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’Hung out to dry in emerging Europe
Once upon a time foreign ownership of domestic banking sectors was deemed a “rating strength” in central and eastern Europe.
Before the financial crisis, foreign banks had demonstrated their willingness and ability to support their subsidiaries,
What a difference six months makes, in the CEE
In early 2009, central and eastern Europe (CEE) was the region “most blighted by the financial crisis”, as Lex reminded us last week. There were real concerns for foreign banks with big CEE exposure – above all from Austria,
Stress-testing Eastern Europe
Well, not Eastern Europe per se, but Western banks’ exposure to the region.
Merrill Lynch’s Global Economics team has done a bit of analysis (emphasis FT Alphaville’s):
A simplistic stress test on Emerging European exposure at listed Western European banks shows the potential for an incremental €13bn of losses.