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Discussion and analysis of the latest economic issues.

By Sean O'Grady, Economics Editor of The Independent.

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The banks are still broke

Posted by Sean O'Grady
  • Wednesday, 5 August 2009 at 06:26 pm
Lloyds Banking Group's write-offs are enormous, about 8 per cent of all their loans. Mostly, I think down to the recession and the old Bank of Scotland's drive into commercial lending, a little ill-judged as it turns out.

It is a timely reminder that, even though we have real green shoots now, and while the economy may well be on the mend. Much of the progress down to the activities of governments and central banks round the world rather than our banks. They are still pretty much broke, and any bumper profits you see coming from their investment banking arms cannot be relied upon.


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