FACTBOX-Europe's banks reap H1 gains on own debt
2010-08-27 13:06 (UTC)
Aug 27 (Reuters) - Mark-to-market gains booked on banks' own
debt are making a comeback.
The controversial accounting practice, criticised during the
financial crisis, allows banks to book gains as the value of
their own debt falls. The paper gains are rarely realised as the
banks would have to buy back their debt to take the profit.
Following is a table of gains on own debt in the first half
of 2010 at 11 major European banks in U.S. dollars. Comparable
figures for 2009 and 2008 are given where possible:
All figures in millions of dollars, converted from euros at
a rate of $1.2707, except where indicated:
OWN DEBT GAINS/LOSSES
H1 2010 FY 2009 FY 2008
BARCLAYS * 1,322.1
BNP PARIBAS 298.8 -651 754
CREDIT AGRICOLE 70 -641 874.3
CREDIT SUISSE ** 937.3 -4,348.4 4,988
DEUTSCHE BANK 179.1 -454.8 462.4
HSBC 1,085
ING 31.8 -91.5
LLOYDS * 2,055.6
RBS * 699.1
SOCIETE GENERALE 452.8 -915.7 479.5
UBS ** 339.5 -1,973.2 1,982
* Converted from British pounds at a rate of $1.5535
** Converted from Swiss francs at a rate of $0.9757
Not included in the list are Spain's Banco Santander and
BBVA, which said it did not account for own-debt revaluations,
while Italy's Intesa Sanpaolo said gains were 'not significant',
and UniCredit said it would release the figures at a later date.
2010-08-27 13:06 (UTC)
Aug 27 (Reuters) - Mark-to-market gains booked on banks' own
debt are making a comeback.
The controversial accounting practice, criticised during the
financial crisis, allows banks to book gains as the value of
their own debt falls. The paper gains are rarely realised as the
banks would have to buy back their debt to take the profit.
Following is a table of gains on own debt in the first half
of 2010 at 11 major European banks in U.S. dollars. Comparable
figures for 2009 and 2008 are given where possible:
All figures in millions of dollars, converted from euros at
a rate of $1.2707, except where indicated:
OWN DEBT GAINS/LOSSES
H1 2010 FY 2009 FY 2008
BARCLAYS * 1,322.1
BNP PARIBAS 298.8 -651 754
CREDIT AGRICOLE 70 -641 874.3
CREDIT SUISSE ** 937.3 -4,348.4 4,988
DEUTSCHE BANK 179.1 -454.8 462.4
HSBC 1,085
ING 31.8 -91.5
LLOYDS * 2,055.6
RBS * 699.1
SOCIETE GENERALE 452.8 -915.7 479.5
UBS ** 339.5 -1,973.2 1,982
* Converted from British pounds at a rate of $1.5535
** Converted from Swiss francs at a rate of $0.9757
Not included in the list are Spain's Banco Santander and
BBVA, which said it did not account for own-debt revaluations,
while Italy's Intesa Sanpaolo said gains were 'not significant',
and UniCredit said it would release the figures at a later date.