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 BoE: IMF wrong over US crisis
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Wednesday, May 07, 2008 |
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The Bank of England has disagreed with the IMF over the US sub-prime crisis…
According to the Bank of England's twice yearly Financial Stability Report, the potential total losses accruing from the US sub-prime mortgage market collapse have been ‘overstated’.
A report from the International Monetary Fund recently said the combined loss resulting from the crisis could climb as high $1 trillion from its current level of around $400 billion.
However, according to John Gieve, deputy governor of the Bank, signs that the worst of the downturn is over suggest that this figure is a significant overestimate – something that is reflected in the report's projected figure of $170 billion.
The Bank's report said: "All of them [previous forecasts for losses] are potentially significant overestimates of the losses within the wider economy associated with the financial market crisis.
"Using a mark-to-market approach to value illiquid securities could significantly exaggerate the scale of losses that financial institutions might ultimately occur. It will exaggerate to an even greater extent the potential damage to the real economy."
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