SYDNEY (Thomson Financial) - Australia's third largest bank, Australia and New Zealand Banking Group Ltd (ANZ), said Monday that its full year accounts for the year to September will include a provision of 200 million US dollars on a derivative position.
ANZ said the provision follows its position with a US monoline insurer being downgraded to non-investment grade.
'It is likely a substantial portion of this provision will be written back in future periods,' ANZ said in a statement.
The bank said that it does not have any direct exposure to the US subprime mortgage market.
(1 US dollar = 1.10 Australian dollars)
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