NY Fed Said To Have Probed Big US Banks' BP Exposure -Reuters

28th Jun 2010 21:52

DOW JONES NEWSWIRES The U.S. Federal Reserve's New York branch has been investigating the exposure of major financial firms to BP PLC (BP, BP.LN) to make sure that if the U.K.-based oil giant can't meet the costs of its spill in the Gulf of Mexico, it won't put Wall Street or the world's financial system at risk, Reuters reports Monday, citing two sources familiar with the matter. The New York Fed, after two weeks of reviewing documents and asking banks about their BP exposure, found no systemic risk, and it hasn't asked firms to alter their credit relationships with BP, the sources said. New York Fed and BP officials declined to comment. Banks that trade with BP wouldn't comment publicly, Reuters says. Full story at http://www.reuters.com/article/idUSTRE65R5D620100628 -Dow Jones Newswires; 212-416-2900 Order free Annual Report for BP plc Visit http://djnewswires.ar.wilink.com/?link=BP or call 1-888-301-0513 Order free Annual Report for Transocean Inc. Visit http://djnewswires.ar.wilink.com/?link=RIG or call 1-888-301-0513 (END) Dow Jones Newswires June 28, 2010 16:52 ET (20:52 GMT)