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Lloyds Banking Group and Royal Bank of Scotland, Britain’s taxpayer-backed banks, face a further three years of write downs as the struggling UK economy continues to hit them with new losses, says Barclays Capital.
Lloyds is expected to remain loss-making this year and Barclays estimates it will have to mark down the value of its mortgage portfolio by a further £5bn over the next 12 months, while RBS faces a further £1bn of mortgage impairments.
Overall, Barclays expects Lloyds to face a total of £20bn in new credit impairments and RBS a further £13bn. The new provisions would wipe out half of Lloyds core equity and about a third of that at RBS. However, retained earnings should mean the ultimate impact is far less....Read more here--: Lloyds, RBS face £33bn of new credit losses - Telegraph
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