RE: Gold: A Journey With Idris Elba7 Oct 2023 19:04
BRUTAL - from the FT article:
'Why has no bank bought Metro? It trades at a tenth of its book value. Even paying a pound for all of it would trigger fair valuation accounting under IFRS 3, says Autonomous, revealing a need for more capital. An overvalued property estate, on very long leases, plus negative revaluations to its mortgage and securities portfolios could force a buyer to stump up Β£1.3bn to cover valuation losses.'
All of the banks are sitting on mark-to-market losses which the BoE is letting slide... Letting banks like Lloyds do buy backs instead of strengthening their balance sheets is sheer negligence.