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« FOMC Likely to Taper Further at Bernanke's Last Meeting | Main | Mario Draghi Says NEGATIVE Interest Rates are Possible »
Sunday
Jan262014

HSBC faces £70bn capital hole, warn Hong Kong analysts


Research firm Forensic Asia calculates that HSBC has overstated the value of the assets on its balance sheet by more than £50bn

HSBC could have overstated its assets by more than £50bn and ultimately need a capital injection of close to £70bn before the end of this decade, according to an incendiary report published by a Hong Kong-based research firm.

Forensic Asia on Tuesday began its coverage of Britain’s largest banking group with a ‘sell’ recommendation, warning the lender had between $63.6bn (£38.7bn) and $92.3bn of “questionable assets” on its balance sheet, ranging from loan loss reserves and accrued interest to deferred tax assets, defined benefit pension schemes and opaque Level 3 assets.

The broker’s note is written by two of its senior analysts, Thomas Monaco and Andrew Haskins .

Mr Monaco is a former senior bank examiner at the Federal Reserve Bank of New York and previously worked as a fund manager at FrontPoint Partners, the hedge fund that spotted the US subprime bubble. As well as this, he has also spent a decade as a banks analyst at various leading investment banks.

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