The bank takes a big write-down on assets, of 30% or 488 billion, reflecting their fair value.

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The carmaker said the write-down on assets totalled 4.7bn euros.

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As Citigroup faces another massive quarterly write-down of credit derivative assets, questions remain about other banks' exposures, and when the crisis goes from a trading book issue into an industrywide credit quality problem.

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It required banks to write down the value of assets (such as long-term bonds) to market value, even if the banks intended to hold them until maturity.

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As banks write down assets and reduce their leverage by reining in risk-taking activities, loans will be harder for consumers and businesses to come by.

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Sumner Redstone's company, which owns MTV Networks and Paramount Pictures, said it would be suspending salary increases for senior-level management in 2009, as well as write down the value of certain programming and other assets.

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