29.12.2008 - UK banks face GBP70bln property bombshell
From Telegraph: Britain's banks face up to £70bln of losses on commercial property loans, enough to force some of them into a further round of taxpayer bail-outs. Investment bank Close Brothers forecasts massive writedowns in light of its forecast 50pc-60pc slump in commercial property values by the end of 2009 compared to the market’s 2007 peak. Most property experts believe such values have already dropped 30pc this year. .... Full Article: Source
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