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BNP Paribas suspends 3 funds because of subprime problems

A major French bank, BNP Paribas, announced that it was suspending three of its asset-backed securities funds, saying it could no longer value them accurately because of problems in the U.S. subprime mortgage market.

The bank said it was suspending three funds worth a total of €2 billion ($2.75 billion): Parvest Dynamic ABS, BNP Paribas ABS Euribor and BNP Paribas ABS Eonia. All funds combined at BNP Paribas Investment Partners are worth more than €350 billion ($482.79 billion).

A spokeswoman for BNP could not immediately comment on the latest net asset value of the three funds. "The complete evaporation of liquidity in certain market segments of the U.S. securitisation market has made it impossible to value certain assets fairly regardless of their quality or credit rating," it said.

"In order to protect the interests and ensure the equal treatment of our investors, during these exceptional times, BNP Paribas Investment Partners has decided to temporarily suspend the calculation of the net asset value as well as subscriptions/redemptions, in strict compliance with regulations, for these funds," it added.

Subprime mortgages are the riskiest property loans, often extended to people who have payment difficulties or a bad credit history. Several major U.S. companies have announced losses from exposure to these subprime loans, sending jitters across the financial services sector.


Date: 10.08.2007 [73]
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