ANZ says Lehman exposure totals US$120 mln

ANZ Banking Group has announced its total exposure to the Lehman Bros group of companies totalled US$120 million, including US$28 million to Lehman Bros Holdings and US$92 million to Lehman subsidiaries. "ANZ is not in a position at this time to provide an estimate of the likely loss, if any. In particular we note that the Lehman subsidiaries are not part of the Chapter 11 filing," ANZ said. "Lehman Bros are also amongst 800 counterparties included in the underlying assets for ANZ's credit intermediation trades; their default has little impact on the level of first loss protection," ANZ said.