Banks slam structured finance accounting change

New accounting guidelines changing the way in which complex structured credit instruments are valued have had a dramatic impact on UK banks' earnings announcements. Coming at a time when investors are easily spooked, the revised guidelines are causing fury in boardrooms across the City.

Bradford & Bingley was the first UK bank to release its quarterly results under the new regulations, which saw the bank forced to shift its CDO writedowns from its balance sheet to its profit-and-loss account. The

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