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Monday, March 17, 2008

SBI loses only Rs 1 crore in overseas credit derivatives
The government on Saturday said State Bank of India has suffered a loss of only Rs 1 crore in the overseas credit derivatives market even as private lender ICICI Bank has reported a loss of over Rs 1,000 crore.

“SBI has suffered a mark-to-market loss of Rs 1 crore because of exposure to overseas credit derivatives and investments,” Minister of State for Finance Pawan Bansal told reporters here.

Bansal claimed that the bank did not suffer any actual loss. “It is just a notional loss which arose after the exposure to overseas credit derivatives,” he said.

Other Indian banks which have reported losses due to exposure to overseas credit derivatives include Bank of India and Bank of Baroda.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Tuesday, Jun 03
19:30 RealClearMarkets/TIPP Economic Optimism (MoM) 1 49.2 49.1 47.9
19:30 Factory Orders (MoM) 2 -3.7% -3.0% 3.4% Revised from 4.3%
19:30 Fed's Bostic speech 2
19:30 JOLTS Job Openings 2 7.391M 7.100M 7.200M Revised from 7.192M
n/a GDT Price Index 1 -1.6% -0.9%
21:15 Fed's Goolsbee speech 2
22:30 Fed's Cook speech 2
Wednesday, Jun 04
n/a Total Vehicle Sales 1 16.3M 17.3M
02:00 API Weekly Crude Oil Stock 1 -4.236M
04:30 AiG Industry Index 2 -15
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