Their claims on euroarea countries amount to $ billion, or 2.7 per cent of total assets. Moreover, 80 per cent of this exposure is to Germany, France and the Netherlands (Table 1).
Table 1 Australian-located Bank Claims on Euro Area Countries(a) Ultimate risk basis, as at 30 June 2011  8  BIS central bankers’ speeches  The main effect of the European crisis on Australian banks is through the increased cost of funds in global markets as debt has become more expensive in Australian banks sharply have reduced their issues of long-term debt (Graph 11).