Pounds 500 Million Write Off for Bradford & Bingley ; in Association with Lloydstsb.Com/Corporatemarkers

Birmingham Post › March 31, 2009

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Summary

Nationalised lender Bradford & Bingley said it was writing off more than pounds 500 million in mortgage loans turned sour.

B&B is taking the charge of pounds 507.7 million to reflect estimated arrears at the end of 2008 and the impact of further house price falls ahead. The hit compares with a pounds 22.5 million provision for the previous year. The firm said 4.6 per cent of its pounds 41 billion mortgage book was three months or more in arrears, or repossessed.

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Pounds 500 Million Write Off for Bradford & Bingley ; in Association with Lloydstsb.Com/Corporatemarkers

The group's savings business was sold to ...

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