The state agency's unrealised losses could amount to more than $2bn, excluding any hedges, according to a Financial Times analysis based on publicly available filings.
The loss is emblematic of the damage the financial crisis has wrought on sovereign wealth fund investments in the banking sector and helps explain why funds have been reluctant to commit further capital to banks.
Some 40 per cent of Temasek's portfolio is in the financial sector, and it has suffered paper losses on other investments, including Barclays, Bank of China and China Construction Bank.
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