Search
 

Banks Take Greek Hit

RBS, Commerzbank and Credit Agricole book losses on Greek debt holdings.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Royal Bank of Scotland Group Plc, Commerzbank AG of Germany and France’s Credit Agricole SA booked losses on their Greek government debt two days after creditors agreed to the biggest sovereign restructuring in history.

RBS, Britain’s biggest government-owned lender, posted a wider-than-expected full-year loss after taking a sovereign-debt impairment of 1.1 billion pounds ($1.7 billion). Commerzbank, Germany’s second-biggest lender, booked a 700 million-euro ($1.1 billion) writedown on Greek debt in the fourth quarter. Credit Agricole, France’s third-largest bank, reported a quarterly loss after 220 million euros in impairments on Greek debt.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

 

Recommended Stories

Russia Sanctions Will Hit Pensions

Laura Benitez & Loukia Gyftopoulou |

Pimco execs told the U.S. Treasury that a Russian default would actually give President Vladimir Putin more money for his war efforts.

Employer Considerations in a Post-Roe Environment

Employer Considerations in a Post-Roe Environment

Michael Hepburn, Bonnie Burke, Laura Taylor, Deepa Menon, and Catherine Beaver |

Here's what employers need to consider regarding employment law, medical plan coverage, and employee privacy.

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2022 ALM Global, LLC. All Rights Reserved.