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Lloyds to writeoff £13bn!
Comments
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Clearly, the banking crisis is not over yet.
Lloyds braced for £13bn writeoff
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6689535.ece
"LLOYDS BANKING GROUP is poised to write off as much as £13 billion on its loans to commercial property, businesses and mortgage holders as the crisis engulfing the taxpayer-backed bank deepens. First-half results due to be posted in three weeks will show that its losses are accelerating, in spite of recent suggestions that the worst of the recession is over"
Let's not beat about the bush here this is extremely worrying news for anybody with a mortgage or holding property. :eek:0 -
Hi there
I don't know much about these actual issues, but we have a mortgage with C&G Lloyds TSB, may I ask how it affects us?
Sorry to be dim here......:o, but thanks anyway.;)The one and only "Dizzy Di"
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you cant just say 'ignore the losses, its a profit making business' every business failure in history could do that!
When a 20 billion exceptional writedown results in 6 months profits falling from 14 billion to a loss of 6 billion..... You don't have a problem. Please explain why you believe they will continue to have 20 billion losses every half year indefinately. Which is what would be required to make it a problem. They could still easily make a profit for the full 09/10 financial year.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Hi there
I don't know much about these actual issues, but we have a mortgage with C&G Lloyds TSB, may I ask how it affects us?
Sorry to be dim here......:o, but thanks anyway.;)
It does not impact your mortgage in any way.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »It does not impact your mortgage in any way.
Thank you;), and of course we have our bank account with them as well.The one and only "Dizzy Di"0 -
Thank you;), and of course we have our bank account with them as well.
LOL. Doesn't impact that either, as all bank accounts are guaranteed up to 50K.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »LOL. Doesn't impact that either, as all bank accounts are guaranteed up to 50K.
Thank you so much for clarifying this, much appreciated.;)The one and only "Dizzy Di"0 -
shakerbaby wrote: »Let's not beat about the bush here this is extremely worrying news for anybody with a mortgage or holding property. :eek:
Aye Captain Mannering...... We're all doomed, DOOMED I tell ye!!!!!“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Uless you are in negative equity, Lloyds need to make more profit and hike the SVR to avoid going bust as a result of capital adequacy.HAMISH_MCTAVISH wrote: »It does not impact your mortgage in any way.0 -
It's an asset writedown (paper valuation), not an operating loss (costing actual cash). They don't need to make it back.
I'm sure that if any business saw an opportunity to make more profit they'd take it. Why would Lloyds only raise the SVR now? Do you think there's some rule of niceness in the boardroom that "we're making enough money this month, let's hold the SVR down and reward our customers"?
I'm sorry, but that's fantasy land stuff. Banks will raise their lending rates as high as they think they can at any given time given the competitive landscape. If the landscape can sustain increases then there will be increases. It has nothing to do with having to "make back losses".
Incidentally if they're short of capital (which they aren't) raising SVR wouldn't help. They'd need more capital, not more operating profit.0
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