Website review: Indiainfoline.com-Top stories,Lead...
rodneyj43 discovered this in Politics
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rodneyj43 discovered 3 months ago- Perhaps the Asian markets are beating us at our own capitalist games? Well, apparently they might have diversified their assets enough to be only slightly effected by US mortgage market (unlike the Europeans, apparently). i.e. they didn't just jump on the jolly green band wagon; they jumpped off the gravy train and thus saved themselves some pain. Global economic leaders indeed, perhaps Caucasian greed will be our undoing. Asian banks remain relatively unaffected by credit crisis: Crisil From the page: "An assessment by Crisil of data currently available indicates that most Asian financial institutions, and global institutions with dominant Asian exposures, remain relatively unaffected by the current global credit crisis. These institutions were shielded by their asset mix, which primarily consists of Asian credit and related assets. Their aggregate exposure to US mortgage-backed assets is, in contrasts, much smaller. Raman Uberoi, Senior Director, Crisil, "The highest write-down reported so far by any Asian financial institutions are less than 6% of the worldwide total. Major US and European financial institutions have, on the other hand, reported much larger losses; the five worst-affected players have contributed more than 40% of the total write-downs and credit losses so far." The total write-downs and credit losses worldwide so far are estimated to be in excess of US$300bn; nearly all prominent financial institutins have been affected, though to varying degress. The largest impact of the credit meltdown has been felt by banks, broker-dealers, and investment banks, with large exposures in the US mortgage-backed security, collateralised debt obligation, and leveraged loan markets, and operating mainly in the US and Europe. However, not all US and European institutions have been hit equally hard. Tarun Bhatia, Head, Corporate and Government Rating, Crisil ratings, comments "There are institutions based in the US and Europe that are relatively mildly affected. For example, although BNP Paribas and Standard Chartered Bank have not been immune to the sub prime mortgage market problems, the impact has been comparatively small. Standard Chartered Bank in particular has a significant portion of its assets deployed in Asia; we believe this has contributed in large measure to its relative immunity to the sub prime fallout." Although Asian financial institutions are relatively small on a global scale, many of then are today much more global in their exposures than before. Even so, a comparison of the level of write-downs to size indicates that Asian institutions, and banks with dominant Asia exposure, have generally fared better than other global banks."
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