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Non-Tech : Derivatives: Darth Vader's Revenge
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To: Peter Singleton who wrote (51)9/9/1998 11:08:00 AM
From: don pagach  Read Replies (1) of 2794
 
To all:

There has been plenty of rumors about Fuji Bank's derivative losses although strongly denied by Fuji, does anyone know where this rumor started and any chance that Fuji may not be telling the truth in denying the rumor. Additionally, hate to ask for research but has anyone seen a list ranking Japanese Banks in terms of health?
Any link would be appreciated.
Fuji's denial is below:

Fuji Bank says derivatives loss maximum Y15 bln

TOKYO, Sept 9 (Reuters) - Fuji Bank said on Wednesday it saw a maximum possible loss
from its derivatives trading of about 15 billion yen.

The Japanese bank reiterated in a hastily called news conference that there was no truth in
market rumours of it suffering derivatives losses.

It said the risk was not high from its derivatives transactions, which were mostly interest rate swaps.

Yutaka Komatsu, derivatives products general manager at Fuji Bank, said the maximum loss forecast was based on the bank's
group-based outstanding derivatives contracts as of end-March.

''Our derivatives trading is controlled to have very small market risk,'' Komatsu told a news conference.

Komatsu said the bank's notional amount of derivatives transactions totalled 418 trillion yen as of the end of March. This
included both capital calculated according to the standard set by the Bank for International Settlements (BIS) and that not so
calculated.

The derivatives contracts outside the BIS standard include those in the interest futures market and foreign exchange contracts
whose terms are shorter than 14 days.
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