A&L reports 30% profit fall - papers 20 February

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Alliance & Leicester reported a 30% fall in profit last year after being hit by a £185m writedown on its investments in the credit market, The Times reports.

Britain's seventh-largest bank revealed this morning that pre-tax profit plunged from £569m for 2006 to £399m for the 12 months to December 31. The bank last month said that it would take a £185m charge on its investments in structured investment vehicles (SIVs) and collateralised debt obligations (CDOs), after they lost value in the global liquidity crisis. The write-down was more than three times higher than an estimate given late last year of £55m. The bank has £15bn worth of exposure to the credit markets. BARCLAYS PRESIDENT BOB DIAMOND is preparing an assault on Wall Street's bigge...

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