GBP 40 billion of undeclared losses by British banks

The Daily Telegraph announced that, according to an advisory company PIRC, British banks are facing undeclared losses in the amount of GBP 40 billion (USD 61.5 billion), which does not allow them to provide the necessary loans to families and businesses. The newspaper indicated that PIRC investigated major 5 banks in the UK and concluded the following: Royal Bank of Scotland has undeclared losses totaling at GBP 18 billion, HSBC Holding PLW – GBP 10 billion, Barclays PLC – GBP 6.7 billion, Standard Chartered PLC and Lloyds Banking Group PLC each have GBP 3.6 billion in undeclared losses.  The Daily Telegraph added that none of the banks argued with the data.