Treasury Minister: UK Banks’ Greek Exposure ‘Relatively Small’

–Mark Hoban Says Turmoil In Euro Zone Could Hold Back UK Recovery
–Says UK Bank Exposure To Greece Just $4bn
–German Bank Exposure To Greece 5 Times That Of UK; France 4 Times
–Says Tsy, BOE, FSA Working Closely Together On Greece Fallout

LONDON (MNI) – U.K. banks’ exposure to crisis-hit Greece is
“relatively small” although the Treasury is taking the problems there
seriously and working closely with the Bank of England and the Financial
Services Authority, Treasury Minister Mark Hoban told parliament.

Hoban, the Financial Secretary to the Treasury, downplayed the
risks to the UK from the Greek debacle. He said UK banks’ Greek exposure
to the Greek bailout is about USD4 billion.

The French banks’ exposure “is about 4 times that amount and the
German’s exposure about five times that amount,” Hoban said.

Nevertheless “we are taking this seriously” and instability in the
eurozone could hold back to the UK’s economic recovery, he said.

Hoban said the Treasury, the BOE and the FSA were all working
closely, monitoring UK banks’ exposure to Greece and ensuring UK banks
were properly capitalised.

–London newsroom: 0044 20 7862 7491; email: ukeditorial@marketnews.com

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