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国際通貨基金(IMF)は、スペインの不良債権で破綻寸前の銀行の救済のための資本増強には、最低400億0000'0000ユーロが必要との甘い?見通しの報告書を前倒しして発表
El FMI adelanta el informe que aboca a España al rescate bancario
El Fondo señala que la banca puede necesitar ayudas superiores a 40.000 millones
El organismo publica en la madrugada del sábado las estimaciones que iba a facilitar el lunes
Miguel Jiménez / Sandro Pozzi Madrid / Nueva York9 JUN 2012 - 02:02 CET
The IMF anticipates the report which brought about the bank bailout in Spain
The Fund notes that the bank may need aid in excess of 40,000 million
The agency publishes in the early hours of Saturday the estimates would facilitate Monday
Miguel Jimenez / Sandro Pozzi Madrid / New York 9 JUN 2012 - 02:02 CET
The Fund notes that the bank may need aid in excess of 40,000 million
The agency publishes in the early hours of Saturday the estimates would facilitate Monday
Miguel Jimenez / Sandro Pozzi Madrid / New York 9 JUN 2012 - 02:02 CET
Amid reports that point to the request for an imminent rescue by Spain, the International Monetary Fund (IMF) has brought forward the publication of its report on the Spanish financial sector. Capital requirements of banks outlined in this report are those that lead Spain to a European rescue to recapitalize the financial sector. The review confirms that the fund has identified a requirement of 25,000 million in the baseline scenario, 29,000 calculated by the Bank of Spain and 37,000 in the side, but warns that capital requirements can finally overcome the last figure of about of the 40,000 million.
The Fund's argument is that the figure may increase by restructuring costs and the reclassification of loans (eg, in the case of refinancing artificial) can be identified in the independent valuations of assets just getting started.
The IMF considers that the costs of rescuing troubled institutions are too high to assume that the unaided sector
The IMF was planning to publish this report on Monday, as announced by the Spanish Government. Therefore, advancement to midnight Friday to Saturday was played last night in financial resources as a further indication that this Saturday Spain will present his rescue in a conference of the Eurogroup, which brings together the Ministers of Economy and Finance of the euro area. The Government, thus, could not await the reports of consultants and independent auditors to express their willingness to ask for ransom, although quantifying it and request it formally.
In that sense Fund is a warning: "Henceforth, it will be critical to clearly communicate the strategy to create a credible support mechanism for the deficiencies of capital, as experience shows, it is better to overestimate than underestimate," said Ceyla Pazarbasioglu, Deputy Director of the Department of Monetary and Capital Markets IMF and team leader who conducted the report, which was in Spain from 1 to 21 February and from 12 to 25 April.
more informationThe IMF examines the needs of the bankingThe Government continues with the suspense about the rescue: "Nothing has been decided"European sources move to Spain on Saturday asked the rescueHow does the European bailout for the financial sector?
The basic points of the report are known to the early publication of the preliminary findings that led to the Spanish Ministry of Economy on 25 April. The IMF considers that the costs of rescuing troubled Spanish banks are too high to be borne only by the industry and believes that public money may be needed.
The report notes that the big Spanish banks are solid, the core of the financial sector is well managed and resist new shocks, but you have to address the vulnerabilities.
The IMF criticizes that "in recent years, the gradual approach applied to the remedial action allowed weak banks continue to operate to the detriment of financial stability", but mainly responsible for the slow response not the Bank of Spain, but to the legal complexity and corporate governance of savings banks.
"The Spanish authorities have recently accelerated financial sector reforms to reduce vulnerabilities. Have taken steps to address the situation of some of the most problematic banks and are currently conducting an independent assessment of all portfolios, which is a welcome step and should help identify future needs restructuring, "said Pazarbasioglu, with in a note. "But the degree and persistence of the economic downturn could cause further losses for banks. The full implementation of reforms and the establishment of a credible public support will be critical to maintaining financial stability in the future, "added the head of the report.
Tests of resistance to the bench
The Spanish financial sector has been beaten by a succession of shocks. The resilience of banks to these shocks has varied widely from case to case, largely due to the different business models adopted and the differences in the philosophies of quality management and risk control.
The review of the Fund and included endurance stress test banking sector, carried out in order to assess vulnerabilities, among other situations, taking into account a serious deterioration of economic conditions-which were based on confidential and detailed data each bank.
These tests were not intended to establish a definitive figure for capital needs, but to detect critical deficiencies in certain segments and institutions. The conclusion was that "although the core of the system appears to be solid, vulnerabilities persist in some segments."
Big banks pass without trouble even the most extreme scenario raised by the examination of IMF
They looked at three scenarios in which we measured the necessary capital to meet solvency levels of 7% of risk weighted assets provided for implementing international standards (Basel III).
In the baseline scenario, more likely, consideration needs amounted to 25,000 million euros. In an intermediate scenario, envisaged by the Bank of Spain, the figure rose to 29,000. And in an unfavorable scenario, much worse than expected, the test resulted in 37,000 million. Big banks pass smoothly even this extreme scenario.
But the Fund is aware that the Economy has begun consulting and audits that can yield a higher figure, especially considering the type of consolidation that has taken place in Bankia. Therefore, those rounded up 37,000 million to 40,000 and also warn that the final capital needs may be greater if the reports of auditors so they say. As they say, it is better to spend an understatement.
What is the test that the IMF has done to Spain?
