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British banks 'face [pounds sterling]11bn sub-prime hit'; Traders could be in for more shocks if IMF predictions of the real cost of sub-prime are true.
- Article from:
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The Daily Mail (London, England)
- Article date:
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April 9, 2008
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Copyright informationCOPYRIGHT 2008 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Sam Fleming
A NEW tidal wave of sub-prime losses is set to rip through Britain'sbanking system, International Monetary Fund analysis shows.
Figures in the Global Financial Stability Report suggest UK lenders are sittingon far larger undisclosed mortgage-related liabilities than European rivals.
British banks will have to take an additional [pounds sterling]11bn hit from toxic debt, on topof the [pounds sterling]9.6bn write-downs they have already reported, the IMF said.
By contrast, lenders in the US and the rest of Europe have already confessed tothe bulk of the damage from investments in mortgage-linked securities, thereport reveals.
In the ...
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