UK banks sitting on £40bn of undeclared losses
Britain's banks are sitting on a £40bn black hole
of undeclared losses that are preventing them
from making vital loans to businesses and households.
Royal Bank of Scotland was in the worst
condition, PIRC found, with £18bn of undeclared losses Photo: Getty Images
By Philip Aldrick - 7:01PM BST 05 Jun 2012 - 496 Comments
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9312513/UK-banks-sitting-on-40bn-of-undeclared-losses.html
PIRC, the shareholder advisory group, has
analysed the 2011 accounts of the UK's top five
banks to calculate how much they expect to write
off as bad debt in the coming years but have yet to take against profits.
Royal Bank of Scotland (RBS) was in the worst
condition, PIRC found, with £18bn of undeclared
losses that would wipe out more than a third of
its capital buffer and potentially force the 82pc
state-owned lender back to the taxpayer for another rescue.
HSBC had ($16bn) £10bn in undeclared losses,
Barclays £6.7bn, Standard Chartered $3.6bn
(£2.3bn) and Lloyds Banking Group £2.9bn. PIRC
presented its numbers to all the banks and said none disputed them.
Profits at Britain's lenders have been flattered
by controversial international accounting
standards introduced in 2005 that prevent
companies from provisioning against potential
losses. The rules have been attacked by the House
of Lords, among others, as deeply flawed.
PIRC said the rule was "masking the true position
[of the accounts] by including fictional assets and fictional profits".
Dividends and bonuses are being paid out on
inflated profit numbers, it added, when they
should be retained to boost the banks' capital cushions.
Tim Bush, head of governance and financial
analysis at PIRC, claimed the undeclared losses
meant banks have not been clearing their balance
sheets of bad debts and releasing the funds to
support viable businesses and households.
"The scandal is the fact that banks are delaying
de-risking and de-gearing due to the accounting
standards," he said. "The funds are being tied
up, rather than being put to work elsewhere."
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