by Calculated Risk on 12/20/2007 03:05:00 PM

From Bloomberg: Credit Agricole to Take Further Subprime Writedowns (hat tip Steve)

Credit Agricole SA, France's second- biggest bank by assets, will take a further 2.5 billion euros ($3.6 billion) in writedowns as the U.S. subprime crash roils debt markets.

The Paris-based bank said it will write down investments in collateralized debt obligations, securities created by bundling together bonds, by a further 1.3 billion euros before tax, and take 1.2 billion euros of provisions linked to a ratings downgrade of bond insurer ACA Financial Guaranty Corp.