Program Financial Sector Assessment Program (FSAP), established in 1999, is a comprehensive and thorough assessment of the financial sector of a country. The FSAP are mandatory for the 25 jurisdictions with systemically important financial sectors-including Spain, and performed at the request of any member country. To evaluate the stability of the financial sector, IMF teams examine the soundness of the banking subsector and other financial institutions; rate the quality of supervision of banks, insurance companies, the payment system and markets capital based on internationally accepted standards, and evaluate the ability of oversight bodies, the authorities responsible for policy formulation and financial safety nets to respond effectively to a systemic crisis. While the FSAP not evaluate the soundness of financial institutions considered individually and can not predict or prevent financial crises, enable identification of the main factors of vulnerability that arise.
The IMF criticizes that "in recent years, the gradual approach applied to the remedial action allowed weak banks continue to operate to the detriment of financial stability", but mainly responsible for the slow response not the Bank of Spain, but to the legal complexity and corporate governance of savings banks.
The Fund's argument is that the figure may increase by restructuring costs and the reclassification of loans (eg, in the case of refinancing artificial) can be identified in the independent valuations of assets just getting started.
The IMF considers that the costs of rescuing troubled institutions are too high to assume that the unaided sector
The IMF was planning to publish this report on Monday, as announced by the Spanish Government. Therefore, advancement to midnight Friday to Saturday was played last night in financial resources as a further indication that this Saturday Spain will present his rescue in a conference of the Eurogroup, which brings together the Ministers of Economy and Finance of the euro area. The Government, thus, could not await the reports of consultants and independent auditors to express their willingness to ask for ransom, although quantifying it and request it formally.
In that sense Fund is a warning: "Henceforth, it will be critical to clearly communicate the strategy to create a credible support mechanism for the deficiencies of capital, as experience shows, it is better to overestimate than underestimate," said Ceyla Pazarbasioglu, Deputy Director of the Department of Monetary and Capital Markets IMF and team leader who conducted the report, which was in Spain from 1 to 21 February and from 12 to 25 April.
more informationThe IMF examines the needs of the bankingThe Government continues with the suspense about the rescue: "Nothing has been decided"European sources move to Spain on Saturday asked the rescueHow does the European bailout for the financial sector?
The basic points of the report are known to the early publication of the preliminary findings that led to the Spanish Ministry of Economy on 25 April. The IMF considers that the costs of rescuing troubled Spanish banks are too high to be borne only by the industry and believes that public money may be needed.
The report notes that the big Spanish banks are solid, the core of the financial sector is well managed and resist new shocks, but you have to address the vulnerabilities.
The IMF criticizes that "in recent years, the gradual approach applied to the remedial action allowed weak banks continue to operate to the detriment of financial stability", but mainly responsible for the slow response not the Bank of Spain, but to the legal complexity and corporate governance of savings banks.
"The Spanish authorities have recently accelerated financial sector reforms to reduce vulnerabilities. Have taken steps to address the situation of some of the most problematic banks and are currently conducting an independent assessment of all portfolios, which is a welcome step and should help identify future needs restructuring, "said Pazarbasioglu, with in a note. "But the degree and persistence of the economic downturn could cause further losses for banks. The full implementation of reforms and the establishment of a credible public support will be critical to maintaining financial stability in the future, "added the head of the report.
Tests of resistance to the bench
The Spanish financial sector has been beaten by a succession of shocks. The resilience of banks to these shocks has varied widely from case to case, largely due to the different business models adopted and the differences in the philosophies of quality management and risk control.
The review of the Fund and included endurance stress test banking sector, carried out in order to assess vulnerabilities, among other situations, taking into account a serious deterioration of economic conditions-which were based on confidential and detailed data each bank.
These tests were not intended to establish a definitive figure for capital needs, but to detect critical deficiencies in certain segments and institutions. The conclusion was that "although the core of the system appears to be solid, vulnerabilities persist in some segments."
Big banks pass without trouble even the most extreme scenario raised by the examination of IMF
They looked at three scenarios in which we measured the necessary capital to meet solvency levels of 7% of risk weighted assets provided for implementing international standards (Basel III).
In the baseline scenario, more likely, consideration needs amounted to 25,000 million euros. In an intermediate scenario, envisaged by the Bank of Spain, the figure rose to 29,000. And in an unfavorable scenario, much worse than expected, the test resulted in 37,000 million. Big banks pass smoothly even this extreme scenario.
But the Fund is aware that the Economy has begun consulting and audits that can yield a higher figure, especially considering the type of consolidation that has taken place in Bankia. Therefore, those rounded up 37,000 million to 40,000 and also warn that the final capital needs may be greater if the reports of auditors so they say. As they say, it is better to spend an understatement.
What is the test that the IMF has done to Spain?
Program Financial Sector Assessment Program (FSAP), established in 1999, is a comprehensive and thorough assessment of the financial sector of a country. The FSAP are mandatory for the 25 jurisdictions with systemically important financial sectors-including Spain, and performed at the request of any member country. To evaluate the stability of the financial sector, IMF teams examine the soundness of the banking subsector and other financial institutions; rate the quality of supervision of banks, insurance companies, the payment system and markets capital based on internationally accepted standards, and evaluate the ability of oversight bodies, the authorities responsible for policy formulation and financial safety nets to respond effectively to a systemic crisis. While the FSAP not evaluate the soundness of financial institutions considered individually and can not predict or prevent financial crises, enable identification of the main factors of vulnerability that arise.
The IMF criticizes that "in recent years, the gradual approach applied to the remedial action allowed weak banks continue to operate to the detriment of financial stability", but mainly responsible for the slow response not the Bank of Spain, but to the legal complexity and corporate governance of savings banks.
国際通貨基金(IMF)は、スペインの不良債権で破綻寸前の銀行の救済のための資本増強には、最低400億0000'0000ユーロが必要との甘い?見通しの報告書を前倒しして発表
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