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Lloyds, Rbs May Write Down Extra $30 Billion

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$30 Billion

Aug. 4 (Bloomberg) -- Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc, the U.K.’s biggest taxpayer-funded banks, may post a combined 17.7 billion pounds ($30 billion) of writedowns after the U.K.’s property slump worsened.
“This crisis has consisted of a series of earthquakes, with changing epicenters,†Deutsche Bank AG Chief Executive Officer Josef Ackermann said July 30 in Zurich. “Bad loans are the next wave.â€
“In absolute terms and proportionately, Lloyds Banking is most exposed to U.K. consumer debt,†JPMorgan Cazenove analyst Simon Pilkington wrote in a July 27 note to investors. “We expect loan impairment to remain persistently high for several years.â€

More poison. Lots of it.

Another large fart is about to blow before Christmas. Which bank will be the first to smell it?

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