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Monday, February 7, 2011

UK banks at risk from property loans


Commercial property owners and developers in Britain are in breach of covenants on four out of every five loans, with 194 billion pounds ($309bn) at risk, according to an unpublished report for the Bank of England.

Lenders with ₤243 billion outstanding to commercial property companies are still heavily exposed to bad loans and could take heavy losses in the coming years.

The Bank of England Commercial Property Forum said that three years on from the start of the credit crunch many of the key property loan risks identified in 2009 were still relevant.

The forum, which prepared the report on behalf of the cross-industry Property Industry Alliance, was set up after the 1992 property crash to keep the Bank informed about the state of the property market and its impact on the wider economy. It reports to the Bank twice a year and its findings are included within the Bank's Financial Stability reports.

British banks and building societies account for ₤150bn of the debt, with the rest spread across overseas banks and the commercial mortgage-backed securities market.

The forum said that most outstanding property loans - about 80 per cent - had breached their loan-to-value covenants and that loan risk was increasing, with borrowers struggling to pay interest as rents declined for secondary and tertiary properties.

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