VOA常速英语2008年-Britain's Biggest Bank Takes $17 Billion Hit on

By Tom Rivers
London
03 March 2008

Britain's largest bank, HSBC, has written off $17.2 billion in bad debt after the U.S. housing market slide hit the value of its loans in 2007. The annual loss is the largest reported amongst Britain's big five mortgage lenders. For VOA, Tom Rivers in London reports.

The record HSBC write off is larger than the next four British banks combined.

HSBC Chairman Stephen Green admits the global financial system had come under what he calls 'extreme strain' in 2007.

As to 2008, he says the outlook is uncertain, but he warns the economic slowdown and the credit difficulties in the United States may get worse before getting better.

Despite the massive write down due to the U.S. credit problems, gains elsewhere around the world kept HSBC in profit.

Market analyst¹ David Buik from the London brokerage firm BGC Partners says wise choices outside of the U.S. more than covered the debt damage.

"Strong in Asia; China, India and also other emerging nations and a terrific presence in the United Kingdom as well and this is why unlike the other banks, particularly Royal Bank of Scotland and to a lesser² degree Barclays, they produced such a stellar set of number for the second half of the year where profits were up by 17 percent," he said. "Whereas everybody else has been scuttling³ around trying to work out these provisions for bad debt, HSBC has done that but despite it, managed to do very well."

For the year in total, HSBC profits rose 10 percent to $24.2 billion.

Given the problems in the U.S. market, HSBC is restructuring its operations there. It has reduced the amount of credit it extends and it is closing about 400 of its U.S. branches.

In other banking⁴ news, Britain's Barclays Bank announced Monday that it has agreed to buy Russia's Expobank for $745 million. Expobank has 32 branches mostly in Moscow and St. Petersburg. Subject to regulatory approval, the deal is expected to be completed by midyear.

1 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

2 lesser   

adj.次要的，较小的；adv.较小地，较少地

参考例句：

• Kept some of the lesser players out.不让那些次要的球员参加联赛。
• She has also been affected,but to a lesser degree.她也受到波及，但程度较轻。

3 scuttling   

n.船底穿孔，打开通海阀（沉船用）v.使船沉没( scuttle的现在分词 )；快跑，急走

参考例句：

• I could hear an animal scuttling about in the undergrowth. 我可以听到一只动物在矮树丛中跑来跑去。 来自《简明英汉词典》
• First of all, scuttling Yu Lung (this yuncheng Hejin) , flood discharge. 大禹首先凿开龙门（今运城河津市），分洪下泄。 来自互联网

4 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。