Russell Down, chief executive of Speedy Hire, which will take a £2 million hit following the failure of CarillionA Bank of England official said that the losses suffered by banks after Carillion’s collapse were “entirely manageable”, as listed subcontractors and investors sought to reassure the stock market. Sam Woods, deputy governor in charge of the Prudential Regulation Authority, told MPs yesterday that he had found little to be concerned about when checking the exposure data for banks and insurers. Shares in Van Elle, a piling engineer that worked as a subcontactor to Carillion, fell 7.8 per cent at 88½p after it said that its exposure to the collapse stood at about £4.1 million. It told investors that it “successfully undertook several contracts for Carillion during December in respect of which payment has been applied for but not yet been received”, creating a £1.6…

Source: The Times January 17, 2018 00:08 UTC