Banks to write off £4bn in bad debt

BANKING giants will this week announce they are writing off billions of pounds in bad debts while official figures show about 100,000 individuals might be declared bankrupt by the end of the year.

Analysts expect Royal Bank of Scotland, HBOS, Barclays and Lloyds TSB to unveil combined bad-debt provisions of up to £4 billion because of the increasing number of people who are unable to honour their repayments.

The shock figures are likely to reignite debates over why Britons appear to be taking on unmanageable levels of debt and what the long-term impact of these bad loans is likely to be on the lenders. Business – Banking & Insurance – Banks to write off £4bn in bad debt


Comments are closed.

%d bloggers like this: