Friday, June 6, 2008

Funny how people now see things as

The next banking crisis?

Other banks' shares dropped yesterday as investors prepared for the next phase of the playing-out of the credit crunch as overstretched borrowers struggle to repay their debts.HBOS, the country's biggest mortgage lender and the second-largest player after B&B in buy-to-let, and Royal Bank of Scotland were forced to put out statements saying that they continued to trade in line with earlier guidance.European banks such as UBS, which is preparing for its own rights issue, were also hit by negative sentiment spreading from B&B.Chris Willford,B&B's finance director,said:"It reminds those of us in the business and observers outside that this is a credit-risk business and there are cycles in that business.You have to go into this with your eyes open and you have to price for this in the cycle.

Posted by lvmreader @ 02:30 AM (492 views)
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