global markets should be " quite strong enough to absorb it no lasting damage " , he commented . " i strongly stress that these circumstances are unique to barings and should not relate to other funds operating in london . " paribas presented cuts of at least 600m in contracts on three stock issues in melbourne , seoul and frankfurt , he commented , but ' further unquantifiable loss ' were expected .
The banking firm Barings collapsed due to speculations made by Nick Leeson.