Union Bank Of Finland Gains Halve As Finnish Banks Report 1993 FX Results

BANKS

Union Bank of Finland FX income was halved in 1993 compared with 1992 gains in what turned out to be a mixed year for Finnish banks. Kansallis-Osake-Pankki reported a modest rise while Postipankki's FX gains dropped slightly.

UBF reported income from foreign exchange operations of FM214 million last year, down 50.3 per cent from the FM430.8 million posted in 1992. The bank's outstanding positions in FX options, forwards and foreign exchange swaps also dropped off sharply, from FM104.65 billio