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欧州委員会は、スペインが銀行救済の融資を申請したので、政府の効率化、銀行の効率化、財政赤字の削減などを直に監視してゆく、融資は国家の銀行再編基金を通じて(国家債務の増加に繋がる!){この選択は非常にまずいと思う。銀行の資金増強は、600ー700億0000'0000ユーロでは済まないだろう。たぶん3倍から4倍の2700億0000'0000ユーロ、スペインの不良債権の総額は最低1800億0000'0000ユーロだから、損失も勘定にいれると、最低倍増するだろう:編者の意見}
Bruselas vigilará el ajuste del déficit “de cerca” tras pedirse el rescate de la banca
Bruselas quiere reforzar el control sobre la CNMV y el Banco de España
La carta de Guindos no detalla cuánto se quiere usar de los 100.000 millones concedidos
Economía asume que el préstamo se canalizará a través del FROB, un fondo estatal
Alejandro Bolaños / Claudi Pérez Madrid / Bruselas25 JUN 2012 - 14:01 CET
Brussels will monitor the deficit adjustment "closely" after ordered the rescue of the banking
Brussels wants to tighten control over the CNMV and the Bank of Spain
The letter does not detail how Guindos want to use the 100,000 million granted
Economics assumes that the loan will be channeled through the FROB, a state fund
See full text of the letter sent by Economy
Alejandro Bolaños / Claudi Pérez Madrid / Brussels 25 JUN 2012 - 14:01 CET
Brussels wants to tighten control over the CNMV and the Bank of Spain
The letter does not detail how Guindos want to use the 100,000 million granted
Economics assumes that the loan will be channeled through the FROB, a state fund
See full text of the letter sent by Economy
Alejandro Bolaños / Claudi Pérez Madrid / Brussels 25 JUN 2012 - 14:01 CET
A statement from the European Commission Vice President, Olli Rehn, is the first acknowledgment of receipt of the formal request of the Spanish banking bailout, just hours after Economy Minister Luis de Guindos, send a letter to that effect Eurogroup President Jean-Claude Juncker. In the statement, Rehn stressed that should be monitored "closely" the fulfillment of government commitments in other areas, such as adjusting the deficit and structural reforms. It is an issue that was included in the Eurogroup agreement that led to the rescue, but to which no reference in the letter of Guindos.
"I hope that Spain will hold the same determination and drive in the reforms that can generate sustainable growth and more and better jobs and to fulfill their commitments under the excessive deficit procedure" reads the statement issued by the Commission after formal request by the bank bailout in Spain. "Progress in these areas will be reviewed closely and regularly in parallel to financial assistance," he stresses.
Brussels starts to clamp down on Spain. With an eye on the implementation of these commitments in deficit and reform, the rescue also set conditions on banks that ask for aid and the financial system as a whole. All that was known already, but the European Commission to refine the shooting begins: As feared, the money for Spanish banks will cost transfer of sovereignty to Spain on its financial system regulators, the Bank of Spain, which at a critical juncture after the attacks of the Ministry of Economy of the crisis management and credibility-and the National Securities Market Commission (CNMV). The Spanish economy takes several months undergoing a low-intensity intervention: banking depends on the European Central Bank (ECB), the missions of the Commission, Eurostat, IMF and the ECB itself are constant and increasingly frequent and policy recommendations (requirements become measures such as the increase in VAT or submission of biennial budget plans) will now join the financial terms of the bailout.
The aid is channeled through the FROB, acting "on behalf of the Government"
"Conditionality apply to banks are recapitalized," said today the Commissioner for Economic and Monetary Affairs, Olli Rehn. Translation: be restructured or liquidated entities who request aid, and that may involve mergers, acquisitions, sales, office and industrial holdings, limiting dividends to shareholders and bonuses for executives and, ultimately, the closure of the unviable bank cards, something which at this time ruled Economics. In addition, compliance will also apply "to the financial sector as a whole, including its monitoring and regulatory requirements," said Rehn. His spokesman, Amadeu Altafaj quoted directly to the Bank of Spain and the CNMV, but gave few additional details: "The aim is to improve the supervisory and regulatory framework. Supervision will be strengthened and respond to the conditions agreed by the Eurogroup. "
In the coming days begin to get the experts from the Commission, the ECB, the European Banking Authority (EBA, for its acronym in English) and the International Monetary Fund. Last week there and Commission officials in Madrid, meeting at the Ministry of Economy and the Bank of Spain. And the first will advance this week to make "an assessment of the banking system," according to EU sources, taking as its starting point the two audits submitted last week, and put the capital needs up to 62,000 million euros in a stressed scenario.
