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Mon 04 Apr 2008Loans to builders big threat to banks
Credit default swaps underwrite banks' risks when they borrow money. As this cost rises, institutions are left vulnerable, writes MORGAN KELLY
WHILE THE recent roller-coaster ride of Irish bank stocks has been grabbing attention, more important and potentially more worrying developments have been taking place in a market of which few people have heard: the market for credit default swaps (CDSs).
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