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April 1, 2008, 5:18 a.m. EDT

European banks' subprime write-downs top $68 billion

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The following is a list of subprime-related write-downs made by European banks up to April 1. The banks have taken over $68 billion of charges and write-downs due to the crisis so far.

UBS AG /zigman2/quotes/206172872/composite UBS -1.96% is by far Europe's biggest victim of the current financial crises and said Tuesday it had made an additional $19 billion in write-downs of illiquid real estate assets, prompting it to flag a first-quarter net loss of CHF12 billion. In 2007 the bank made write-downs of around $18 billion.

Germany's Deutsche Bank AG /zigman2/quotes/203042512/composite DB -1.62% also on Tuesday said that it expected write-downs of EUR2.5 billion (3.91 billion) in the first quarter. It had said Oct. 31 that it would write-down around EUR2.2 billion ($3.25 billion) on subprime exposure in the third quarter, mainly on CDOs and residential mortgage-backed securities. It had said that it had managed to avoid further write-downs in the fourth quarter after the Oct. 31 announcement.

France's Credit Agricole SA (4507.FR) on March 5 said that it would take EUR3.3 billion ($5.02 billion) in write-downs, driving the bank to a fourth-quarter loss of EUR857 million.

The U.K.'s Barclays PLC /zigman2/quotes/206581728/composite BCS -3.28% said Feb. 19 that net write-downs totaled GBP1.64 billion ($3.25 billion) in 2007.

France's Societe Generale SA (13080.FR) on Jan. 24 announced a EUR2.6 billion ($3.03 billion) write-down. It also wrote-off EUR4.9 billion due to alleged fraud by a single trader. On Feb. 21 it confirmed that it made a fourth-quarter net loss of EUR3.35 billion.

Switzerland's Credit Suisse Group /zigman2/quotes/202835784/composite CS -2.73% Feb. 19. announced ($2.85 billion) in write-downs that it said would knock $1 billion off first-quarter net profit.

On March 20, it became the first European bank to warn that market conditions were worsening, particularly in March, and that it would likely report a first-quarter net loss.

Royal Bank of Scotland Group PLC on Feb. 28 said full-year net write-downs and other costs came to GBP1.16 billion ($2.30 billion) in the year.

HSBC Holding PLC said on March 3 that it made a total $2.1 billion in write-downs on asset-backed securities and credit trading positions, leveraged and acquisition financing positions, and monoline credit exposures.

Belgium's Fortis NV Jan. 28 said fallout from the subprime crisis could have an impact of up to $1.48 billion on its bottom line.

Commerzbank AG (CBK.XE) in February said subprime-related write-downs in 2007 were EUR583 million ($914 million) and later warned that more could come this year.

BNP Paribas SA (13110.FR) 10) on Jan. 30 said it had written off EUR589 million ($870 million), mainly due to the group's rising counterparty risk on monoline insurers.

Lloyds TSB Group PLC /zigman2/quotes/200709414/composite LYG -3.05% on Jan. 30, reported a 17% rise in full-year 2007 net profit, as substantial gains on disposals outpaced the negative impact from market turmoil totaling GBP280 million ($555 million) at the pretax level.

HBOS PLC (HBOS.LN) said on Feb. 27 that its 2007 net profit rose 3.8%, even though it had to hike write-downs on investments to GBP227 million ($450 million) from the GBP180 million flagged in December.

Bradford & Bingley PLC (BB.LN) on Feb. 13 reported a 48% fall in 2007 net profit as it wrote down the value of its treasury assets and on "other fair value movements" on treasury instruments, totaling GBP167.6 million ($332 million).

Standard Chartered PLC (STAN.LN) said on Feb. 27 it was previously directly invested in the structured investment vehicle Whistlejacket, but since the market turmoil started in the fall, it had taken assets out of the SIV, and said the impact on Whistlejacket and on its asset securitization portfolio was $300 million.

Alliance & Leicester PLC (AL.LN) said on Jan. 29 that it booked impairment and fair-value write-down charges of GBP185 million ($273 million) on its treasury investment.

Dutch financial services company ING Groep NV /zigman2/quotes/203566071/composite ING -2.63% ING said Nov. 7 it had no material impairments on EUR 3.1 billion worth of portfolio of investments.

-By Digby Larner, Dow Jones Newswires; +33 1 4017 1748; digby.larner@dowjones.com

Corrected April 2, 2008 10:01 ET (14:01 GMT)

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$ 12.03
-0.24 -1.96%
Volume: 1.94M
Sept. 18, 2020 4:00p
P/E Ratio
9.75
Dividend Yield
1.51%
Market Cap
$43.30 billion
Rev. per Employee
$703,264
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/zigman2/quotes/203042512/composite
US : U.S.: NYSE
$ 9.09
-0.15 -1.62%
Volume: 3.09M
Sept. 18, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$18.72 billion
Rev. per Employee
$493,032
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/zigman2/quotes/206581728/composite
US : U.S.: NYSE
$ 5.02
-0.17 -3.28%
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Sept. 18, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
2.87%
Market Cap
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Rev. per Employee
$458,292
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/zigman2/quotes/202835784/composite
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$ 10.68
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P/E Ratio
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Dividend Yield
0.52%
Market Cap
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$743,916
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/zigman2/quotes/200709414/composite
US : U.S.: NYSE
$ 1.27
-0.04 -3.05%
Volume: 8.40M
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P/E Ratio
62.25
Dividend Yield
4.38%
Market Cap
$23.15 billion
Rev. per Employee
$438,332
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/zigman2/quotes/203566071/composite
US : U.S.: NYSE
$ 7.77
-0.21 -2.63%
Volume: 3.59M
Sept. 18, 2020 4:00p
P/E Ratio
5.65
Dividend Yield
0.00%
Market Cap
$30.53 billion
Rev. per Employee
N/A
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