Bad property debts at HBOS lead to £4bn loss for Lloyds |
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05.08.09 By James Whitmore Lloyds Banking Group said this morning that impairments in its multi-billion pound commercial property book had peaked. Lloyds said bad debts in the first half of the year rose to £13.4bn, of which £10.7bn came from HBOS - much of it commercial real estate loans. This led the bank to make a pretax loss of £4bn. It said three-quarters of the £13.4bn of impaired loans related to assets intended to be included in the Government Asset Protection Scheme. ‘Lloyds' credit and risk processes are now in place across the group and all new lending is now being made within the Lloyds risk criteria,’ said Lloyds chief executive Eric Daniels. ‘Detailed credit reviews of the legacy HBOS portfolio have been completed, providing a highly detailed understanding of the quality of the assets and scale and timing of the losses going forward.’ Source: Property Week (www.propertyweek.co.uk) |
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Andrew Goodbody The APB President gives his regular overview of current issues affecting our members together with a round up of feedback from members. |
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Margot Waddup Margot keeps us up to date on the APB’s events diary |
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Guest Blog Dominic Wilson, former Head of Debt at AEW Europe, outlines the reasons why banks should be disposing of property assets |
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