Problem loans at major banks revealed

The ANZ Bank has not yet declared the full extent of its exposure to Centro Properties Group but it is believed to total around $1.2 billion. Of most concern is $680 million in unsecured loans to the troubled property group that has been revealed following a review of problem corporate loans on the books of the major banks. NAB is believed to have the largest exposure with a total of $1.75 billion in loans to troubled companies Centro, Countrywide, MFS and Allco, although only $350 million of this is unsecured. The Commonwealth Bank is not far behind with loans to Centro, Countrywide and Allco totalling $1.54 billion, of which $160 million is unsecured, then ANZ with a total exposure of $1.38 billion to Centro and Countrywide.

Source: The Australian