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Monday, July 13, 2009

Government loses £10.9 Billion in RBS and Lloyds

by Calculated Risk on 7/13/2009 09:09:00 AM

From the Telegraph: UK Government has lost £10.9bn on stakes in RBS and Lloyds

UK Financial Investments (UKFI) said in its annual report that its loss on the two stakes - 70pc of RBS and 43pc of Lloyds Banking Group - had reached £10.9bn at the end of June.
Analysts at UBS have speculated that Lloyds could be forced to write off as much as £13bn on mortgage and commercial property lending, and lending to businesses, when it posts its results for the first half of the year on August 5.
UKFI is the entity set up to manage the UK Government’s ownership in banks. And there are more losses coming ...