Evening Standard - London, September 4th, 2007
EFFORTS by Alliance Leicester to reassure investors about its exposure to the subprime mortgage collapse have fallen on deaf ears in some parts of the Square Mile. AL shares fell 6p to 1054p today despite the mortgage lender insisting that it had no direct exposure to the US subprime lending crisis and that conditions in the funding and liquidity markets have no material impact on profits or franchise growth. It said it had not been significantly hit by recent changes in Libor, the interbank lending rate, and its variable-rate retail- funding base continued to be greater than its mortgage bo...
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