Australian PM: Banks have 'modest' exposure to Lehman Brothers
16/9/2008 18:02
Australian Prime Minister Kevin Rudd said in Canberra today that the banks
in the country had only a modest exposure to US investment banking giant Lehman
Brothers, which filed for bankruptcy yesterday.
Rudd told the parliament that
he had discussed the news of Lehman Brothers' collapse with Treasury Secretary
Ken Henry and Reserve Bank of Australia governor Glenn Stevens.
"Our advice
is that the exposure by the Australian commercial banks is modest to Lehman
Brothers," he said.
Rudd said he would continue to be up-front with the
Australian people about the extent of the challenges stemming from ructions in
the global economy.
"It's important therefore to keep the crisis in context,
acknowledge this reality, acknowledge that Australia is a part of the global
financial system and therefore not immune, and at the same time ... assert
continually the underlying strengths of this economy," Rudd said.
Xinhua
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