U.K. Banks Report Higher FX Gains, But Down From 1992 Second Half

U.K. banks reported first half foreign exchange earnings last week that are well up on those of the first half of 1992, but as might be expected, somewhat below those of the exceptional second half of last year. Overall profits showed a handsome increase as the U.K. economy began to pull out of the recession.

Unfortunately, separate foreign exchange figures could not be obtained for all the banks: changes in accounting and reporting standards by the European Commission has meant that U.K. banks