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Struggling UK lender Northern Rock has taken a £281 million (A$653 million) hit as a result of the credit crisis.
The write downs – which amount to two thirds of the company’s market value – included a £118 million (A$274 million) knock from its investment in structured investment vehicles (SIV). A further £32 million (A$74 million) impartment charge was also required for its SIV-light investments.
Britain’s biggest mortgage lender HBOS also expects to wear asset value losses in the wake of the credit crunch totaling £180 million (A$417 million).
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