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UK banks' Iberian exposure is relatively small

Source: Reuters - Tue 23rd Nov 2010

Britain's Financial Services Authority (FSA) regulator sought on Tuesday to ease concerns over the exposure of the country's banks to the struggling economies of Portugal and Spain.

Addressing the parliament's Treasury Committee, FSA Chairman Adair Turner said the exposure of British banks to Portugal and Spain was not on the same scale as their exposure to Ireland, which has sought international aid to fix its economic problems.

"In both of those (Portugal and Spain), we again have relatively little exposure to sovereign bonds," said Turner.

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