Chilling news for Lloyds HBOS Shareholders and Taxpayers
The newly merged Lloyds HBOS bank will set up a toxic vehicle for its housebuilding and commercial property investments, Building can reveal.......
The source said: “This is just like what banks have done elsewhere in isolating their toxic debt. The idea will be to get maximum value from the portfolio either through a sale or more dedicated management of the assets.”
The portfolio includes investments in housebuilders Crest Nicholson, Miller, Gladedale and Tulloch Homes. It also has stakes in retirement housing specialist McCarthy & Stone and social housing specialists Keepmoat and Apollo.
The vehicle will also include HBOS’ commercial property investments.
It is understood that the carrying value of the vehicle on the new bank’s book will be nil.
Let me repeat the valuation NIL, yes folks a big fat ZERO!