With this analysis, Brussels will present a draft of conditions for the Spanish rescue, which was due to begin on July 9, although the Commission finally admitted yesterday that the date could be delayed. Interest rates are around 3% or 4% and repayment periods from 15 years, according to the wish expressed last week by the minister Luis de Guindos. However, in the letter sent to President of the Eurogroup, Jean-Claude Juncker, this morning, there no tracks on these conditions, which is what will make the market response so far lukewarm. Nor how much of the 100,000 million offered want to use the Spanish Government.
"I have the honor to address you on behalf of the Government of Spain, to formally request financial assistance for the recapitalization of the Spanish financial institutions that require it." So begins the letter Guindos in reaffirming that "the institution receiving channeled funds to financial institutions "will be the Fund for Orderly Bank Restructuring (FROB)," representing the Government of Spain. "
The biggest drawback that put European credit investors for Spanish banks is that the rules require rescue fund to award through the state, leading to a surge in Spanish public debt, already hard hit in the markets.
To soften this perception, the Spanish government has fueled the expectation that direct injection can rescue fund in banking, a debate that Germany refuses to reopen. It is a way blinded in the present, as is acknowledged in the letter to emphasize that the FROB act "on behalf of the government." Still, Guindos keeps mentioning that "in choosing the particular instrument in which such assistance will materialize, will consider the various options available today, and those that can be decided in the future." Grab a handle that if discussions within the EU on how to break the link between bank debt and public debt will soon materialize in some form of agreement.
Cherry leaves open the possibility of using the rescue tools yet to be decided
In a speech to the staff of the CEOE, the president of the Spanish, Mariano Rajoy, has insisted on the same line. "We have to see how to break that bond," he said, before defending the request of the bank bailout is an essential measure to "revive the credit." Rajoy also has an eye on the timing of adjustments that apremian European institutions. First praised the "maturity of Spanish society" before the sacrifices that are required. He then announced that there will be more, "Soon, this year there will be new economic measures, which are essential, however difficult they may be, to create growth and employment."
Most experts agree that direct injection into the banking system is desirable. Guntram Wolf, Bruegel, explained today that the model adopted for the Spanish rescue "is not the solution." But Berlin is denied. And it seems unlikely that the political impetus for this comes from Brussels: "The treaties do not allow the current rules, direct recapitalization of banks through the temporary bailout fund (EFSF) or permanent (Mede)," Rehn said a spokesman.
The executive turns his limited ability to boot pressure conditions less devalue the value of public debt, to achieve the lowest interest rate and larger repayment period. You should also remains unclear whether this operation will be used for the permanent rescue fund enters into force, which is scheduled for that month, and so much of Eurogroup calls. The rules of the fund is established priority in recovering debt, to the detriment of private investors, which could lead to further punishment of the risk premium Spanish. Referring to "the possibilities that can be decided in the future" also include any changes that the Spanish Government can start on this front.
As for the amount of the loan, Economy you want to have that gradually, the reference is the recent opinion of the external evaluators, who last week said that Spanish banks require between 51,000 and 62,000 million to recapitalize. May end up being less, the estimate is the result of extreme scenarios, and some entities may raise capital by themselves, but also more: a lack of evaluation entity by entity, you may want to ensure Economics safety cushion.
"I hope that Spain will hold the same determination and drive in the reforms that can generate sustainable growth and more and better jobs and to fulfill their commitments under the excessive deficit procedure" reads the statement issued by the Commission after formal request by the bank bailout in Spain. "Progress in these areas will be reviewed closely and regularly in parallel to financial assistance," he stresses.
Brussels starts to clamp down on Spain. With an eye on the implementation of these commitments in deficit and reform, the rescue also set conditions on banks that ask for aid and the financial system as a whole. All that was known already, but the European Commission to refine the shooting begins: As feared, the money for Spanish banks will cost transfer of sovereignty to Spain on its financial system regulators, the Bank of Spain, which at a critical juncture after the attacks of the Ministry of Economy of the crisis management and credibility-and the National Securities Market Commission (CNMV). The Spanish economy takes several months undergoing a low-intensity intervention: banking depends on the European Central Bank (ECB), the missions of the Commission, Eurostat, IMF and the ECB itself are constant and increasingly frequent and policy recommendations (requirements become measures such as the increase in VAT or submission of biennial budget plans) will now join the financial terms of the bailout.
