UK has $28bn in Fannie and Freddie

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Britain has been revealed as the sixth-largest country holding Freddie and Fannie securities.

Figures had revealed that $1.5 trillion of Freddie and Fannie securities are held outside the US. With $600 billion of those in China and Japan alone, that started a run on the equity markets last week as traders fretted over the exposure.

The UK holds at $28 billion of Fannies and Freddies while Russia has $75 billion. Luxembourg and Belgium also have big holdings.

No UK institution has yet admitted to a significant exposure to the securities although European houses with offices in the City have begun to quantify their interests.