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 Standard & Poor's on December 19. Monolines have been in distress as they struggle to meet obligations on their CDO of ABS exposures in the struggling US subprime mort

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