BOC: Mortgage crisis report 'not accurate'
Updated: 2007-08-09 11:24
Wang Zhaowen, spokesman with the Bank of China told Xinhua on Wednesday that some contents in certain news reports indicating the bank's involvement in the US mortgage crisis was "inconsistent with the truth" and "not accurate".
The relevant information would be revealed in the bank's first-half financial report scheduled for mid-August, Wang said.
He said the bank was currently not in a position to reveal any important information about the bank before the release of the annual report in line with relevant laws and regulations.
The world market was concerned over the domino effect of the risky US mortgage-backed securities, as a couple of companies and hedge funds offering such services to subprime lenders in the United States saw the value of the assets underlying the bonds they hold fell sharply in recent months.
An earlier AFP report said the bank had invested several billion US dollars in mortgage-backed securities and losses would amount to several million dollars, citing Zhu Min, vice president of the bank.
Other Chinese banks such as the Bank of Communications, the Bank of Construction and the Industry and Commerce Bank of China also hold the US mortgage-backed securities as well, but in smaller amount.
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