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ECB faces significant losses from exposure to defaulted banks |
The European Central Bank is facing large potential losses arising from exposure to €10.3 billion of assets left behind from defaulting bank counterparties to the euro system last autumn. In addition to Lehman Brothers, three Icelandic banks (Glitnir, Kaupthing and Landsbanki) and Dutch bank Indover have defaulted. Among the assets that the ECB has been left holding is a collateralized debt obligation containing deteriorating commercial real estate assets.
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