In the same vein, countries with a low level of export diversification, like Mexico, were particularly affected (Mexico has specialized in exporting manufactured goods to the U.S. economy). However, in this respect there were significant differences between what happened in Latin American countries and what happened in several Eastern European and the Baltic countries.
Despite poor earnings performance, capital ratios held up relatively well, with reported tier 1 and total risk-based capital ratios increasing over the course of the year. The performance of state member banks tracked that of the industry as a whole.