Barclays CEO: Too Soon to Call UK Bad Debt Peak

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00027271-barclays-ceo-too-soon-to-call-uk-bad-debt/

by Patrick Lunsford CollectionIndustry.com

The CEO of Britain?s credit card giant Barclays said today that it was too early to say whether bad debts had peaked in the UK. The statement comes after the company reported a 50% increase in impairment charges in the first-half of 2006.

“It’s too early to call a turn. The environmental conditions that are putting pressure on some UK households remain, but I can see in our performance in the first half the business responding to action we took in 2005,” John Varley told reporters on a conference call.

Barclays? finance director, Naguib Kheraj, also commented that bad debt at the firm should come down due to tighter credit policies but that effect might not be felt in 2006.

Barclays CEO: Too Soon to Call UK Bad Debt Peak

Unknown Author

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