The U.K.'s top 5 banks - RBS, BCS,LYG, HBC, SCBFF.PK - have £40B in undeclared losses, according...

|By:, SA News Editor

The U.K.'s top 5 banks - RBS, BCS,LYG, HBC, SCBFF.PK - have £40B in undeclared losses, according to PIRC, which says the accounts have been flattered by a 2005 change in accounting standards. The result is dividends and bonuses being paid out on profits that aren't there. Worst is RBS, which could potentially need another bailout if the losses were declared.