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スペインの銀行を救済するために欧州救済基金からスペイン銀行再編基金を通して融資して資本増強してスペインの銀行を破綻から救済するのは、どういう仕組みでやっているの?
¿Cómo funciona el rescate europeo para el sector financiero?
La ayuda para la banca no implica necesariamente una intervención de la política económica
Las condiciones afectarán básicamente al sector, pero España estará más vigilada
How does the European bailout for the financial sector?
Support for the dealer does not necessarily imply economic policy intervention
The conditions mainly affect the sector, but Spain will be more guarded
Check out the special on the crisis of the euro
Miguel Jimenez Madrid 10 JUN 2012 - 16:16 CET
Support for the dealer does not necessarily imply economic policy intervention
The conditions mainly affect the sector, but Spain will be more guarded
Check out the special on the crisis of the euro
Miguel Jimenez Madrid 10 JUN 2012 - 16:16 CET
Following the Government's decision to order the rescue with its European partners to clean up its financial sector with a maximum of 100,000 million opening a new phase of the crisis. However, unlike the other three bailouts that have occurred in the eurozone, Spain will be the first member of the Monetary Union in the way of a test limited to the financial sector assistance. This was possible because the European bailout fund was amended to allow injection of money to the banking problems of a country, but always through the state. But how does this help?
What is a financial industry bailout?
The European fund a loan to a State, and this injects money to the banks with capital needs.
Who funds the rescue?
Europe has two bailout funds. One is already in force, the European Financial Stability Facility (EFSF), the so-called temporary bailout fund, intended to run until mid-2013. The other is the European Stability Mechanism (MEDE), the permanent rescue fund established through a Treaty member countries of the euro. The entry into force of MEDE is scheduled for July 1, although it is likely to be delayed to July 9 because currently only been ratified by four States. The money from these funds come from contributions from countries and debt by the same guarantees.
more informationThe meeting of the EurogroupThe Government is prepared to fight the word rescueOthers have already doneThe 'black spots' in the financial sectorHow did we get here?, By Joaquin ESTEFANÍAAfter a rescue, low life expectancyOPINION: This time, Europe is really on the brinkOPINION: With nerves and rescue, by J. I. CRESPOEDITORIAL: Waiting for the rescue
The Economy Minister Luis de Guindos, has advanced that Spain will use both funds materialize as the capital requirements of banks. If funds are requested to EFSF, Finland has warned he will ask for additional guarantees to Spain.
How do you implement the help and who pays?
The state will borrow the money with interest to European funds, which pass to the Banking Financial Restructuring Fund (FROB), which is a public body. The latter will give it to the states with the problems either through direct capital injections or through convertible instruments (known as coconuts). In the event that such aid is not returned, as has happened recently with Bankia, the State shall enter into entities and complicates the recovery of funds.
Whatever happens, the State will be responsible for returning to Europe with an interest that, according to sources familiar with the negotiations, will be around 3%, below the 6% who currently pay Spain for its 10-year bonds or 4% of average pay for all tranches of debt. The term, however, is not fixed.
Does it affect the debt or deficit?
If you run out the maximum offered by the Euro, EUR 100,000 million, equivalent to 10% of GDP, will be computed as FROB debt, which accumulated a liability of 20,000 million for its past interventions in the sector . As this is a public institution, the debt will swell the State as a whole. According to earlier government forecasts, Spain closed 2012 with a 79.8% debt, which now could end up touching the 90% exercise. And, according to the projections established in the stability plan submitted to Brussels by the Executive, will continue to rise in 2013, up 92.3% if you run out of European credit line banking.
As for the deficit, increasing debt, increasing interest payments, which has become the second largest item of the budget with 28,800 million, as planned before the bailout request. This increased expenditure on interest, which must be paid annually, will hinder the achievement of the deficit targets to increase spending with the same income.
Are there rules in place?
Yes, the EFSF has issued guidelines on how to proceed to recapitalization of banks through the loan to the States. So far, there has been no such rescue, but there have been recapitalizations of entities channeled through comprehensive bailout programs to countries in the case of Greece, Ireland and Portugal.
