According to a report released by the International Monetary Fund (IMF) on Tuesday morning, total losses from the subprime meltdown could reach up to $945 billion on the back of fears of a deeper, more protracted crisis.

"The risks to financial stability remain elevated" said the report, stressing a "collective failure" to comprehend the complete score of the problem. Further writedowns from bank are expected and the risks to the global financial system are elevated.

Losses from the U.S. subprime crisis alone are expected to reach $565 billion.

The IMF also cited a risk of the crisis spilling into emerging market economies, adding that global growth faces a high degree of uncertainty.

By Erik Kevin Franco and edited by Nancy Girgis