Court Ruling On BNP Suit Brings FX Losses To Light State Bank Of Albania Reportedly Scalds 18 Banks

BANKS

A New York court ruling against the Banque Nationale de Paris (BNP) late last month has brought to the surface large foreign exchange settlement losses by major banks in a case that has hitherto been kept closely under wraps by those involved. The case, reported in the French business newspaper, l'Agefi, concerns $240 million in failed foreign exchange settlements by the State Bank of Albania some two years ago when the Communist government lost power.

BNP, one of some 18 European banks repo