...Banks don’t know how much subprime risk other banks face, and they begin to suspend lending to each other. As there are no such problems in Russia...
From "Russian banks profit on global crisis"
...About a dozen investment funds in Europe are close to collapse, and their numbers are growing. ABS Fund, managed by Deutsche Bank, reported a 30 percent loss in assets, while three BNP Paribas’ funds and private Oddo et Axa were frozen in France.
In Germany, Union Investment, Frankfurt Trust, WestLB Mellon and Trinkaus & Burkhardt, all managed by HSBC, fell victim to the crisis, as well as Hypo KAG in Austria. The German fund IKB's actual losses are almost tenfold greater than what was reported. It spoke of hundreds of millions of dollars, but real losses are estimated at $11 billion.