El FMI propone utilizar el cortafuegos europeo para inyectar dinero en la banca
El Fondo advierte del impacto en el crecimiento de los nuevos requisitos de capital
El departamento que dirige Viñals cree que el fondo debe ser creíble, de gran tamaño y flexible
ALICIA GONZÁLEZ Washington18 ABR 2012 - 15:00 CET
国際通過基金(IMF)は、欧州の財政危機を阻止するため、銀行に直接資金を注入する機関の創立を提唱?
The IMF intends to use the firewall to pump money into European banks
The Fund warns of impact on the growth of new capital requirements
The department heads Viñals believes that the fund must be credible, large and flexible
ALICIA GONZALEZ Washington 18 ABR 2012 - 15:00 CET
The Fund warns of impact on the growth of new capital requirements
The department heads Viñals believes that the fund must be credible, large and flexible
ALICIA GONZALEZ Washington 18 ABR 2012 - 15:00 CET
The tensions that last September raised fears of a collapse of the European financial system have been submitted but the risks remain remarkably high. Is the diagnosis of Global Financial Stability Report presented today by the International Monetary Fund (IMF) in Washington and returns to focus almost exclusively on the financial position of the eurozone. The agency believes that "to break the pernicious link between stress and sovereign bank, the funds that make up the firewall in the euro zone should be allowed to inject capital directly into financial institutions if the situation demands." One end of the current conditions of the European rescue fund do not provide.
The Fund believes that the firewall must be "credible", "large" and "flexible" and positive values mind over the past European developments in this regard. However, the 700,000 million euros to finance ministers of the euro settled at the end of March as total recovery mechanisms in the region, and will be in effect next July, are considered insufficient by some members Fund, such as China or states, that betting on a volume close to a billion euros.
The Fund requests that the authorities will use the margin have led to liquidity auctions of the European Central Bank (ECB) to advance in bank restructuring, "with the support, if necessary, the financial firewalls" to support banks weaker. Of course, "regulators must ensure that banks have a proper limitation of dividends and earnings" of managers to preserve capital standards.
The aid must be accompanied by an on dividend policy
In its present composition, the fund can only come to the rescue of the financial sector indirectly. That is, by granting loans to States which are these that inject money into their bodies.
In the long term, the report recommends that the eurozone towards greater coordination of banking supervision and fiscal governance mechanisms "shared distribution of risk" such as Eurobonds, but believes there may be other options. "Without a previous risk sharing, countries will have different financing conditions and being prone to liquidity crises that were just becoming solvency risks," says the report.
The Spanish department headed by Jose Vinals warning of possible consequences, in this context may have on the growth of new capital requirements in the European Banking Authority (EBA, for its acronym in English) and the process of reducing balances that entails. In his view, "it is essential to continue to avoid a reduction in balances synchronized, large-scale and aggressive could cause serious damage to asset prices, credit supply and economic activity in Europe and beyond" in the region . The EBA has required banks to increase their capital requirements for high quality up to 9% by the end of June and, given the funding needs of the sovereign and the virtual impossibility of going to market to raise capital, institutions are reducing their exposure to credit, with the consequent impact on economic activity.
more informationA lifeline for the bank?The IMF dismisses Spain's deficit to 3% at least until 2018
Moreover, the report has analyzed the 58 major European banks, among which are the Spanish Banco Santander, BBVA, La Caixa and Banco Popular Bankia-and provides that, if nothing changes, conduct a reduction in balances for over two billion euros, representing 7% of total assets and a reduction of 1.7% of the total supply of credit in the eurozone. The Fund calculates that if carried out these reforms the credit crunch could be reduced to only 0.6%, increasing in proportion to GDP after two years.
The Fund recognizes the importance of the reforms undertaken by Spain and Italy to reduce the deficit and improve competitiveness "and in the Spanish case, to advance the domestic financial system repair." However, it believes that the challenges are greater for Spanish debt because, unlike Italy, the country recorded a primary deficit - before the payment of interest on the debt, 3.6% of GDP by 2012, "the that upward push public debt levels even though interest rates remain content. " The agency estimates that the debt burden to GDP continues to increase, reaching 91.9% of GDP until 2017, the last year of their estimates.
The Fund believes that the firewall must be "credible", "large" and "flexible" and positive values mind over the past European developments in this regard. However, the 700,000 million euros to finance ministers of the euro settled at the end of March as total recovery mechanisms in the region, and will be in effect next July, are considered insufficient by some members Fund, such as China or states, that betting on a volume close to a billion euros.
The Fund requests that the authorities will use the margin have led to liquidity auctions of the European Central Bank (ECB) to advance in bank restructuring, "with the support, if necessary, the financial firewalls" to support banks weaker. Of course, "regulators must ensure that banks have a proper limitation of dividends and earnings" of managers to preserve capital standards.
The aid must be accompanied by an on dividend policy
In its present composition, the fund can only come to the rescue of the financial sector indirectly. That is, by granting loans to States which are these that inject money into their bodies.
In the long term, the report recommends that the eurozone towards greater coordination of banking supervision and fiscal governance mechanisms "shared distribution of risk" such as Eurobonds, but believes there may be other options. "Without a previous risk sharing, countries will have different financing conditions and being prone to liquidity crises that were just becoming solvency risks," says the report.
The Spanish department headed by Jose Vinals warning of possible consequences, in this context may have on the growth of new capital requirements in the European Banking Authority (EBA, for its acronym in English) and the process of reducing balances that entails. In his view, "it is essential to continue to avoid a reduction in balances synchronized, large-scale and aggressive could cause serious damage to asset prices, credit supply and economic activity in Europe and beyond" in the region . The EBA has required banks to increase their capital requirements for high quality up to 9% by the end of June and, given the funding needs of the sovereign and the virtual impossibility of going to market to raise capital, institutions are reducing their exposure to credit, with the consequent impact on economic activity.
more informationA lifeline for the bank?The IMF dismisses Spain's deficit to 3% at least until 2018
Moreover, the report has analyzed the 58 major European banks, among which are the Spanish Banco Santander, BBVA, La Caixa and Banco Popular Bankia-and provides that, if nothing changes, conduct a reduction in balances for over two billion euros, representing 7% of total assets and a reduction of 1.7% of the total supply of credit in the eurozone. The Fund calculates that if carried out these reforms the credit crunch could be reduced to only 0.6%, increasing in proportion to GDP after two years.
The Fund recognizes the importance of the reforms undertaken by Spain and Italy to reduce the deficit and improve competitiveness "and in the Spanish case, to advance the domestic financial system repair." However, it believes that the challenges are greater for Spanish debt because, unlike Italy, the country recorded a primary deficit - before the payment of interest on the debt, 3.6% of GDP by 2012, "the that upward push public debt levels even though interest rates remain content. " The agency estimates that the debt burden to GDP continues to increase, reaching 91.9% of GDP until 2017, the last year of their estimates.
国際通過基金(IMF)は、欧州の財政危機を阻止するため、銀行に直接資金を注入する機関の創立を提唱?
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