The pain of the credit crunch hit expanded to the Co-op yesterday as the
organisation’s financial arm was forced to cut the value of a structured
Co-operative Financial Services booked a £32m writedown in its accounts, as
it revealed that pre-tax profit in its banking division for the year ended 31
December 2007 was £50.4m, down on the £76m it earned last year.
If the impact of the SIV writedown was stripped out, profits before tax at
the banking arm would have been £5.9m, or 7.7%, higher.
Co-op financial services said the writedown was in line with other banks and
insisted that the writedown was not a result of the banking division’s decision
to withdraw from the low, fixed-rate mortgage market.
Does Darwin's theory apply to taxation? Colin ponders...
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Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements