Bank of Nova Scotia today announced that in its fourth quarter 2007 results there will be mark-to-market write-downs on non-Bank asset-backed commercial paper (ABCP) and structured credit instruments of approximately $190 million ($135 million after-tax).Scotiabank also announced that as a result of the bank’s domestic and international interests in Visa Inc., it will record a […]
Net impact on fourth quarter earnings expected to be modest
The International Organization of Securities Commissions has launched a task force on the subprime crisis to review the issues facing securities regulators following the recent events in the global credit markets. The task force will conduct a preliminary review of the issues raised by these events in order to identify any implications for securities regulators […]
Swiss banking giant UBS AG today announced a likely third-quarter loss, and a management shakeup, as it was hit by sub-prime woes. UBS said that following a write down of positions in fixed income, rates and currencies, it is likely to record a pre-tax loss of between 600 million and 800 million Swiss francs. It […]
Market likely to go through lengthy adjustment period
Canada to sidestep U.S. subprime woes
Sub-prime bad news is likely far from over
After spreading the risk everywhere through securitization, banks and brokers are now facing some difficult choices
Ratings agency primarily concerned about wholesale banks
Less than 5% of total net revenue attributable to subprime mortgage activities, Fitch says