoffs.

Global Banking News-3 August 2009-UK banks to report writeoffs(C)2009 ENPublishing - http://www.enpublishing.co.uk

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.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com))
COPYRIGHT 2009 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2009 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Date:Aug 3, 2009
Words:137
Previous Article:Absa reports drop in earnings.
Next Article:Central bank of Philippines says domestic liquidity adequate.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters