Sign up to The Irish Times Archive (1859 - 2008)My Account »
Wed 09 Sep 2009IMF lowers writedowns estimate
The International Monetary Fund today lowered its estimate for global writedowns for banks and other financial institutions to $3.4 trillion but warned that loan losses were set to rise as unemployment grew.
In April the IMF estimated in its Global Financial Stability Report that global bank losses could reach $4 trillion but said it cut the figure by $600 billion to reflect rising securities values and new methodology for calculating writedowns.
Choose a Subscription type - required
