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When will we see UK bank debt figures out in the open?

Over the last 12 months we have heard many rumours about significant bad debts in the UK banking sector although as yet, with the Royal Bank of Scotland aside, we have not really seen any massive write-offs which compare with the rumoured bad debts. There are concerns that many of these potential bad debts have yet to be crystallised because of the situation in the UK property market and will not be available until the market recovers and interest begins to rise. Until then are we running the risk of a potential massive write-off regarding bad debts in the UK banking sector?

As much as the financial headlines have made great mileage out of the substantial debt write-off so far in the UK banking sector there are more spectacular write-offs to come. The problem the sector is experiencing is the fact that many assets which would be sold off to reduce any outstanding debts are not yet attracting significant interest to get a fair price. As we touched on above, it will only be when the UK property market recovers and interest returns that ultimately UK banks will be able to call-in more bad debts and dispose of assets to cover debt as much as possible. Many believe the issue of bad debts and bad debt write-offs is yet to really materialise in the UK.

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