Dresdner to take further risk provision

Article Abstract:

Dresdner Bank AG told analysts that it will take another 500 million marks ($302.4 million) of provisions in the fourth quarter of 1998. In addition, company officials also said the company expects a comparable rise in provisions in the fourth quarter as had happened in the previous quarters of the year. With the additional provisions for the fourth quarter, Dresdner's provision will now total around 1.7 billion marks for 1998, an increase from 1.25 billion marks through the first nine months of the year. Dresdner's announcement prompted analysts to lower earnings estimates of the company for the year.

Comment:

Will take another 500 million marks ($302.4 mil) of provisions in the fourth quarter of 1998

Dresdner Bank AG (Frankfurt, Germany), Article

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Munich bank under probe for bad loans. (Bayerische Hypo- und Vereinsbank)

Article Abstract:

Germany's state government prosecutors in Munich have opened investigation into bad mortgage loans made by the mortgage divsion of Munich-based Bayerische Hypotheken and Wechsel Bank AG. The bank took a charge of $2.08 billion to cover the bad real estate loans. Bayerische Hypotheken recently merged with Bayerische Vereinsbank AG to form the biggest bank in Germany.

Mortgage and Nonmortgage Loan Brokers, Consumer Mortgage Loans, Banking industry, Investigations, Mortgages, Bayerische Hypo- und Vereinsbank AG, Bad debts

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EU warns of deficit

Article Abstract:

The European Commission has determined that France did very little to reduce its budget deficit. This could bring heavy penalties to France, the second-largest economy in the European Union.

France, European Union. European Commission, Company financing, Budget deficits

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