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巴曙松教授,博士,国务院发展研究中心金融研究所副所长,研究员,博士生导师,享受国务院特殊津贴。    巴曙松教授在银行、证券、基金、企业年金等领域有过10余年的实践工作经验,熟悉商业银行风险管理、基金与年金运作,参与中银香港海外重组上市项目,主持起草了《中银香港风险管理政策与流程》。目前的主要研究领域为金融机构风险管理与金融市场监管、企业融资问题与货币政策决策,出版了国内第一本系统研究巴塞尔新资本协议的《巴塞尔新资本协议研究》(中国金融出版社2003年版)

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european banks harder hit by credit crunch 欧洲  

2008-06-07 09:15:06|  分类: 默认分类 |  标签: |举报 |字号 订阅

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loss, $387bn in total, Europe, 200; US, 166.
captial rasied, Europe 125.5; U.S. 141.
 
 

European banks harder hit by credit crunch

FT. By Gillian Tett in London

 

Published: June 5 2008 19:55 | Last updated: June 5 2008 19:55

European banks have now suffered considerably more losses because of the credit crunch than their US rivals, even though the turmoil was first triggered by problems in the US subprime mortgage market.

Of the $387bn in credit losses that global banks have reported since the start of 2007, $200bn was suffered by European groups and $166bn by US banks, according to data from the Institute of International Finance, a Washington-based banking group.

The pattern appears to have arisen because the success of US banks and brokers in selling packages of subprime securities and other linked instruments to European groups in recent years.

However, the data also show that European institutions have raised only $125.5bn of capital to compensate for the losses compared with nearly $141bn raised by their US rivals.

This discrepancy is likely to make investors scrutinise the balance sheet position of European institutions as it implies that European banks will either need to raise more capital or cut their lending.

"American banks have reported smaller losses than European banks ... while raising slightly more capital," the IIF says, noting that the vast majority of losses are linked to swings in the market price of instruments, rather than tangible credit defaults.

This is a contrast to the pattern seen in previous crises such as the US Savings and Loans crisis, when the bulk of losses was experienced by local banks.

In recent years, investment banks have become adept at slicing and dicing risk into securities which can then be sold to investors across the world. Regulators believe this has made it easier for the banking system to absorb the recent credit turmoil as the pain has been spread.

"The risk of subprime mortgages has been dispersed to Europe and Asia, and within the euro area, bank losses were relatively widely spread," Imene Rahmouni-Rousseau, head of the financial stability division at the French central bank, told a conference of bankers this week.

However, this dispersion of losses has also made it hard for regulators or investors to predict which institutions would be vulnerable to problems. For example, German lender IKB's losses came as a shock last year since policymakers had not previously known that the group was so exposed to US mortgage markets.

Concern also remains that some European groups are still being slow to reveal exposures

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