Investment expert: Banks' credit losses are manageable
www.moneynews.co.uk > Banking > Investment expert: Banks' credit losses are manageable
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Money News |
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Investment expert: Banks' credit losses are manageable
Thu 29th Jan 2009
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Simon Ward, of New Star Asset management, said that based on previous recessions, banks may be able to put aside as much as £400 billion from capital reserves and future profits to pay off their large losses.
Mr Ward added that the government may not need to offer any further bailout packages to the UK's banking sector.
He explained: "Providing the authorities afford banks the flexibility to absorb losses over time, as in previous cycles, additional government financial support may be unnecessary."
Earlier this month the Royal Bank of Scotland Group, which includes NatWest, announced record losses of nearly £30 billion during of 2008.
On the same day, the government announced its latest bailout package for banks, offering to underwrite some of risks incurred in the process of lending.
Click here for more banking news
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