Bradford & Bingley upbeat but writedowns worry rating agencies

UK banks began revealing their end-of-year results last month, with Bradford & Bingley's sizeable writedowns bringing fresh fears over the stability of the sector.

Bradford & Bingley (B&B) posted writedowns of £225.6 million, halving its pre-tax profits to £126 million. These include treasury asset impairments of £94.4 million, a loss on sale of commercial and housing association portfolios of £58 million, hedge ineffectiveness of £23.5 million and other fair-value movements on treasury

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