CFS plans to wind down Britannia's high-risk loans |
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14/11/2009 Co-operative Financial Services has placed £9.3bn of potentially problematic loans made by the Britannia Building Society into a specialist vehicle called Optimum. CFS said it planned to wind down the Optimum loan book, which includes high-risk self-certification and buy-to-let mortgages. The loans were transferred when CFS and Britannia merged in August, said CFS corporate and markets division managing director John Reizenstein. The combined business would, he added, take on all provisions in terms of write-downs to its loan book, including Britannia's £4bn commercial loan book. Reizenstein said the merger had increased CFS's exposure to property and, while it was "still in the business of property lending", the current levelwould not grow significantly.
Source: EG Finance (www.egi.co.uk) |
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