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Bank reveals fraud crime figures

Published on 17 Aug 2009 under category: legal

Bradford and Bingley has revealed potential losses of more than £270 million due to fraud crimes for the first half of 2009.

The firm has allocated a figure of £270.8 million to fraud crimes and professional negligence in its figures for the six months leading up to June 30th.

Meanwhile, the nationalised mortgage lender revealed that it lost £160 million during this period before tax.

This compares to deficits of £26.7 million for the first half of last year.

Richard Banks, managing director for the firm, commented that it is "meeting its targets".

He added: "While looking after taxpayers' interests, we are also helping those customers facing genuine hardship."

In other news, last week the Serious Fraud Office decided against launching a full investigation into the demise of MG Rover.

The fraud crimes body had been looking into the collapse of the automotive firm to determine whether criminal activity was present before it shut down.