European Banks' $200 Billion Oil Slick
The European earnings season isn't over yet -- but already banks have given some disclosure about the size of their loans to the oil and gas industry: almost $200 billion.That's more than the U.S. banks' estimated $123 billion of outstanding loans and lending commitments to the industry, and a sign of how Europe's lenders face risks far beyond their home turf as oil lingers near a historic low.
The problem is that this may be the tip of the iceberg.
Disclosure so far has been inconsistent -- some firms provide net exposures and others gross. Others, like Deutsche Bank, haven't given any precise numbers at all...
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