Germany's top 20 banks still have around 300 billion euros of toxic securities on their books and have written off only a quarter of that, according to an official survey, SPIEGEL reports. That means they face further big losses.

German banks face further losses totalling billions of euros because they have only written off a fraction of their non-performing securities linked to American mortgages and student loans, according to a survey of 20 major German banks conducted by the German central bank and banking watchdog BaFin.

Spiegel Online