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B&B arrears fall while NRAM arrears increase

Arrears at Bradford & Bingley fell by 16 per cent in the first six months of the year while Northern Rock Asset Management’s arrears increased by 6 per cent over the same period.

The number of mortgages in arrears of three months or more fell from 13,096 to 10,956 for B&B while arrears at NRAM increased from 25,419 to 27,010 since December.

UK Asset Resolution today issued the half-year results for B&B and NRAM, with both firms seeing their profits increase substantially.

B&B’s underlying pre-tax profit for the first half of the year was £152m, up from £83.6m in the first half of last year. NRAM reported underlying pre-tax profits of £344.1m, up from £181.8m at the half way mark last year.

B&B and NRAM received £800m and £2.5bn in redemption payments respectively.

UKAR chief executive Richard Banks says: “Our aim is to maximise value for the taxpayer and we have accelerated the repayment of Government debt with a further £1bn repaid in the first half of 2011.  Arrears at NRAM are beginning to stabilise whilst arrears at B&B continue to reduce. However, we remain cautious about the future as there is continuing pressure on household finances.”


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Sticking to valuation discipline when investing in China

Journalist Alexis Xydias discusses the opportunities – and potential pitfalls – of investing in China with Artemis fund manager Peter Saacke. With Peter holding significant positions in China in the Artemis funds he manages, journalist Alexis Xydias quizzes Peter on the risks of investing in Chinese stocks – including over-valuations, margin trading and financial reporting issues. Click here for video


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