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Read more with google mobile : European banks suffer new hit from Madoff scandal

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: European banks suffer new hit from Madoff scandal AFP - Monday, December 15 MADRID (AFP) - - Banks and financial authorities across Europe scrambled Sunday to uncover the scope of losses suffered at the hands of New York investment broker Bernard Madoff. Madoff is alleged to have lost 50 billion dollars in a giant pyramid scheme that collapsed in the global financial crisis and top European banks are reported to be clients. Italy's stock market watchdog, the Consob, has launched an investigation into the impact of the scandal on the national financial system, Ansa news agency reported. A spokeswoman for Royal Bank of Scotland told AFP that the bank had "some exposure" to Madoff's company, but declined to give details. A British investment fund that also acknowledged being a Madoff client criticised what it called the "systemic failure" of US regulators. Bramdean Alternatives Limited said the accusations against Madoff raised "fundamental questions" about the American financial regulatory system. "It is astonishing that this apparent fraud seems to have been continuing for so long, possibly for decades, while investors have continued to invest more money into the Madoff funds in good faith," the firm said in a statement. Bramdean Alternatives invested around 21 million pounds (23.3 million euros, 31.2 million dollars), or around 9.5 percent of its portfolio, with Madoff's company. British newspapers reported that among Bramdean's clients is property magnate Vincent Tchenguiz, one of Britain's richest men, who apparently invested 40 million pounds with the firm. European media have said Banco Santander of Spain, BNPParibas of France, HSBC of Britain and Union Bancaire Privee of Switzerland could all have suffered. None has admitted or denied losing money. Swiss bankers face losses of up to five billion dollars (3.7 billion euros), Geneva's Le Temps newspaper said. It said Union Bancaire Privee, a major asset management institution specialising in hedge funds, could be exposed to the tune of one billion dollars. UBP refused to comment on the report, which said that 90 percent of fund management companies operating in Geneva invested in products of Bernard L. Madoff Investment Securities LLC. The Bank of Spain also opened an investigation to determine the level of involvement of Spanish companies, the Spanish daily El Mundo said. The only official statement has come from Spain's second largest bank, BBVA, which said it had not commercialised "any Madoff product." Spanish newspapers reported that Optimal, an investment firm of Banco Santander, was heavily exposed and that investors risked losing some three billion dollars. Santander, Europe's second largest bank, has made no comment. Spanish authorities are taking the scandal very seriously and the central bank began an investigation on the impact on Friday, El Mundo said. If the figures are confirmed, the fraud could have a bigger impact in Spain than the collapse of US bank Lehman Brothers this year, in which Spanish investors had exposure of between 1.3 and 2.6 billion euros. Europe's largest bank, HSBC, meanwhile, declined to confirm any relationship with the alleged fraudster. BNP Paribas also refused to comment on reports that it had invested with Madoff. Madoff was arrested on Thursday for allegedly defrauding his customers through a giant pyramid scheme, with prosecutors alleging that the 70-year-old, a Wall Street veteran, confessed to losing at least 50 billion dollars. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo People exit a building that houses the investment business Bernard L Madoff Investment Securities December 12, 2008 in New York City. Banks and financial authorities across Europe scrambled Sunday to uncover the scope of losses suffered at the hands of New York investment broker Bernard Madoff. Most Popular – Top Stories Viewed Actress Jennifer Aniston appears naked in GQ magazine Queen Elizabeth II reins in extravagance as credit crunch grips US carmakers mull options as White House vows aid Fortis bank, saved from collapse, again on shaky ground Russia crowned Miss World 2008 in African event View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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