Thread: Goodbye old friends..... until we meet again...

FSA forces London Scottish Bank to seek cash injection - Times Online

The banking industry suffered a new blow yesterday as London Scottish Bank admitted that it needed to raise fresh capital. The consumer lender became the first London-listed bank to admit that it had been ordered by the Financial Services Authority to increase reserves dramatically under new rules on capital that come into force today.
LSB shares closed down 18 per cent, or 14p, at 63p after it said bad-debt woes would force it to take a £22 million impairment charge for the year to October 31. The charge would result in an annual loss of up to £5 million and threaten the final dividend, it said.

The capital position was recently boosted by the sale of its head office in Manchester and a leasing business, which raised a combined £42 million.

Mr Ashton said he discovered that some of the bad debts had not been properly accounted for while going through the books ahead of full-year results.

Pay your debts folks! The poor people at LSB and RW&C are in trouble!!





Soooooooo.....

Goodbye old friends... Until we meet again!

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