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Barclays lifts lid on banking write-offs
Wednesday 20th February 2008Barclays has kicked off a series of major bank reports by highlighting a small decrease in profits, but huge write-off figures were claimed to be the true headline finding.
Price comparison site uSwitch.com said that £2.795 billion in overall group write-offs revealed worryingly high levels of bad debt – and set the tone for further banks to reveal the effects of the credit crunch on their own figures.
Mike Naylor, personal finance expert at uSwitch.com, said: "With the global credit crunch well and truly gripping the nation, an increased level of write offs by the Barclays Group in 2007 is no great surprise.
"Going forward, 2008 is going to be a challenging year for every UK bank with the Office of Fair Trading court case axe hanging over their profits."
He added that the upshot of bad debt could be worsening credit conditions for consumers, while mortgage holders on existing property will also suffer higher interest on repayments.
Barclays' figures were however claimed to have avoided the worst credit records of recent years, with write-offs by UK banks rising some 70 per cent on unsecured lending between 2004 and 2006.
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