Wednesday December 24, 06:55 PM
Fortis holding announces forex losses of 295 million euros
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UTRECHT, The Netherlands (AFP) - The Fortis bank holding group said on Wednesday that it had made a foreign exchange trading loss of 295 million euros (413 million dollars) arising from the recent fall of the dollar and sterling.
Fortis (Amsterdam: FORAL.AS - news) said that it had bought dollars and sterling on December 8 in the context of the expected winding down of its operations, but given current uncertainty had decided to sell the currencies with a net loss of 295 million euros.
Fortis said that the closure of transactions with the Belgian government and French bank BNP Paribas (Paris: FR0000131104 - news) , announced on October 6, involving the creation of a vehicle to house holdings of structured debt, had been suspended owing to an unexpected judgement by the Brussels appeal court on December 12.
Fortis is at the centre of a government crisis in Belgium in connection with the court ruling over minority shareholders and the sale of the rescued group's Belgian assets to BNP Paribas.
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