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スペインのBANKIA銀行の一部だったCaja Madridは、9万00000人の顧客の30億0000'0000ユーロにおよぶ優先投資の80%を返済すると通知、20%は損失
Bankia dice a los clientes que devolverá el 80% de la inversión en preferentes
La entidad nacionalizada está pendiente del visto bueno de Bruselas
Bankia tells customers that will return 80% of investment in preferred
Nationalized entity is pending approval in Brussels
Inigo de Madrid Barron 21 JUN 2012 - 00:01 CET
Nationalized entity is pending approval in Brussels
Inigo de Madrid Barron 21 JUN 2012 - 00:01 CET
Some customers Bankia received calls Wednesday Caja Madrid office to tell them that Friday could recover some of the notorious investment in preference shares. The bank placed more than 3,000 million from an unknown number of customers, some sources put at about 90,000.
The proposed agreement is that Caja Madrid, part of the nationalized Bankia, will deliver 80% of the investment with the remaining 20% loss would be irretrievable. If you want to avoid this damage, the customer has no choice: enter the 80% investment in a deposit to four years, which may not recover at all. This money will be paid 5%.
Also lose 20% of the investment, but, in this way, after four years, the customer will have 100% of what was originally placed. Of course, cease to earn what he could have rent money on those four years. But everything is pending in Brussels. Bankia sources commented Wednesday that the agency is awaiting the approval of the Community authority because, as a nationalized entity, you must have your permission. Bankia also need the CNMV authorize the exchange, even if the EU does not expect more problems.
The problem is the philosophy of Brussels. Joaquin Almunia, European Commission Vice-President and Commissioner for Competition, explained many times that when a body falls and is rescued by the state, should be the bank's investors, while the acquired bonds (as was the preference shares) or shareholders, pay at first instance.
The bank will deliver only 80% of investment
So everything depends on whether the community leaders believe that a rebate of 20% on investment is reasonable and seems mild. The preferred Caja Madrid have been trading at 47% of its value in recent days. If one looks at this figure, the exchange would be much stricter. The Caja Madrid have preferred 7% rented until recently, when he informed the CNMV that failed to pay interest because the entity entered into losses.
For the exchange Bancaja has been worse: 75% of investment was delivered in shares valued at 3.31 euros (yesterday closed at 0.84 euros) and other titles also in three installments but most current prices .
Private entities have been preferred swaps of all kinds, often placing shares in the company when possible, to raise its own resources. The BBK announced yesterday that it paid 100% of investment in its subsidiary preferential hiring Cajasur return a deposit with a maturity of three years paid at Euribor plus 0.25 points, representing 0.90% interest rate.
The massive preferential placement has been a major conflict with their client banks
The massive preferential placement has been a major conflict of the bench with your customers. There have been demonstrations and protests in many cities, with a loss of business reputation and significant for the sector. The perpetual preferred are an asset, no maturity, which strengthened the resources of banks and savings banks for years and paid high interest rates. But Brussels ceased to be capitalized and institutions began to dispose of them in crisis, when its value had fallen a lot.
The CNMV said in 2009 that the preference was a "complex and risky instrument that can generate high returns, but losses on invested capital."
The proposed agreement is that Caja Madrid, part of the nationalized Bankia, will deliver 80% of the investment with the remaining 20% loss would be irretrievable. If you want to avoid this damage, the customer has no choice: enter the 80% investment in a deposit to four years, which may not recover at all. This money will be paid 5%.
Also lose 20% of the investment, but, in this way, after four years, the customer will have 100% of what was originally placed. Of course, cease to earn what he could have rent money on those four years. But everything is pending in Brussels. Bankia sources commented Wednesday that the agency is awaiting the approval of the Community authority because, as a nationalized entity, you must have your permission. Bankia also need the CNMV authorize the exchange, even if the EU does not expect more problems.
The problem is the philosophy of Brussels. Joaquin Almunia, European Commission Vice-President and Commissioner for Competition, explained many times that when a body falls and is rescued by the state, should be the bank's investors, while the acquired bonds (as was the preference shares) or shareholders, pay at first instance.
The bank will deliver only 80% of investment
So everything depends on whether the community leaders believe that a rebate of 20% on investment is reasonable and seems mild. The preferred Caja Madrid have been trading at 47% of its value in recent days. If one looks at this figure, the exchange would be much stricter. The Caja Madrid have preferred 7% rented until recently, when he informed the CNMV that failed to pay interest because the entity entered into losses.
For the exchange Bancaja has been worse: 75% of investment was delivered in shares valued at 3.31 euros (yesterday closed at 0.84 euros) and other titles also in three installments but most current prices .
Private entities have been preferred swaps of all kinds, often placing shares in the company when possible, to raise its own resources. The BBK announced yesterday that it paid 100% of investment in its subsidiary preferential hiring Cajasur return a deposit with a maturity of three years paid at Euribor plus 0.25 points, representing 0.90% interest rate.
The massive preferential placement has been a major conflict with their client banks
The massive preferential placement has been a major conflict of the bench with your customers. There have been demonstrations and protests in many cities, with a loss of business reputation and significant for the sector. The perpetual preferred are an asset, no maturity, which strengthened the resources of banks and savings banks for years and paid high interest rates. But Brussels ceased to be capitalized and institutions began to dispose of them in crisis, when its value had fallen a lot.
The CNMV said in 2009 that the preference was a "complex and risky instrument that can generate high returns, but losses on invested capital."
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