04-04-2008
Co-op announces investment write-downs
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
Co-operative Financial Services (CFS) has announced details of an investment write-down, it has emerged.
The organisation has confirmed its decision to reduce the value of holdings in structured investment vehicles (SIVs), thereby reducing banking division profits for 2007 to £50.4 million.
Overall, the organisation's write-downs connected with SIVs come to a total of £32 million.
Two years ago, the banking division's profits were £76.3 million.
In related news, the head of mortgages at Co-operative Bank John Barker, recently confirmed the company's commitment to the UK's mortgage sector.
"The Co-operative Bank is fully committed to providing quality mortgage products in the current economic climate and developing strong and growing relationships with both new and existing customers," said Mr Barker.
However, Mr Barker stressed that it was not the company's policy to increase its volumes of mortgage business "at any cost".
CFS has a history going back to 2002.