Are there conditions of macroeconomic adjustment?
On this point and although Guindos emphasized that the conditions attached to aid the financial sector are limited and will not affect the whole society, the Eurogroup document authorizing the bailout is stressed that Spain will be subject to a strong monitoring by the European authorities. It also warns that will not allow the slightest deviation from the goals of deficit reduction and, if it occurs, will have to follow their recommendations: raising the VAT, the VAT increase, accelerate the reform of pensions and toughen still a little more labor reform, among others.
With this declaration of intent, the Eurogroup merely adapt to the rules. The statutes of the state that funds the beneficiary country must demonstrate that its budgetary policy is sound and can return EU funds, which will be subject to "constant surveillance" and also be required to comply fully with European recommendations to reduce its deficit. No intervention would be pure, there would troika, but the margin of economic policy is reduced.
What conditions are imposed on the entities?
The entities applying for public aid faced its reorganization, restructuring or liquidation, as these are conditions sine qua non for EFSF assistance for recapitalization. Moreover, as this type of assistance is considered a state aid must comply with European rules on state aid and competition. Finally, it can also impose additional conditions in the areas of financial supervision, corporate governance and national laws regarding the restructuring and liquidation of entities.
What role do audits?
The guidelines set by the EFSF to recapitalize financial institutions indicate that "the amount of capital needed to be derived from the performance of an endurance test of the entities in question and all other financial institutions in the beneficiary Member State." They add that "in order to meet the time constraints, this evaluation could be conducted in two stages to allow a first estimate, which is confirmed by further analysis at a later stage." Furthermore, the EFSF states that stress tests will be conducted by the Bank of Spain, with the participation of European supervisor and "national experts from the supervisory authorities of other Member States." Audits commissioned by Guindos fit that script. Oliver Wyman consultants Roland Berger and make the first estimate, to be published within 15 days, while the big four auditors make such other further examination, to be completed by the end of July.
What is the purpose of participation in EFSF recapitalization of financial institutions?
The aim is to limit the spread of financial stress, ensuring the ability of a government (usually those with a large and troubled financial sector relative to the size of the country) to finance the recapitalization of financial institutions to sustainable borrowing costs .
When was the mechanism?
The European rescue of a country to recapitalize its financial sector is expected in Europe since July 2011. Then, in the July 21 summit, the Heads of State and Government of the European Union decided to ease the use of the two European rescue mechanisms that could be used for this purpose.
Which countries can benefit from this help?
It applies to Member States that are not under a program of macroeconomic adjustment. For those who have a program already assigned in the same amount to recapitalize the financial sector (12,000 million for Portugal, 35,000 million for Ireland).
Can the EFSF make loans directly to financial institutions?
No, the EFSF only provided to Member States in the area.
How do you determine if a country needs a rescue like this?
Applying a three-step approach. First, the private sector (shareholders) will participate in the recapitalization, followed by participation at the national (Government) and, finally, if they do not have sufficient capacity, the recovery is done with European money through the bailout fund .
Are these rules immovable?
These are the rules for the rescue of financial institutions through the EFSF, the temporary bailout fund. The rules of MEDE, the permanent rescue fund, are not developed, since it has not yet entered into force (so does the July 1). If the rescue is done with this new mechanism would be in concrete rules are somewhat different from those described.
What is expected in the new rescue fund?
For now, the text of the treaty of MEDE provides that the Governing Council may decide to grant financial assistance through loans to a member of MEDE for the specific purpose of recapitalizing financial institutions in that country. Financial terms and conditions of financial assistance for the recapitalization of financial institutions of a member of MEDE be specified in a service agreement for financial assistance, to be signed by the Executive Director. The conditionality attached to financial assistance for the recapitalization of financial institutions of a member of MEDE be specified in a Memorandum of Understanding, under the same rules that apply to the bailouts of countries, although its contents may be very different.
How are conditions with the new rescue fund?
