Italian Exposure By Bank

Previously we showed what the sovereign gross level exposure to Italy is. Now, it is time to get granular and show the data at a discrete level. Below are the banks most exposed to Italy. Don't forget that courtesy of our wonderful fractional reserve financial system, with everyone's asset being someone else's liability, the question then becomes who has most exposure to these banks, and then most exposure to banks that have exposure to these banks, and so forth.

  • Intesa €60.2 BN
  • UniCredit €49.1 BN,
  • Banca Monte €32.5 BN
  • BNP Paribas €28.0 BN
  • Dexia €15.8 BN
  • Banco Popolare €11.8 BN
  • Commerzbank €11.7 BN
  • Credit Agricole €10.8 BN
  • UBI €10.5 BN
  • HSBC €9.9 BN
  • Barclays €9.4 BN
  • SocGen €8.8 BN
  • Deutsche Bank €7.7 BN

Remember though: THEY ARE ALL PERFECTLY HEDGED!!! </sarc>

Judging by the stock performance of the Big 3, the market knows this all too well.

Data and chart source: Bloomberg