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スペインの不良債権で破綻寸前の銀行による金融不安で、スペインの外国企業の投資は半減し、国外への資本流出(撤退)が増加, ヨーロッパの金融破綻の兆候(始まり?)
La banca internacional sucumbe al miedo
La desconfianza del sector financiero alcanza su nivel máximo desde la quiebra de Lehman
La inversión de entidades extranjeras en España se reduce a la mitad
International banking succumbs to fear
The distrust of the financial sector reached its highest level since the bankruptcy of Lehman
The investment of foreign entities in Spain is cut in half
Alejandro Bolaños Madrid 4 JUN 2012 - 01:04 CET
The distrust of the financial sector reached its highest level since the bankruptcy of Lehman
The investment of foreign entities in Spain is cut in half
Alejandro Bolaños Madrid 4 JUN 2012 - 01:04 CET
The ghost of Lehman Brothers this week will be felt in the markets. The climate of distrust of international banking is very similar to that lived in those days. Although now the scene has shifted from the continent. Concern is Europe and, more specifically, countries like Greece and Spain. The Spanish Government denies having received pressure from some country like Italy to ask for ransom, but at the same time, the PP, the party that supports him, says he can not be excluded that rescue and would not be the Apocalypse.
The bankruptcy of Lehman Brothers, the U.S. investment bank gorged on mortgage derivatives of very low quality (known as subprime), marked the height of the financial crisis. In the last quarter of 2008, suspicion took possession of the markets, banks stopped lending to each other, credit dried up and the advanced economies collapsed. The final report of the Bank for International Settlements (BIS), which coordinates major central banks, warns that something is happening again.
The fears come with an intensity lower than those of 2008 and a smaller scale, and that focus on the euro area. But Spain is one of the epicenters of mistrust: since the outbreak of the crisis, exposure to its economy has shrunk by 42%. Most of the flight the concentration of banking.
The conclusion of the central bank coordinator, who heads the Spanish Jaime Caruana, is based on data from international assets, which the country is banking on the outside-the last quarter of 2011, when it was fed doubts second bailout for Greece. But even without that support statistical experts of the Bank of Basel (BIS is based in the Swiss town), assume that, after the oasis of tranquility offered one billion euros of liquidity injected by the European Central Bank , tensions have been played in recent weeks. That the situation has deteriorated again.
First, the data. "During the fourth quarter of 2011, banks reporting to the BIS recorded the biggest drop in international assets from the drop experienced in the last months of 2008 after the collapse of Lehman Brothers", experts from the Bank of Basel. By his count, the volume of foreign assets (deposits, loans, debt securities or shares) of the banking of those 24 countries, including the major financial powers, declined by 799,000 million in the final stretch of 2011. It is the second setback of the statistical series, although, by contrast, still far from the nearly two billion dollars in international assets that were lost after the bankruptcy of Lehman Brothers.
A sharp decline in international banking assets is indicative meridian financial institutions to ration loan, you do not trust and prefer to gather and concentrate resources in shelter settings (gold, U.S. or German government debt, some currencies like the Swiss franc or the Japanese yen). In parallel, the same thing often happens in the context of each country, although that emerges in the BIS statistics, which only measures how much banks financed abroad.
Compared to the months that followed the collapse of Lehman Brothers, in the final stretch of 2011 was a loan between banks which concentrated the decline of international assets. About 80% of the decline occurred in the financial sector, while in other activities (public administration, businesses and families) the incidence was much lower. In 2008, the distribution was more even, by closing the tap bank credit to international trade, a factor that explains the harshness of the Great Recession.
Besides focusing on the banking sector (and, significantly, in the interbank market for short-term) asset retirement this time also has a strong regional impact. The 60% decline in assets at banks is that international banks withdrew deposits, loans, equity or debt securities of euro area banks. Here BIS warns that although banks in trouble peripheral countries-Portugal, Ireland, Greece, Italy, Spain, takes the cake (40% loss), there are significant declines in the international exhibition to French banks and German.
The majority are banks in the euro area that are removed from the assets of other banks in the euro area. This phenomenon has sounded the alarm about the gradual re-nationalization of European interbank market, is what, in reaction, has led the European Commission and the ECB to prioritize the project of a "union bank" in the upcoming summit of leaders EU later this month.
The exposure of international banks in Spain is one of the best examples of this trend. Since the crisis erupted, exposure to the Spanish economy has shrunk to almost half (just over a billion dollars to 586,000 million).
And that withdrawal of foreign assets has been felt with greater intensity in the Spanish banks, which in the public or businesses and families. The volume of assets that have foreign banks in Spanish financial institutions plummeted in the fourth quarter of 2011: The quarterly decline was around 19% BIS discount rate by half by excluding the effect of the devaluation of the euro. In the past year, banks in Germany, British, French and Italians have been lightened to almost half their exposure to Spanish banks. Changes in the position of U.S. banks, Swiss and Japanese have been much lower.
