ANZ sets aside $200m for monoline exposure

Melbourne-based ANZ Bank has announced a US$200 million loss provision due to counterparty risk exposures to troubled US monoline insurer ACA Capital. The provision is taken against credit default swaps entered into between 2005 and February 2007 with the New York-based monoline insurer, whose bond ratings were cut from A to CCC by S&P on December 19.

In a shareholder update, released on February 18, the bank stated that it had no direct exposure to US subprime mortgages, and expects to write

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: