Banks told not to hide effects of credit crunch

Banks told not to hide effects of credit crunch

www.guardian.co.uk

Britain's banks were put on notice yesterday that their balance sheets will come under intense scrutiny as they near their year-end, from a company watchdog concerned that major City institutions are preparing to hide the worst effects of the credit crunch.

Auditors were also warned to take extra care when they comb through the accounts of banks and other finance companies, before giving them a clean bill of health.

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Maybe, what they mean to say, is that the watchdog is more worried about the fraud that is going on in the banking system and and just one more slip up will bring about some very serious questions.

Would be nice to think so.

But at least someone is on the tails of these scammers.

And with the cash injection of 57 billion given to northern rock, I'm sure the banks are gonna do all they can to cook the books, oops, i mean make thing look like all is ok..



www.guardian.co.uk
(visit the link for the full news article)