ICG reports £67m loss

London-based mezzanine specialist Intermediate Capital Group has reported an annual loss of £67m, its first negative annual return in 20 years.

The figures represent a signficant decline on last year, when the group reported a profit of £230m.

The firm says that the decline is the result of an increase in provisions for defaulted loans, which stand at £103m and have pushed net provisions to £273m against just £46m in 2008.

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