Banks must come clean on subprime losses: G7 ministers

TOKYO: Finance ministers from the Group of Seven rich nations urge banks to swiftly disclose their subprime related losses, according to a draft statement from their meeting here.

The ministers call for "prompt and full disclosure by financial institutions of their losses", according to the draft which was obtained by media.

World banks, particularly in the United States and Europe, have suffered heavy losses from their exposure to securities backed by troubled US mortgages.