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French bank admits trading loss
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by Dave Keating | October 17, 2008 at 02:14 am
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With France now officially in a recession ad the global markets reeling, this revelation from a French bank that it lost 600 million euros in a derivatives trading incident last week couldn't have come at a worse time.
The French bank Caisse d'Epargne has admitted it lost 600m euros ($807m; £466m) in a derivatives trading incident last week.
In a statement, the bank said that the losses would not threaten its financial viability or affect its customers.
It blamed the extreme volatility in the markets in the week of 6 October for the incident.
Caisse d'Epargne announced on 8 October that it is to merge with another mutual bank, Banque Populaire.
Most RecentMost Recommended Comments (2)
at 02:36 on October 17th, 2008
Dave Keating, I like this story. It's good stuff.
this is never ending story, ots like chain reaction, let us see how many countries are going to be ruined un this US led financial crisis.
at 05:51 on October 17th, 2008
Dave Keating, I like this story. The Banks speculated with Natexis. Now at an end. The new bank law should avoid the merger of 2 already bancruptcy driven banks