Egg at risk from bankruptcy law changes
za Scotsman.com

THE entire UK profits of online bank Egg could be wiped out by a change in
the personal bankruptcy laws, a top City analyst has warned.

Mark Thomas of Fox-Pitt Kelton said Egg was the bank most exposed to a
loosening of personal insolvency rules that will allow bankrupts to walk
away from their liabilities after only 12 months.

He said Royal Bank of Scotland was also vulnerable, having taken on a lot of
unsecured debt, while for Lloyds TSB and Barclays the impact could be as
much as 10 per cent of profits. The view comes at a sensitive time for Egg,
which has put itself up for sale.

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