BNP, Commerzbank, HSBC, SocGen, Natixis, BNP, CA, AXA, ING and Rabobank all identified as banks with massive Greek repo exposure. The next question: will writedowns on these now illiquid and, as the Greek bond market is effectively shut down for a second day running, untradeable positions be taken, or will Europe follow the US in pretending tens of billions in valuation gaps will be filled by Hopium? Also, as bankingnews.gr reports, and as we first highlighted, a variety of French re/insurers are about to get whacked.
At the time of accepting the Greek toxic bonds repo agreements some banks such as Commerzbank and HSBC had entered into repo with Greek banks from 1.5 to 2 billion each.
These banks have sought various ways to get rid of the Greek bonds, but the repo does not break easily.
From foreign banks big exposure to toxic Greek bonds - say toxic as these CDS spread and toxic only be described - are BNP Paribas 5 billion multi-repo in Greek banks.
The Commerzbank 3.1 billion in repo to a large Greek bank.
The HSBC 2 billion in bonds through repo Greek by a Greek major bank.
The Societe Generale 3 billion
The Natixis to 830 million.
The BNP Paribas said it would retain the Greek bonds over the next 2-3 years (5 billion) and borrowings of Greek (3 billion euros)
The Credit Agricole 500 mn euros Zurich Finance 400 mn dollars, AXA 500 mn euros.
The French banks and insurance companies have the greatest exposure to toxic Greek bonds.
Positive support of the Greek debt and Dutch banks hold funds with 12 billion. The Greek bond ING holds 3 billion and Rabobank 300 million.