BIS experts believe that the data reflect the fourth quarter of 2011 is very similar to that seen now in the financial markets. "In mid-May, doubts had become: doubts about growth in the euro area, doubts about the financial health of some states of the euro, banks doubts, doubts about the impact of fiscal adjustment. And finally, questions about her political stability in the euro area ", summarizes. Although there are references to Greek political instability is the situation of Italian banks, and especially Spanish which focuses the attention of the Basel Bank analysts. And you do not need a decoder to complete secret key when speaking Spanish financial sector: "There is concern among investors for the opacity of some bank statements and by the continued lack of recognition of losses."
An opacity until the Spanish government has implicitly recognized hire two foreign audit to give clean these balances, given the inability of the Bank of Spain. The result of these reports may add fuel to the flames of suspicion.
The bankruptcy of Lehman Brothers, the U.S. investment bank gorged on mortgage derivatives of very low quality (known as subprime), marked the height of the financial crisis. In the last quarter of 2008, suspicion took possession of the markets, banks stopped lending to each other, credit dried up and the advanced economies collapsed. The final report of the Bank for International Settlements (BIS), which coordinates major central banks, warns that something is happening again.
The fears come with an intensity lower than those of 2008 and a smaller scale, and that focus on the euro area. But Spain is one of the epicenters of mistrust: since the outbreak of the crisis, exposure to its economy has shrunk by 42%. Most of the flight the concentration of banking.
The conclusion of the central bank coordinator, who heads the Spanish Jaime Caruana, is based on data from international assets, which the country is banking on the outside-the last quarter of 2011, when it was fed doubts second bailout for Greece. But even without that support statistical experts of the Bank of Basel (BIS is based in the Swiss town), assume that, after the oasis of tranquility offered one billion euros of liquidity injected by the European Central Bank , tensions have been played in recent weeks. That the situation has deteriorated again.
First, the data. "During the fourth quarter of 2011, banks reporting to the BIS recorded the biggest drop in international assets from the drop experienced in the last months of 2008 after the collapse of Lehman Brothers", experts from the Bank of Basel. By his count, the volume of foreign assets (deposits, loans, debt securities or shares) of the banking of those 24 countries, including the major financial powers, declined by 799,000 million in the final stretch of 2011. It is the second setback of the statistical series, although, by contrast, still far from the nearly two billion dollars in international assets that were lost after the bankruptcy of Lehman Brothers.
A sharp decline in international banking assets is indicative meridian financial institutions to ration loan, you do not trust and prefer to gather and concentrate resources in shelter settings (gold, U.S. or German government debt, some currencies like the Swiss franc or the Japanese yen). In parallel, the same thing often happens in the context of each country, although that emerges in the BIS statistics, which only measures how much banks financed abroad.
Compared to the months that followed the collapse of Lehman Brothers, in the final stretch of 2011 was a loan between banks which concentrated the decline of international assets. About 80% of the decline occurred in the financial sector, while in other activities (public administration, businesses and families) the incidence was much lower. In 2008, the distribution was more even, by closing the tap bank credit to international trade, a factor that explains the harshness of the Great Recession.
Besides focusing on the banking sector (and, significantly, in the interbank market for short-term) asset retirement this time also has a strong regional impact. The 60% decline in assets at banks is that international banks withdrew deposits, loans, equity or debt securities of euro area banks. Here BIS warns that although banks in trouble peripheral countries-Portugal, Ireland, Greece, Italy, Spain, takes the cake (40% loss), there are significant declines in the international exhibition to French banks and German.
The majority are banks in the euro area that are removed from the assets of other banks in the euro area. This phenomenon has sounded the alarm about the gradual re-nationalization of European interbank market, is what, in reaction, has led the European Commission and the ECB to prioritize the project of a "union bank" in the upcoming summit of leaders EU later this month.
The exposure of international banks in Spain is one of the best examples of this trend. Since the crisis erupted, exposure to the Spanish economy has shrunk to almost half (just over a billion dollars to 586,000 million).
And that withdrawal of foreign assets has been felt with greater intensity in the Spanish banks, which in the public or businesses and families. The volume of assets that have foreign banks in Spanish financial institutions plummeted in the fourth quarter of 2011: The quarterly decline was around 19% BIS discount rate by half by excluding the effect of the devaluation of the euro. In the past year, banks in Germany, British, French and Italians have been lightened to almost half their exposure to Spanish banks. Changes in the position of U.S. banks, Swiss and Japanese have been much lower.
BIS experts believe that the data reflect the fourth quarter of 2011 is very similar to that seen now in the financial markets. "In mid-May, doubts had become: doubts about growth in the euro area, doubts about the financial health of some states of the euro, banks doubts, doubts about the impact of fiscal adjustment. And finally, questions about her political stability in the euro area ", summarizes. Although there are references to Greek political instability is the situation of Italian banks, and especially Spanish which focuses the attention of the Basel Bank analysts. And you do not need a decoder to complete secret key when speaking Spanish financial sector: "There is concern among investors for the opacity of some bank statements and by the continued lack of recognition of losses."
An opacity until the Spanish government has implicitly recognized hire two foreign audit to give clean these balances, given the inability of the Bank of Spain. The result of these reports may add fuel to the flames of suspicion.
スペインの不良債権で破綻寸前の銀行による金融不安で、スペインの外国企業の投資は半減し、国外への資本流出(撤退)が増加, ヨーロッパの金融破綻の兆候(始まり?)
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