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Have We Seen The Last Of The Major Credit Crunch Loses?

Just a few short weeks ago the UK stock market was awash with banks going cap in hand to shareholders for money to bail them out of what had become a serious situation. Now that many of the major UK banks have been recapitalised there seems to be something of a new acknowledgement that while there is still more pain to follow we have seen the worst. But is this true?

The US market has obviously been hit hardest which then moved on to the UK and other major markets around the world with some distasterous loses and seriously weakened balance sheets emerging from the dust. But have we really seen the credit crunch mortgage default numbers that appeared in the US? Have we seen UK banks stepping forward to confirm UK based loses?

There is a feeling that much of the pressure and loss of confidence at the moment is based upon the knock on affect from the US, with the UK markets not yet hitting rock bottom. We are slowly seeing mortgage default numbers rise and there is an underlying concern about sub-prime mortgage deals such as those on the books of Northern Rock - where some customers were offered mortgages of 110% at the height of the property market.

While UK loses would not be on the scale of those seen in the US, there is every chance that we have yet to see all of the UK banking investment loses brought out into the open.

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