Lloyds Banking Group to Write off Debts Worth £13 bln

More anomalies for the British banking sector.

From Timesonline:

LLOYDS BANKING GROUP is poised to write off as much as £13 billion [over $21 bln] on its loans to commercial property, businesses and mortgage holder….

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.

UBS analysts expect Lloyds to announce a bottom line half-year loss of £6.3 billion as a result of the soaring provisions.

Total writeoffs for this year at Lloyds could exceed £20 billion.

Britain’s Treasury holds a 43% stake in the bank.

[ht Calculated Risk]

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