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UK banks have £40bn of undeclared losses

UK banks are sitting on £40bn of undeclared losses which are holding back attempts to issue loans to businesses and households, according to The Daily Telegraph.

Shareholder advisory group Pirc has analysed the 2011 accounts of the UK’s five biggest banks to see how much they expect to write off as bad debt in the coming years.

Royal Bank of Scotland was found to have £18bn of undeclared losses, HSBC £10bn, Barclays £6.7bn, Standard Chartered £3.6bn and Lloyds Banking Group £3.6bn.

Pirc head of governance and financial analysis Tim Bush said: “The scandal is the fact that banks are delaying de-risking and de-gearing due to the accounting standards. The funds are being tied up, rather than being put to work elsewhere.”



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  1. But it does not stop CEOs and others taking big bonuses now. Stop the fraud.

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