PARIS, June 12 BNP Paribas (BNPP.PA) will make any further credit adjustments necessary when it reviews its exposure to monoline insurers with its next quarterly results," Chief Executive Baudouin Prot said on Thursday.
"As we have done in the fourth quarter and the third quarter, at the end of June we will see where we stand in terms of ratings for the different monolines and we will adjust accordingly," Prot told a conference organised by brokerage Exane BNP Paribas.
"The credit adjustment will be as much as needed," he said, without saying how likely it was that the bank would announce any new writedowns.
"The net exposure of BNP Paribas (on monolines) stands at 1.5 billion euros and most of it is on the the still better rated, even if downgraded, monolines," he said.
BNP Paribas wrote down 456 million euros for monoline exposure in the fourth quarter and 182 million in the first. (Reporting by Yann Le Guernigou; editing by Rory Channing)