Dresdner hit by credit crisis; BNP in the clear

Dresdner Bank has seen a sharp drop in income in the wake of the summer's upheavals. The bank reported a total of EUR575 million in losses in the quarter to September 30. EUR350 million relates to its EUR7.9 billion exposure to ABS, with the rest stemming from the effects of the crisis on its EUR5 billion leveraged loan commitments and other credit products. The bank has EUR2 billion exposure to subprime ABS. So far this year it has written down its ABS book by a total of EUR416 million.

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