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
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