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欧州統計局は、スペインの不良債権で破綻寸前の銀行の救済は、スペインの財政赤字を悪化させると報告
Bruselas confirma que el rescate de la banca agravará el déficit público
Eurostat advierte de que las ayudas y no solo los intereses podrán computar como gasto
Si los fondos públicos van a tapar pérdidas se considerarán ayudas de Estado
Brussels confirms that the bank rescue will exacerbate the deficit
Eurostat warns that aid not only the interest may be computed as an expense
If public funds are to cover losses shall be considered State aid
The Country Madrid 13 JUN 2012 - 17:29 CET
Eurostat warns that aid not only the interest may be computed as an expense
If public funds are to cover losses shall be considered State aid
The Country Madrid 13 JUN 2012 - 17:29 CET
Eurostat, the European statistical office has the final word on the public accounts of euro countries, today confirmed that the rescue of banks in Spain counted as debt and interest associated with credit of up to 100,000 million euros will " a direct impact "on the deficit. Although this is not the only way water can be opened in the Government's efforts to restore fiscal sustainability as the State notes that the institution's own capital injections may end deficit computed as if intended to plug the holes in troubled institutions.
Thus, after the confusion about the accounting treatment will have the interest that has lived since Saturday, when the Minister of Economy, Luis de Guindos, announced the call for help, Eurostat now sheds some light and confirms that in the end complicate the decision even more difficult task of reducing the deficit. If Guindos admitted on Saturday that the interests computarían as such, the prime minister, Mariano Rajoy, curtly denied that fact in its appearance on Sunday. Then on Monday, the spokesman for EU Economic Affairs, Amadeo Altafaj, endorsed the words of the head of the Spanish saying that Eurostat could not take them into account when calculating the deficit, as had happened in other rescues, although failed to confirm this.
Eurostat, which compared with the terminology used by the Spanish government defines aid as a "rescue package", says that "credit requested by the Spanish government will directly increase the public debt." The maximum provided in the plan of assistance, amounting to 100,000 million, equivalent to 10% of gross domestic product (GDP), so if you run out of credit debt of the State will end the year in 90% of GDP compared to 79% forecast in the Budget.
As for the deficit, the European statistics office added that "there will be a direct impact on the deficit spending on interest on the loan," but then adds that it is still not known or the amount of money you will need to sanitize the sector Spain financial or conditions of this credit. According to European sources, the loan interest will be between 3% and 4%, but probably fall closer to the second figure of the first. In this regard, yesterday the euro rescue fund that is currently in force, where part of the aid will go to Spain, was launched to sell 1,500 million in debt with a yield of 3.75%.
But there's more. Eurostat also said that although it is too early to give a concrete answer on the impact that the recapitalization of banks with public money in the deficit, capital injections may also end entities targeted as deficits if Brussels understands that represent state aid and therefore count as spending.
Specifically, if the delivery of funds to be distributed among banks and savings banks with problem through the FROB, is conditional on the beneficiaries to pay a return on capital as occurs with traditional investors, the payment will not be taken into account when calculating the deficit. However, the injection of public money will be considered as an expense and therefore will have an upward impact on the deficit if it is intended to cover losses of entities.
In any case, Eurostat clarifies that a case by case recapitalization of banks and statistical authorities with Spanish as you know the details.
The first case is already on the table with Bankia, which has taken 23,500 million aid to overcome its financial problems. Of the total, 4.465 million corresponding to the injection of preference shares by the FROB in 2010. The capital, however, will be converted into shares after the nationalization of the bank's parent and, therefore, the State shall cease to earn interest on this loan, which forces you to wait for the body to regain its value in bag try to reenter the money. Besides these funds, the entity has requested another 19,000 million to meet the sanitation imposed by the Government.
Spain ended 2011 with a deficit of 8.9%, after several revisions, and Mariano Rajoy Executive has pledged to reduce it to 5.3% at the end of 2012 and 3% in 2013. To meet this unprecedented consolidation effort, which is equivalent to an adjustment of 35,000 million, the Government has announced cuts also exceptional. Nevertheless, until the European Commission assumes that the targets will not achieve because of the country's relapse into recession, which is bidding farewell to forecast revenue. For this reason, Brussels has opened out to defer a year, until 2014, the sacred goal of 3%, which is the limit imposed by the EU.
Thus, after the confusion about the accounting treatment will have the interest that has lived since Saturday, when the Minister of Economy, Luis de Guindos, announced the call for help, Eurostat now sheds some light and confirms that in the end complicate the decision even more difficult task of reducing the deficit. If Guindos admitted on Saturday that the interests computarían as such, the prime minister, Mariano Rajoy, curtly denied that fact in its appearance on Sunday. Then on Monday, the spokesman for EU Economic Affairs, Amadeo Altafaj, endorsed the words of the head of the Spanish saying that Eurostat could not take them into account when calculating the deficit, as had happened in other rescues, although failed to confirm this.
Eurostat, which compared with the terminology used by the Spanish government defines aid as a "rescue package", says that "credit requested by the Spanish government will directly increase the public debt." The maximum provided in the plan of assistance, amounting to 100,000 million, equivalent to 10% of gross domestic product (GDP), so if you run out of credit debt of the State will end the year in 90% of GDP compared to 79% forecast in the Budget.
As for the deficit, the European statistics office added that "there will be a direct impact on the deficit spending on interest on the loan," but then adds that it is still not known or the amount of money you will need to sanitize the sector Spain financial or conditions of this credit. According to European sources, the loan interest will be between 3% and 4%, but probably fall closer to the second figure of the first. In this regard, yesterday the euro rescue fund that is currently in force, where part of the aid will go to Spain, was launched to sell 1,500 million in debt with a yield of 3.75%.
But there's more. Eurostat also said that although it is too early to give a concrete answer on the impact that the recapitalization of banks with public money in the deficit, capital injections may also end entities targeted as deficits if Brussels understands that represent state aid and therefore count as spending.
Specifically, if the delivery of funds to be distributed among banks and savings banks with problem through the FROB, is conditional on the beneficiaries to pay a return on capital as occurs with traditional investors, the payment will not be taken into account when calculating the deficit. However, the injection of public money will be considered as an expense and therefore will have an upward impact on the deficit if it is intended to cover losses of entities.
In any case, Eurostat clarifies that a case by case recapitalization of banks and statistical authorities with Spanish as you know the details.
The first case is already on the table with Bankia, which has taken 23,500 million aid to overcome its financial problems. Of the total, 4.465 million corresponding to the injection of preference shares by the FROB in 2010. The capital, however, will be converted into shares after the nationalization of the bank's parent and, therefore, the State shall cease to earn interest on this loan, which forces you to wait for the body to regain its value in bag try to reenter the money. Besides these funds, the entity has requested another 19,000 million to meet the sanitation imposed by the Government.
Spain ended 2011 with a deficit of 8.9%, after several revisions, and Mariano Rajoy Executive has pledged to reduce it to 5.3% at the end of 2012 and 3% in 2013. To meet this unprecedented consolidation effort, which is equivalent to an adjustment of 35,000 million, the Government has announced cuts also exceptional. Nevertheless, until the European Commission assumes that the targets will not achieve because of the country's relapse into recession, which is bidding farewell to forecast revenue. For this reason, Brussels has opened out to defer a year, until 2014, the sacred goal of 3%, which is the limit imposed by the EU.
欧州統計局は、スペインの不良債権で破綻寸前の銀行の救済は、スペインの財政赤字を悪化させると報告
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