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スペインの銀行などが売った定期貯金の様相を偽った高金利危険投資(実際の市場相場では50%ー60%に下落)を国が救済するように、欧州委員会のアルムにあ(Joaquin Almunia)氏 は要望
Almunia sugiere que el Gobierno ayude a los clientes atrapados por las preferentes
El comisario de Competencia dice que subvencionar a los clientes no sería ayuda de Estado
Apunta a las entidades y al supervisor como causantes del problema
Íñigo de Barrón Santander26 JUN 2012 - 12:20 CET
Almunia suggested that the Government helps customers trapped by the preferred
Competition Commissioner said that subsidizing customers would not be State aid
It points to the entities and the supervisor to cause the problem
Expects the EU economy is "flexible with preference"
Inigo de Santander Barron 26 JUN 2012 - 12:20 CET
Competition Commissioner said that subsidizing customers would not be State aid
It points to the entities and the supervisor to cause the problem
Expects the EU economy is "flexible with preference"
Inigo de Santander Barron 26 JUN 2012 - 12:20 CET
Joaquin Almunia, European Commission Vice-President and Commissioner for Competition, believes that if the Central Government or autonomous communities "want to give money to the holders of preference shares [the complex fixed income product sold disguised as a simple store ], they can do and not be considered State aid. Finding a solution to small savers do not have to do with public support, "he said. Almunia, who has participated this morning in a course at the University Menéndez Pelayo, organized by the Association of Financial Journalists (APIE), and has thrown a wet blanket on the "flexibility" has asked the Ministry of Economy nationalized institutions to solve the enormous problem of preference where they are trapped thousands of customers with many millions of euros. Bankia negotiates grant 80% of the value of preferred stock, but does not yet have approval from Brussels.
"The European doctrine is clear and must be paid on the preference shares at market prices," insisted the European Commissioner. In practice this would mean that many clients receive between 50% and 60% of their investment, according to current prices of these products. "An entity that has received aid can not use its own resources to subsidize their customers because that would mean that the taxpayer is doing," he said. The commissioner admitted the "social conflict" that exists for "the sale of a product to customers who did not know what they got."
From 1999 until early 2011, the Spanish financial institutions issued and sold about 30,000 million in preferred stock, a complex instrument and high risk for investors. The buyers placed their money in a legal product, but with a very special status: it offered good interest in exchange for a contract "in perpetuity". Until last year, banks offered an outlet for those who wanted their money back. But the rules have changed and thousands of people have realized that they were married with a product that did not meet their needs.
Almunia said that these products are regulated and supervised by the Bank of Spain. "It's not true what is said that Brussels blocks the preferred solution." Quote of the commissioner is a veiled accusation to financial institutions that sold them and the authorities who consented. Responding to questions from reporters about the difficult future of some small savers trapped in these products, the European political concluded: "A grant to a widow is not public support. That is not an issue of Competition", clearly indicating what, in his view, the solution to the conflict that hits the prestige and reputation of the bank.
Money injection
With respect to the injection of money into fixed income, through contingent convertible bonds, known as coconuts, Almunia set "a minimum of 8.5% interest rate" that can be provided to entities. "We must prevent banks from becoming addicted to aid out of their problems. It is necessary to protect the taxpayer," he said. As for entities that receive money directly, at 0% interest rate, Almunia suggested that "the shareholders will make them deal with that situation because before placing the capital will be an assessment of the state." This statement anticipates a low valuation of the nationalized banks now expect capital.
Finally, predicted that "will not be difficult even be easy" to reach an agreement with the Spanish government about the conditions to which they give the loan to rescue the banks. Almunia praised that were ordered 100,000 million to recapitalize the banks and believes that the memorandum will be closed before 9 July, "after a precise knowledge of what is Spanish banks," referring to this new analysis be conducted by the European Commission .
"The European doctrine is clear and must be paid on the preference shares at market prices," insisted the European Commissioner. In practice this would mean that many clients receive between 50% and 60% of their investment, according to current prices of these products. "An entity that has received aid can not use its own resources to subsidize their customers because that would mean that the taxpayer is doing," he said. The commissioner admitted the "social conflict" that exists for "the sale of a product to customers who did not know what they got."
From 1999 until early 2011, the Spanish financial institutions issued and sold about 30,000 million in preferred stock, a complex instrument and high risk for investors. The buyers placed their money in a legal product, but with a very special status: it offered good interest in exchange for a contract "in perpetuity". Until last year, banks offered an outlet for those who wanted their money back. But the rules have changed and thousands of people have realized that they were married with a product that did not meet their needs.
Almunia said that these products are regulated and supervised by the Bank of Spain. "It's not true what is said that Brussels blocks the preferred solution." Quote of the commissioner is a veiled accusation to financial institutions that sold them and the authorities who consented. Responding to questions from reporters about the difficult future of some small savers trapped in these products, the European political concluded: "A grant to a widow is not public support. That is not an issue of Competition", clearly indicating what, in his view, the solution to the conflict that hits the prestige and reputation of the bank.
Money injection
With respect to the injection of money into fixed income, through contingent convertible bonds, known as coconuts, Almunia set "a minimum of 8.5% interest rate" that can be provided to entities. "We must prevent banks from becoming addicted to aid out of their problems. It is necessary to protect the taxpayer," he said. As for entities that receive money directly, at 0% interest rate, Almunia suggested that "the shareholders will make them deal with that situation because before placing the capital will be an assessment of the state." This statement anticipates a low valuation of the nationalized banks now expect capital.
Finally, predicted that "will not be difficult even be easy" to reach an agreement with the Spanish government about the conditions to which they give the loan to rescue the banks. Almunia praised that were ordered 100,000 million to recapitalize the banks and believes that the memorandum will be closed before 9 July, "after a precise knowledge of what is Spanish banks," referring to this new analysis be conducted by the European Commission .
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