17th Sep 2008 07:00
Friends Provident plc details exposure to Lehman Brothers
As at 16 September 2008 Friends Provident plc had no common stock in Lehman Brothers (Lehmans). The total nominal debt exposure to Lehmans is £18m, predominantly in the form of senior debt.
Friends Provident expects the ultimate loss from its holding in Lehmans debt to be substantially lower than its nominal exposure as a result of a number of factors, including taxes and recoveries.
Friends Provident has no direct counterparty exposure to Lehmans through derivative contracts. There is a modest security lending position that is fully collateralised.
Friends Provident is monitoring developments in markets closely to protect the financial position of all stakeholders.
Enquiries: Friends Provident, +44(0)845 641 7834, Peter Timberlake
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