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UK Banks Face Losses On GBP112 Million Of Debts To Luminar - Newspaper

LONDON--Lloyds Banking Group (LYG), Royal Bank of Scotland Group PLC (RBS) and Barclays PLC (BCS) are set to make "significant" losses on aggregate debt of GBP112 million to Luminar PLC which collapsed into administration last year, the Daily Telegraph reports Tuesday. The creditors pulled the plug on the nightclub operator after it racked up losses of almost GBP200 million and was hit by a surge in youth unemployment, the paper adds. In a report filed at Companies House, the company's administrators Ernst & Young said that "it is still estimated that secured creditors [the banks] will experience a significant shortfall following distribution of the net fixed and floating charge realisations from the administration," the paper reports. In the report the administrator said the three banks were owed GBP112.4 million between them. Newspaper website: http://www.telegraph.co.uk -London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320

Stock News for Royal Bank of Scotland Grp. (RBS)
DateTimeHeadline
08/12/201514:30:45Citizens Bank Fined for Failing to Credit Consumers for Full...
08/06/201503:58:31Royal Bank Of Scotland Prices $3.15 Billion of Bonds
08/04/201504:10:06U.K. Sells 5.4% Stake in RBS
08/04/201504:01:13U.K. Sells 5.4% Stake in RBS -- 2nd Update
08/04/201503:40:21U.K. Sells 5.4% Stake in RBS -- Update
08/04/201502:53:13UK Financial Investments Sells 5.4% of RBS
08/03/201513:32:34U.K. Treasury Begins RBS Privatization -- Update
08/03/201512:58:15U.K. Treasury Begins RBS Privatization
08/03/201509:10:03U.K. Treasury Sounds Out Investors Over RBS Privatization
08/03/201509:01:15U.K. Treasury Prepares for Royal Bank of Scotland Privatization
07/30/201509:00:16Global Markets Waver as Investors Eye Earnings
07/30/201504:40:22Global Stocks Rise on Upbeat Earnings
07/30/201504:04:32RBS Warns of Long Wait for Dividend Despite Rise in Profit...
07/30/201503:20:09RBS Posts Rise in Profit
07/30/201502:54:56RBS Posts Rise in Profit as Retrenchment Continues
07/29/201503:30:09RBS Plans $2.2 Billion Citizens Sale
07/29/201503:20:23RBS to Raise $2.2 Billion From Citizens Stake Sale
07/28/201503:00:06Zurich Insurance Considering Offer for RSA
07/23/201511:33:51Royal Bank of Scotland In Further Disposal of Loan Portfolio
07/23/201502:54:50Royal Bank of Scotland Sells Loan Portfolio for GBP400 Million

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