Login
ISCOVER
The big four banks have denied any direct link to the US sub-prime lending market despite their exposure to ailing US mortgage lender Countrywide Financial, the Australian Financial Review reported today.
A report released by Goldman Sachs this week identified CBA, NAB, ANZ and Westpac as four of 40 global lenders that provided a total lending facility of US$11.5 billion ($13 billion) to Countrywide.
CBA and NAB were named as having the most exposure of the four – around US$268 million ($300 million) each.
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Looking for more benefits?
Become a Premium Member.
According to the Australian Financial Review, spokespeople for all banks declined to discuss Countrywide but all maintained that they had no direct US sub-prime exposure.
JOIN THE DISCUSSION