Bank exposure to US credit problems
Source: http://japanjapan.blogspot.com/2008/12/bank-exposure-to-us-credit-problems.htmlPosted on Saturday, December 20th, 2008 | In Japan
Aozora Bank…”Aozora Bank Ltd., a midsize Japanese bank, said Tuesday it has up to 12.4 billion yen ($137 million) in indirect exposure to the massive Ponzi scheme run by Wall Street money manager Bernard Madoff…the development represents an unneeded distraction for the struggling lender, whose top shareholder is U.S. private-equity fund Cerberus Capital Management.”
US GSE’s…”Japan’s private-sector financial institutions held slightly more than 10 trillion yen ($95 billion) in debt securities issued by U.S. mortgage lenders such as Fannie Mae and Freddie Mac as of the end of the fiscal year in March.”
Japan major banks’ seen having $3B in Lehman debt…”The worst hit among the major banks in Japan was Sumitomo Mitsui Financial Group with 103.4 billion yen (US$990 million) in exposure to Lehman, mostly in loans, according to Shinichi Ina at Credit Suisse in Tokyo. Such exposure at regional Japanese banks is estimated at about 66 billion yen (US$632 million), with 39 of the 87 listed regional banks having some kind of exposure to the Lehman group, Ina said, using information he had obtained from the banks.”
Japan’s banks count cost of US sub-prime crisis…”Japan’s megabanks are this week counting the cost of the US sub-prime crisis, with annual earnings reports showing combined losses for the last financial year edging towards ¥1 trillion (£4.9bn).”
Relative to other non-US banking sectors, Japan’s banks appear to have avoided exceptional losses so far.
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 About Scott Peterson (http://japanjapan.blogspot.com/)
Japan Economy Watch is a weblog run by Claus Vistesen, Scott Peterson and Edward Hugh which follows the day to day progress of the Japanese economy. The principle focus of the weblog is Japan's long term growth and deflation problem, and many of the posts examine the issue of the sustainability of Japanese public finance in the light of the weak domestic consumption record which appears to be related to the ageing question. Ageing produces a continuing and ongoing rise in median ages due to continuing low fertility and the rapid increases in life expectancy which Japan has been experiencing. Detailed arguments concerning the evolution of the Japanese economy can be found in the posts indicated under the "Worth A Read" heading which can be found on the Weblog Home Page |
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