Lloyds Bank Sets Up Loan-Loss Reserves: Lloyds...
From Times Staff and Wire Reports
Lloyds Bank Sets Up Loan-Loss Reserves: Lloyds Bank became the first major British bank to put aside money to protect it against risky Third World loans, announcing that it would add $1.9 billion (1.2 billion pounds) to its loan-loss reserve fund. Lloyds Chief Executive Brian Pitman said the move reflected deteriorating conditions among Third World debtors. “Economic and political problems have intensified in those countries, and 15 out of 29 countries have stopped paying us interest,” he said.
