• Contact
  • Feedback
Banking Day
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • Resources
    • Industry events
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

Clydesdale explains UK provisions

19 May 2014 3:25PM
The review by Clydesdale Bank of interest rate hedging products is "significantly further advanced" than its review of tailored business loans, NAB's UK subsidiary disclosed in its half-year financial statements.The bank has a long running "review and redress exercise on sales of certain interest rate hedging products to small and medium businesses," sometimes on loans dating back to the mid 2000s.Clydesdale said it "embarked on a formal program to identify small and medium sized customers that may have been affected, and where due, pay financial redress."The bank is "also dealing with a number of claims by customers in relation to tailored business loans not currently in scope of the review," it said. Clydesdale said it "reassessed the level of provision considered necessary", lifting provisions by £114 million, taking the total provisions raised in respect of interest rate hedging products to £181 million.

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use