No Liquidity Problems, Lloyds TSB Claim

Fri, 14 Sep 2007

Lloyds TSB Group, Britain’s number one personal loans provider, and Bradford and Bingley Plc said they have no liquidity problems following sought after emergency funding by Northern Rock Plc from the Bank of England due to the current money market turmoil.

Lloyds spokeswoman Kirsty Clay, in an e-mailed statement today, said: "We take a very prudent approach to the management of our liquidity and we continue to have a large variety of different funding sources available to us."

"As you would expect from a 'Triple A' rated bank, we are well able to cope with any changes in the market."

Providers of one in five loans to UK landlords, Bradford and Bingley said it is "well funded" after recently completing a "sizeable securitization and a covered bond transaction in May and June", according to spokeswoman Nickie Aiken.

Shares in Northern Rock plunged as much as 26 per cent to a six-year low in London after the company said it will get a short-term credit line to keep operating. Lloyds's shares fell 2.4 per cent to 521.5 pence yesterday morning, while Bradford and Bingley stock dropped 6.4 per cent to 334.5 pence.
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