A&L shares slump 12% on £192m write-downs

The bank says it has written down on Treasury assets, including a £53m reduction in the fair value of some assets and a £139m impairment loss charge relating to others. However, the bank says it has funding secured as far ahead as the second quarter of 2009 and pointed out arrears were '”significantly better than the [Council of Mortgage Lenders] industry average.” Mortgage payments three months or more in arrears were 0.57% of the total as of April 31, it says. A&L shares were down 61.25 points, or 12%, as at 11.22am, but this may level out as the bank has moved to reassure borrowers. ...