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Fortis to take a {XEU}2.1bn charge
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Newspaper Article
Fortis to take a {XEU}2.1bn charge
2002
Overview
Fortis revealed over the summer that its investment in equities had entered negative territory, but the virtual loss of {XEU}2.1bn at September 30 was the highest so far, compared with the group's July announcement of unrealised capital losses of {XEU}900m. It said its core capital in the three months to September 30 had fallen from {XEU}19.4bn to {XEU}16.5bn, but stressed that the levels were still 60 per cent above the legal minimum. It added core capital did not include {XEU}3.5bn of unrealised capital gains on its bond portfolio.
Publisher
The Financial Times Limited
Subject
