Major banks suffer Y588 bil of subprime losses
TOKYO —
Eight major Japanese banking groups suffered a total of 588 billion yen in losses from their U.S. subprime mortgage-linked exposure in April-December 2007, Financial Services Agency data showed Friday.
Of the eight groups, Mizuho Financial Group Inc logged 345 billion yen in subprime-related losses in the first three quarters of fiscal 2007. Losses came to 55 billion yen at Mitsubishi UFJ Financial Group Inc and 99 billion yen at Sumitomo Mitsui Financial Group Inc.
An FSA official said the subprime impact on the eight banking groups has not been big since their combined core capital stands at about 23 trillion yen.
Still, the agency remains alert because subprime-related losses may swell for the whole of fiscal 2007 that ends on Monday due to recent financial market turmoil.
JCN
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some14some
Doesn't matter, should they face liquidity problem tax payers money is readily available for immediate disposal.
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Scrote
Many banks are putting off reporting their losses until the end of the fiscal year. We'll see the true figures emerge next week (unless the banks start illegally hiding their losses, as they did in the past).
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