Login
ISCOVER
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.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
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).
