Credit Crunch Big Bank Duo in Bid to Calm Fears On Crisis Damage ; Credit Crunch

Summary

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TWO of Britain's biggest mortgage banks today tried to reassure investors that their businesses have not been hit as badly as Northern Rock in the wake of the credit crunch.

Between them, Alliance & Leicester and Bradford & Bingley have seen the value of some of their subprime-related investments fall by Pounds 238 million. A&L said this will hit its profits by Pounds 55 million this year but B&B has so far kept all the damage restricted to its balance sheet, which will not hit its profits.

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Credit Crunch Big Bank Duo in Bid to Calm Fears On Crisis Damage ; Credit Crunch

Shares in both banks rose in relief the damage was not worse and on indications both have at lea...

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