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Banks write off record level of corporate debts

In June, the Bank's Financial Policy Committee said: "If provisioning is inadequate, banks' reported profits and levels of capital may provide a misleading picture of their financial health."

The Bank has repeatedly warned about the scale of bad commercial property loans on the banks' books.

The sharp rise in corporate write-offs in the second quarter, the most recent data available, lifted total UK loan losses – including credit cards and mortgages – to their second highest level on record.

For the three months to June, total sterling write-offs were £5.1bn, up from £3.2bn in the first quarter.

The largest quarterly hit came in the final three months of 2009, totalling £5.8bn. Write-downs on personal loans edged up to £2.1bn, but remained far off the peak in the same period the previous year of £3.5bn.

The write-offs are contributing to a decline in household debt. Total household debt has dropped by £8bn to £1.45 trillion in the past year, roughly in line with the amount of personal debt lenders have cancelled.

The rate of mortgage losses may be about to rise. Last week, Lloyds Banking Group revealed a four-fold increase in mortgage loan impairments for the nine months to September of £416m and that £38bn of loans are to borrowers who are in negative equity.

Taking write-offs cleanses bank balance sheets but reduces the amount of capital against which they can lend.

Once the capital is replaced, however, it can be used to support growing businesses rather than tied up in companies that can only service the debt.

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Kiplinger's Personal Finance

Kiplinger's Personal Finance

Kiplinger's Personal Finance

Cameos from English history ...

Extracts from Virginia election laws, also the electoral boards, and registration laws. 1906