European crisis frightens U.S. regulators, OCC official says

11/2/2011 | Risk.net (subscription required)

Michael Brosnan, a senior official at the Office of the Comptroller of the Currency, said U.S. regulators are increasingly concerned about Europe's sovereign-debt crisis. "Of course we're concerned -- we are scared to death. How the euro performs and whether their banks stand up is a massive concern, but in terms of the direct exposure to Portugal, Ireland, Italy, Greece and Spain, the direct risk to U.S. banks is small. But it is not a trivial matter if Europe's economy slows down, the euro becomes too weak and we have to deal with trade imbalances," Brosnan said.

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