IMF: Global writedowns likely to touch 4.100 bln dollar mark

For all financial institutions, the IMF report estimates that writedowns on assets that were originated in the United States will total about 2.700 billion dollars, up from the roughly 2.200 billion dollars projected in an interim report in January, following the severe losses booked in October 2008 -January 2009 interval, Reuters informs.

Globally, the banks will have to take the brunt of the writedowns. IMF estimates the bank’s losses on loans and related securities could reach 2.800 bln dollars of which a third represents the losses already taken. Banks across the world have raised a capital of roughly 900 bln dollars, of which half came as governmental loans.

For the American banks, the report estimates that writedowns on assets that were originated in the United States totaled 510 bln dollars and expects this writedowns to hike to 550 bln dollars in the following two years.

In the euro area, the writedowns of assets hit 154 bln dollar mark, bleak outlook remains for the period ending in December 31, 2010 when the writedowns may reach 750 bln dollars. In United Kingdom, the banks’ losses from lending reached 110 bln dollars, with 200 bln dollars losses expected in 2009-2010.

IMF estimates that potential writedowns of assets of western banks, through their subsidiaries and securities held outside the borders in emerging markets could reach 340 bln dollars.

Since crisis eruption, the banks’ capitalization halved to 1.600 bln dollars, from 3.600 bln dollars.

By using various scenarios, IMF estimates that banks may need further an additional capital around 275 blnd dollars and 500 bln dollars in United States, nearly 125-250 bln dollars and between 375 and 725 bln dollars in the euro area.

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