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The impact of environmental risk on the UK banking sector

McKenzie, George and Wolfe, Simon (2004) The impact of environmental risk on the UK banking sector Applied Financial Economics, 14, (14), pp. 1005-1016. (doi:10.1080/0960310042000261880).

Record type: Article

Abstract

The aim of this paper is to examine the tensions that face the UK banking sector in assessing and managing credit risks associated with actual or potential environmental damage arising from the activities of borrowers. It was found that banks were more concerned with the reputational effects associated with lending to a polluter than with credit risk assessment. Concern exists with the potential legal risks arising from the application of the principle of joint and several liability by courts in cases involving environmental damage caused by borrowers. The paper concludes that further research is required on the role of (a) the supply chain in credit risk assessment and (b) partnership contracts between borrower, lender and environmental agencies.

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Published date: 2004

Identifiers

Local EPrints ID: 35960
URI: http://eprints.soton.ac.uk/id/eprint/35960
ISSN: 0960-3107
PURE UUID: bc70df81-2773-496b-92ad-fcd057196b3e

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Date deposited: 24 May 2006
Last modified: 17 Jul 2017 15:46

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Contributors

Author: George McKenzie
Author: Simon Wolfe

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