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スペイン政府は、金利の高い(10年国債:6'5%)債権市場を迂回するために、BANKIA銀行の親銀行のBanco Financiero y de Ahorros(BFA)の負債に直接国債を注入
El Gobierno esquiva a los mercados al inyectar deuda pública en Bankia
La ayuda no se paga en efectivo sino con títulos del Estado.
El BCE será el que acabe dando la liquidez
La estrategia intenta evitar un rescate europeo.
Aumentar deuda por la puerta de atrás entraña grandes riesgos, según los expertos
The Government dodge the debt markets by injecting in Bankia
Aid is not paid in cash but with bonds.
The ECB will be giving the cash runs out
The strategy seeks to avoid a European rescue.
Increase debt by the back door creates great risks, experts say
Miguel Jimenez Madrid 27 MAY 2012 - 00:27 CET
Aid is not paid in cash but with bonds.
The ECB will be giving the cash runs out
The strategy seeks to avoid a European rescue.
Increase debt by the back door creates great risks, experts say
Miguel Jimenez Madrid 27 MAY 2012 - 00:27 CET
The Government will remove a bullet from the chamber to pay for cleaning up the financial sector, starting with the group of Bankia. The Executive plans to directly inject public debt on the balance of Bank Savings Financial (BFA). This avoids having to place the debt markets to achieve effective than injecting BFA. The ability to borrow in this way is much higher and can avoid having to use European funds to recapitalize the sector. But this strategy of increasing the debt by the back door creates great risks, experts say.
Until now, to finance bailouts of entities, the state or the Bank Restructuring Fund (FROB) - placed debt markets among investors. Then used the cash received to inject into banks. But with the risk premium shot to their highest levels since the existence of the euro, to raise money in the market is difficult and expensive. So the Government has decided to skip the markets.
The Government has been thinking for weeks that strategy. The decree of the second financial reform this year, the Government amended an article of the law of FROB to use direct injection of debt not only in individual entities, but also to support mergers.
But it was the rescue of Bankia which has precipitated the plans. Their needs are of 19,000 million euros and the FROB has only 5,400 million of liquidity, which has committed 1,000 million for the Bank of Valencia. So instead of paying the cash surrender subscribe the new shares in exchange for delivering BFA debt securities issued by the Treasury or by the FROB.
BFA will be in its active with billions of new government bonds. To turn them into cash you can use as collateral in interbank transactions, directly go with them the European Central Bank to make cash or in the worst case, sell in the market. Indirectly, the Government endorses the ECB rescue financing Bankia.
The Government has no money machine, but to make debt. And with this mechanism does not require even that investors buy it. The great advantage is that the availability of funds for this method are enormous. If needed, the state can increase public debt in this way for 50,000 or 60,000 million (5 or 6 percent of GDP), figures that some analysts place the needs of the Spanish financial sector recapitalization, without going through the market and without bring the ratio of public debt to GDP at levels higher than neighboring countries such as France or Italy. In this sense, becomes an alternative to rescue the financial sector with European funds.
But not all advantages. For starters, the increase in debt occurs. Furthermore, this increase in debt by the back door can cause apprehension among investors, penalizing outstanding debt and Treasury financing difficult. The experts believe that such unorthodox solutions can cause distrust in Spain, especially the vicious circle between bank risk and sovereign risk perceived by investors.
Until now, to finance bailouts of entities, the state or the Bank Restructuring Fund (FROB) - placed debt markets among investors. Then used the cash received to inject into banks. But with the risk premium shot to their highest levels since the existence of the euro, to raise money in the market is difficult and expensive. So the Government has decided to skip the markets.
The Government has been thinking for weeks that strategy. The decree of the second financial reform this year, the Government amended an article of the law of FROB to use direct injection of debt not only in individual entities, but also to support mergers.
But it was the rescue of Bankia which has precipitated the plans. Their needs are of 19,000 million euros and the FROB has only 5,400 million of liquidity, which has committed 1,000 million for the Bank of Valencia. So instead of paying the cash surrender subscribe the new shares in exchange for delivering BFA debt securities issued by the Treasury or by the FROB.
BFA will be in its active with billions of new government bonds. To turn them into cash you can use as collateral in interbank transactions, directly go with them the European Central Bank to make cash or in the worst case, sell in the market. Indirectly, the Government endorses the ECB rescue financing Bankia.
The Government has no money machine, but to make debt. And with this mechanism does not require even that investors buy it. The great advantage is that the availability of funds for this method are enormous. If needed, the state can increase public debt in this way for 50,000 or 60,000 million (5 or 6 percent of GDP), figures that some analysts place the needs of the Spanish financial sector recapitalization, without going through the market and without bring the ratio of public debt to GDP at levels higher than neighboring countries such as France or Italy. In this sense, becomes an alternative to rescue the financial sector with European funds.
But not all advantages. For starters, the increase in debt occurs. Furthermore, this increase in debt by the back door can cause apprehension among investors, penalizing outstanding debt and Treasury financing difficult. The experts believe that such unorthodox solutions can cause distrust in Spain, especially the vicious circle between bank risk and sovereign risk perceived by investors.
スペイン政府は、金利の高い(10年国債:6'5%)債権市場を迂回するために、BANKIA銀行の親銀行のBanco Financiero y de Ahorros(BFA)の負債に直接国債を注入
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