''UK banks have £40bn of undeclared debts''

From The Bureau Investigates

''A leading consultancy group, PIRC, has reported that Britain’s top five banks are sitting on more than £40bn of undeclared debt.

Having analysed  all of HSBC’s and Standard and Chartered’s 2011 accounts and 40% of nationalised Lloyds Banking Group and 80% of nationalised Royal Bank of Scotland (RBS) accounts of the same year, PIRC reported that each had billions in losses they had yet to declare on their balance sheets.''

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