Major Bank Chief Admits Industry is in Deep Crisis

HJ: More collateral damage from the LIBOR scandal.  While news is still surfacing about this ongoing banking enquiry, it is being overshadowed by the Colorado shootings and the Olympics.  Coverage on the Healers Journal will continue as this is definitely one of the final straws for the banking cartel. – Truth

SIMON ENGLISH

FRIDAY 27 JULY 2012

Lloyds banking Group set aside another £700m to deal with compensation claims for mis-selling insurance products yesterday, while the chief executive admitted the industry is in deep crisis.

The banking giant that owns HBOS, the merged Halifax and Bank of Scotland business that collapsed in the financial crisis and was rescued by Lloyds, fell to a half-year loss of £439m and predicted further trouble.

It also revealed it has received subpoenas from governments as part of an investigation into a global interest-rate rigging scandal. “Certain parts of the group have received subpoenas and requests for information from certain government agencies and are co-operating with their investigations,” the bank said.

Lloyds said it could not yet say what its exposure to the Libor inquiries could be.

The extra £700m for mis-selling of payment protection insurance comes on top of the £3.2bn it first set aside to deal with the problem and the £375m provision it made in the first half of the year. That takes its total exposure, so far, to £4.275bn. Other banks are expected to make similar moves in the coming days.

Read the rest of the article here: The Independent


Submit your comment

Please enter your name

Please enter a valid email address

Please enter your message

The Healers Journal © 2014 All Rights Reserved