The Governing Council entrusted to the European Commission to negotiate with the country, in coordination with the ECB and, where possible, together with the IMF, a memorandum of understanding to define precisely the conditionality attached to aid. The contents of the memorandum reflect the seriousness of the deficiencies to be addressed and the chosen instrument of financial assistance. In parallel, the executive director will prepare a proposal MEDE service agreement for financial assistance for adoption by the Board of Governors, which will include the financial terms and conditions and the instruments chosen. The memorandum will be fully compatible with the coordination of economic policy under the Treaty on the Functioning of the European Union, including any opinions, warning, recommendation or decision that was addressed to the member of MEDE in question.
What is a financial industry bailout?
The European fund a loan to a State, and this injects money to the banks with capital needs.
Who funds the rescue?
Europe has two bailout funds. One is already in force, the European Financial Stability Facility (EFSF), the so-called temporary bailout fund, intended to run until mid-2013. The other is the European Stability Mechanism (MEDE), the permanent rescue fund established through a Treaty member countries of the euro. The entry into force of MEDE is scheduled for July 1, although it is likely to be delayed to July 9 because currently only been ratified by four States. The money from these funds come from contributions from countries and debt by the same guarantees.
more informationThe meeting of the EurogroupThe Government is prepared to fight the word rescueOthers have already doneThe 'black spots' in the financial sectorHow did we get here?, By Joaquin ESTEFANÍAAfter a rescue, low life expectancyOPINION: This time, Europe is really on the brinkOPINION: With nerves and rescue, by J. I. CRESPOEDITORIAL: Waiting for the rescue
The Economy Minister Luis de Guindos, has advanced that Spain will use both funds materialize as the capital requirements of banks. If funds are requested to EFSF, Finland has warned he will ask for additional guarantees to Spain.
How do you implement the help and who pays?
The state will borrow the money with interest to European funds, which pass to the Banking Financial Restructuring Fund (FROB), which is a public body. The latter will give it to the states with the problems either through direct capital injections or through convertible instruments (known as coconuts). In the event that such aid is not returned, as has happened recently with Bankia, the State shall enter into entities and complicates the recovery of funds.
Whatever happens, the State will be responsible for returning to Europe with an interest that, according to sources familiar with the negotiations, will be around 3%, below the 6% who currently pay Spain for its 10-year bonds or 4% of average pay for all tranches of debt. The term, however, is not fixed.
Does it affect the debt or deficit?
If you run out the maximum offered by the Euro, EUR 100,000 million, equivalent to 10% of GDP, will be computed as FROB debt, which accumulated a liability of 20,000 million for its past interventions in the sector . As this is a public institution, the debt will swell the State as a whole. According to earlier government forecasts, Spain closed 2012 with a 79.8% debt, which now could end up touching the 90% exercise. And, according to the projections established in the stability plan submitted to Brussels by the Executive, will continue to rise in 2013, up 92.3% if you run out of European credit line banking.
As for the deficit, increasing debt, increasing interest payments, which has become the second largest item of the budget with 28,800 million, as planned before the bailout request. This increased expenditure on interest, which must be paid annually, will hinder the achievement of the deficit targets to increase spending with the same income.
Are there rules in place?
Yes, the EFSF has issued guidelines on how to proceed to recapitalization of banks through the loan to the States. So far, there has been no such rescue, but there have been recapitalizations of entities channeled through comprehensive bailout programs to countries in the case of Greece, Ireland and Portugal.
Are there conditions of macroeconomic adjustment?
On this point and although Guindos emphasized that the conditions attached to aid the financial sector are limited and will not affect the whole society, the Eurogroup document authorizing the bailout is stressed that Spain will be subject to a strong monitoring by the European authorities. It also warns that will not allow the slightest deviation from the goals of deficit reduction and, if it occurs, will have to follow their recommendations: raising the VAT, the VAT increase, accelerate the reform of pensions and toughen still a little more labor reform, among others.
With this declaration of intent, the Eurogroup merely adapt to the rules. The statutes of the state that funds the beneficiary country must demonstrate that its budgetary policy is sound and can return EU funds, which will be subject to "constant surveillance" and also be required to comply fully with European recommendations to reduce its deficit. No intervention would be pure, there would troika, but the margin of economic policy is reduced.
