ECB's Noyer says French bank exposure exaggerated

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A senior European Central Bank official said concerns over French banks' exposure to the debt of Greece, Spain and Ireland are exaggerated.

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A senior European Central Bank official said on Monday that concerns are exaggerated over French banks' exposure to the sovereign debt of fiscally challenged countries such as Greece, Spain and Ireland.

"Total exposure of major French banks to the sovereign risk of so-called 'peripheral countries' amounts to...only a limited fraction of their core tier one capital," said Christian Noyer, a member of the ECB's board of governors and governor of the Bank of France.