Chelsea Building Society GBP30m Loss
Published / Last Updated on 08/03/2009
Chelsea Building Society £30m Loss
Chelsea Building Society has revealed a significant loss of £29.2m.
The society claims that losses have been made on the back of a £55m exposure to failed Icelandic Banks.
In short, Chelsea was banking investors money with the higher risk Icelandic attracting higher interest rates and then offering lower returns to Chelsea investors. All losses have been absorbed by Chelsea and not passed on to investors.
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