HBOS reports significant losses
As it prepares to become part of the Lloyds Banking Group, UK bank HBOS has highlighted significant losses on its balance sheet as a result of declining property values.
The group said in the last six weeks it has seen an acceleration in the deterioration of credit quality and further sharp falls in estimated asset values. The group said recent pronounced falls in estimated valuations of property and other investments have impacted significantly on the value of its investment portfolio. The devaluation equates to an estimated loss of £0.8 billion for the 11 months to November 30 this year.
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