EnglishA.V.
Losses caused by bad loans and securitized assets could reach 4.1 trillion USD by the end of 2010 as the recession and the lending crisis have put increasing pressure on financial institutions, according to the International Monetary Fund"s Global Financial Stability Report released yesterday.
According to the IMF, banks will suffer approximately 61% of the write-downs, while insurance companies, pension funds and other non-banking financial organizations will take the rest of the damage.
IMF forecasts that US-based financial institutions will incur losses of some 2,700 billion USD, compared to the previous estimates of 2,200 billion USD in January and 1,400 billion USD in October.
Without fiscal stimulus and other government action, banks will probably curtail lending in coming months, worsening the most severe global slump in six decades, the IMF Report indicates.
The authors of the report believe that stabilizing the financial system remains a crucial priority, although some progress has been made already.
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