by Calculated Risk on 7/13/2009 09:09:00 AM
Monday, July 13, 2009
Government loses £10.9 Billion in RBS and Lloyds
From the Telegraph: UK Government has lost £10.9bn on stakes in RBS and Lloyds
UK Financial Investments (UKFI) said in its annual report that its loss on the two stakes - 70pc of RBS and 43pc of Lloyds Banking Group - had reached £10.9bn at the end of June.UKFI is the entity set up to manage the UK Government’s ownership in banks. And there are more losses coming ...
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Analysts at UBS have speculated that Lloyds could be forced to write off as much as £13bn on mortgage and commercial property lending, and lending to businesses, when it posts its results for the first half of the year on August 5.