Deutsche Bank Slashes Peripheral Europe Risk, Takes Writedowns
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Deutsche Bank AG, Germany’s largest bank, cut its sovereign risks related to peripheral European countries by 70 percent this year after writing down the value of Greek debt holdings and as bonds matured.
Net sovereign risks related to Portugal, Italy, Ireland, Greece and Spain fell to 3.67 billion euros ($5.32 billion) as of June 30 from 12.1 billion euros at the end of 2010, the Frankfurt-based bank said today in a statement on its website. Deutsche Bank slashed risk related to Italy to 996 million euros from 8.01 billion euros in the period, the company said.