After these introductory remarks, let me first present the latest available figures regarding the total turmoil-related income losses and the new capital raised by major global banks since the beginning of the second quarter of 2007 up to and including the third quarter of 2008. Over this period, the total mark-to-market losses amounted to USD 720 billion globally.
This figure includes losses related to holdings of structured finance instruments and mortgages which are reflected either in net income or in the value of equity or in other comprehensive income. 1 As shown in Chart 1, the share of European banks in this total was 37% (or USD 239 billion).