Institutional investment bank Kas Bank said on Tuesday it would take an extra write-down of up to €8m because of the credit crisis.

The company has already written off €15m from its stake in bankrupt US merchant bank Lehman Brothers.
But Kas Bank said given its ‘solid position’ it would not be making a call on the government’s €20bn fund to shore up healthy finance companies hit by the crisis.
In the third quarter, turnover was up by ‘a fraction’, Kas Bank said, while operational profit was down 20%. The company plans to cut costs by reducing its dependence on external staff.