The aid is channeled through the FROB, acting "on behalf of the Government"
"Conditionality apply to banks are recapitalized," said today the Commissioner for Economic and Monetary Affairs, Olli Rehn. Translation: be restructured or liquidated entities who request aid, and that may involve mergers, acquisitions, sales, office and industrial holdings, limiting dividends to shareholders and bonuses for executives and, ultimately, the closure of the unviable bank cards, something which at this time ruled Economics. In addition, compliance will also apply "to the financial sector as a whole, including its monitoring and regulatory requirements," said Rehn. His spokesman, Amadeu Altafaj quoted directly to the Bank of Spain and the CNMV, but gave few additional details: "The aim is to improve the supervisory and regulatory framework. Supervision will be strengthened and respond to the conditions agreed by the Eurogroup. "
In the coming days begin to get the experts from the Commission, the ECB, the European Banking Authority (EBA, for its acronym in English) and the International Monetary Fund. Last week there and Commission officials in Madrid, meeting at the Ministry of Economy and the Bank of Spain. And the first will advance this week to make "an assessment of the banking system," according to EU sources, taking as its starting point the two audits submitted last week, and put the capital needs up to 62,000 million euros in a stressed scenario.
With this analysis, Brussels will present a draft of conditions for the Spanish rescue, which was due to begin on July 9, although the Commission finally admitted yesterday that the date could be delayed. Interest rates are around 3% or 4% and repayment periods from 15 years, according to the wish expressed last week by the minister Luis de Guindos. However, in the letter sent to President of the Eurogroup, Jean-Claude Juncker, this morning, there no tracks on these conditions, which is what will make the market response so far lukewarm. Nor how much of the 100,000 million offered want to use the Spanish Government.
"I have the honor to address you on behalf of the Government of Spain, to formally request financial assistance for the recapitalization of the Spanish financial institutions that require it." So begins the letter Guindos in reaffirming that "the institution receiving channeled funds to financial institutions "will be the Fund for Orderly Bank Restructuring (FROB)," representing the Government of Spain. "
The biggest drawback that put European credit investors for Spanish banks is that the rules require rescue fund to award through the state, leading to a surge in Spanish public debt, already hard hit in the markets.
To soften this perception, the Spanish government has fueled the expectation that direct injection can rescue fund in banking, a debate that Germany refuses to reopen. It is a way blinded in the present, as is acknowledged in the letter to emphasize that the FROB act "on behalf of the government." Still, Guindos keeps mentioning that "in choosing the particular instrument in which such assistance will materialize, will consider the various options available today, and those that can be decided in the future." Grab a handle that if discussions within the EU on how to break the link between bank debt and public debt will soon materialize in some form of agreement.
Cherry leaves open the possibility of using the rescue tools yet to be decided
In a speech to the staff of the CEOE, the president of the Spanish, Mariano Rajoy, has insisted on the same line. "We have to see how to break that bond," he said, before defending the request of the bank bailout is an essential measure to "revive the credit." Rajoy also has an eye on the timing of adjustments that apremian European institutions. First praised the "maturity of Spanish society" before the sacrifices that are required. He then announced that there will be more, "Soon, this year there will be new economic measures, which are essential, however difficult they may be, to create growth and employment."
Most experts agree that direct injection into the banking system is desirable. Guntram Wolf, Bruegel, explained today that the model adopted for the Spanish rescue "is not the solution." But Berlin is denied. And it seems unlikely that the political impetus for this comes from Brussels: "The treaties do not allow the current rules, direct recapitalization of banks through the temporary bailout fund (EFSF) or permanent (Mede)," Rehn said a spokesman.
The executive turns his limited ability to boot pressure conditions less devalue the value of public debt, to achieve the lowest interest rate and larger repayment period. You should also remains unclear whether this operation will be used for the permanent rescue fund enters into force, which is scheduled for that month, and so much of Eurogroup calls. The rules of the fund is established priority in recovering debt, to the detriment of private investors, which could lead to further punishment of the risk premium Spanish. Referring to "the possibilities that can be decided in the future" also include any changes that the Spanish Government can start on this front.
As for the amount of the loan, Economy you want to have that gradually, the reference is the recent opinion of the external evaluators, who last week said that Spanish banks require between 51,000 and 62,000 million to recapitalize. May end up being less, the estimate is the result of extreme scenarios, and some entities may raise capital by themselves, but also more: a lack of evaluation entity by entity, you may want to ensure Economics safety cushion.
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