Global concerns over credit came apparent primarily after BNP Paribas, a French investment bank decided to suspend three of its investment funds as a result of exposure to bad debts in the US subprime mortgage market. (Kennedy 2007). Since then, numerous banks have reported enormous write-downs on the value of loans, collateralised debt obligations and mortgage backed securities, as high as around $32 billion by American investment bank Citigroup and around $13.7 billion by Swiss bank UBS (Cowie, 2008)
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