Finding a balance

Large Exposures

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The risk posed by large exposures to single counterparties has leapt up most managers' agendas in recent months. Hefty writedowns by investment banks of their US subprime mortgage exposures, the revelation by Société Générale that a rogue trader had cost it EUR4.9 billion, and the near collapse and subsequent acquisition of Bear Stearns has hammered home that large, highly rated counterparties are not as safe as once thought.

The treatment of large exposures had attracted regulators' attention m

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