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A&L moves to calm fears over sub-prime exposure

Alliance & Leicester has sought to calm investor fears over its exposure to the US sub-prime crisis in an update on the London Stock Exchange.

The move comes a week after A&L head of specialist mortgages Jeremy Claridge told Money Marketing that lenders must be more open about their exposure to US sub-prime business and claimed the market was spooked because lenders had not been open enough.

A&L says it has invested around £390m in a variety of structured investment vehicles although only a small proportion was exposed to potential losses.

It also says it has been operating a conduit facility totalling around £770m invested in a variety of structured credit assets, including collateralised debt obligations and collateralised loan obligations.

The bank says its exposure to structured credit products containing US sub-prime mortgages is £175m.

A&L says: “Current conditions in the funding and liquidity markets have had no material impact on either profits or franchise growth.”


Out of Context

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Cofunds confident despite £11m loss

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Cavanagh announces 38 per cent profit increase

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Morrisons stacks up for MacIver

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Choose life…

Sarah Scott  – Marketing Consultant, Royal London  This month sees the return of Renton, Sickboy, Begbie and Spud in the sequel to the film Trainspotting. Just over 20 years later, we return to see exactly how life treated the characters whose lifestyle was less than ideal back in 1996. Did they choose a job, choose […]


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