What conditions are imposed on the entities?
The entities applying for public aid faced its reorganization, restructuring or liquidation, as these are conditions sine qua non for EFSF assistance for recapitalization. Moreover, as this type of assistance is considered a state aid must comply with European rules on state aid and competition. Finally, it can also impose additional conditions in the areas of financial supervision, corporate governance and national laws regarding the restructuring and liquidation of entities.
What role do audits?
The guidelines set by the EFSF to recapitalize financial institutions indicate that "the amount of capital needed to be derived from the performance of an endurance test of the entities in question and all other financial institutions in the beneficiary Member State." They add that "in order to meet the time constraints, this evaluation could be conducted in two stages to allow a first estimate, which is confirmed by further analysis at a later stage." Furthermore, the EFSF states that stress tests will be conducted by the Bank of Spain, with the participation of European supervisor and "national experts from the supervisory authorities of other Member States." Audits commissioned by Guindos fit that script. Oliver Wyman consultants Roland Berger and make the first estimate, to be published within 15 days, while the big four auditors make such other further examination, to be completed by the end of July.
What is the purpose of participation in EFSF recapitalization of financial institutions?
The aim is to limit the spread of financial stress, ensuring the ability of a government (usually those with a large and troubled financial sector relative to the size of the country) to finance the recapitalization of financial institutions to sustainable borrowing costs .
When was the mechanism?
The European rescue of a country to recapitalize its financial sector is expected in Europe since July 2011. Then, in the July 21 summit, the Heads of State and Government of the European Union decided to ease the use of the two European rescue mechanisms that could be used for this purpose.
Which countries can benefit from this help?
It applies to Member States that are not under a program of macroeconomic adjustment. For those who have a program already assigned in the same amount to recapitalize the financial sector (12,000 million for Portugal, 35,000 million for Ireland).
Can the EFSF make loans directly to financial institutions?
No, the EFSF only provided to Member States in the area.
How do you determine if a country needs a rescue like this?
Applying a three-step approach. First, the private sector (shareholders) will participate in the recapitalization, followed by participation at the national (Government) and, finally, if they do not have sufficient capacity, the recovery is done with European money through the bailout fund .
Are these rules immovable?
These are the rules for the rescue of financial institutions through the EFSF, the temporary bailout fund. The rules of MEDE, the permanent rescue fund, are not developed, since it has not yet entered into force (so does the July 1). If the rescue is done with this new mechanism would be in concrete rules are somewhat different from those described.
What is expected in the new rescue fund?
For now, the text of the treaty of MEDE provides that the Governing Council may decide to grant financial assistance through loans to a member of MEDE for the specific purpose of recapitalizing financial institutions in that country. Financial terms and conditions of financial assistance for the recapitalization of financial institutions of a member of MEDE be specified in a service agreement for financial assistance, to be signed by the Executive Director. The conditionality attached to financial assistance for the recapitalization of financial institutions of a member of MEDE be specified in a Memorandum of Understanding, under the same rules that apply to the bailouts of countries, although its contents may be very different.
How are conditions with the new rescue fund?
The Governing Council entrusted to the European Commission to negotiate with the country, in coordination with the ECB and, where possible, together with the IMF, a memorandum of understanding to define precisely the conditionality attached to aid. The contents of the memorandum reflect the seriousness of the deficiencies to be addressed and the chosen instrument of financial assistance. In parallel, the executive director will prepare a proposal MEDE service agreement for financial assistance for adoption by the Board of Governors, which will include the financial terms and conditions and the instruments chosen. The memorandum will be fully compatible with the coordination of economic policy under the Treaty on the Functioning of the European Union, including any opinions, warning, recommendation or decision that was addressed to the member of MEDE in question.
スペインの銀行を救済するために欧州救済基金からスペイン銀行再編基金を通して融資して資本増強してスペインの銀行を破綻から救済するのは、どういう仕組みでやっているの?
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