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欧州ユーロ圏諸国は、スペインの銀行救済の替りに、スペインの銀行や財政などの32の条件を着けた
La UE impone 32 condiciones financieras y fiscales a España para el rescate
El memorándun recuerda las condiciones macroeconómicas de España
La UE quita poderes a Guindos para dárselos al Banco de España
Bruselas impone una reforma de las cajas para que no controlen bancos
Los consejeros de las cajas no podrán serlo de sus bancos filiales
Los bancos deberán tener un 9% de capital al menos hasta final de 2014
El rescate clasificará a las entidades en cuatro grupos según su solvencia
El banco malo deberá estar listo antes de final de año
Se obligará a los bancos con ayudas a vender activos y a imponer pérdidas a las preferentes
The EU imposed 32 financial conditions and fiscal Spain to the rescue
The memorandum reminds macroeconomic conditions in Spain
The EU takes Guindos powers to give to the Bank of Spain
Brussels imposed a reform of the control boxes that bank
The directors of the boxes may not be their subsidiary banks
Banks should have a 9% capital at least until the end of 2014
The rescue entities classified into four groups according to their solvency
The bad bank should be ready before year end
It will force banks to sell assets to support and impose losses on the preferred
DOWNLOADABLE Memorandum for the bailout (in English)
Ricardo Martinez Rituerto / Claudi Perez Brussels 10 JUL 2012 - 16:56 CET
The memorandum reminds macroeconomic conditions in Spain
The EU takes Guindos powers to give to the Bank of Spain
Brussels imposed a reform of the control boxes that bank
The directors of the boxes may not be their subsidiary banks
Banks should have a 9% capital at least until the end of 2014
The rescue entities classified into four groups according to their solvency
The bad bank should be ready before year end
It will force banks to sell assets to support and impose losses on the preferred
DOWNLOADABLE Memorandum for the bailout (in English)
Ricardo Martinez Rituerto / Claudi Perez Brussels 10 JUL 2012 - 16:56 CET
Up to 32 conditions. The Memorandum of Understanding associated with the Spanish financial system rescue, which has had access COUNTRY, imposing harsh conditions on banks that apply for grants and the whole sector, including the Bank of Spain, which is de facto under the supervision of the Bank European Central Bank (ECB). And finally remembers macroeconomic conditions: the memorandum requires black and white, "implement the recommendations" of the Commission by the excessive deficit procedure, as well as "structural reforms", but are the same recommendations and reforms already in place in this procedure and the called European semester. So the increase in VAT announced by the government of Mariano Rajoy, included in the latest recommendations of the Commission, is actually a requirement of the European partners.
Urged European partners to launch a "transfer of powers of sanction and license [bank records]" of the Ministry of Finance to the Bank of Spain. In addition, the European Commission, the ECB, the European Banking Authority and the International Monetary Fund will be well above the bailout of banks and can access "under strict conditions of confidentiality" to all the Spanish banking system data they need, both added as an entity by entity. They may also make site inspections to review compliance with the conditions, a task usually reserved for the central bank of each country and gives an idea of the degree of intervention in the financial system that is associated to the rescue.
The memorandum requires "guarantee the independence of the Bank of Spain", a new attack on the waterline of the Spanish supervisor. The Bank of Spain must launch an internal review to identify the most serious deficiencies before the end of October 2012, especially in the bodies of inspectors to assess "vulnerability and risk in the financial system." In addition, the memorandum requires passing consumer protection legislation to prevent episodes such as subordinated debt and preference shares, and generally in the products that are not under the umbrella of the Deposit Guarantee Fund.
The rescue also requires creating an independent fiscal institution that oversees the Spanish fiscal policy, in line with these recommendations. And it requires input "consolidation efforts" and a tax system "to support more growth" (ie, less taxing labor income in exchange for an increase in VAT or home ownership or assets), and "apply labor reform. "
As financial conditions, there are several outstanding things, many in line with the recommendations of the recent report by the International Monetary Fund (IMF). In particular, the EU imposes a reform of the boxes to stop "eventually" to control the subsidiary banks and imposes incompatibilities between the boards of banks and their banks participated, now frequently share directors.
The conditions required capital ratio for all banks 9% "at least until 2014" and prevent "any case" lending institutions to reduce their capital on the level that will in December 2012 without prior approval of the Bank of Spain. It also requires "limits on the sale by entities subordinated debt" as preference shares, whose holders will be subject to cost sharing removes the restructuring of Spanish banks. Institutions may not offer a premium of more than 10% of the market price of the preferred, which in practice will cause great losses.
The restructuring plans of the entities prohibit pay dividends, sell assets require non-strategic assets and prohibiting non-organic growth. "For non-viable banks requiring public funds, the Spanish authorities will need to enable resolution plans [ie, end]." Always ensuring financial stability, in particular the protection of bank deposits, thus preventing an excessive cost to the taxpayer.
In November 2012, the Government should be ready to clarify the role you have in savings banks in their capacity as shareholders of the banks. The idea is to reduce the participation of its subsidiary banks boxes below the control level.
The EU will qualify for Spanish financial institutions into four groups. In group 0 are healthy institutions, which do not need help (such as Santander, BBVA and La Caixa, according to preliminary analysis of the consultants). In group 1 will be nationalized entities (BFA / Bankia, Caixa Catalunya, NCG Bank and Banco de Valencia). In group 2 entities will suspend the stress tests and not be able to raise funds for themselves. In group 3 are those who fail but be credible recapitalization plans without state aid.
Entities, from 0 to 3 according to their resistance
Institutions must provide group 0 toxic assets to a bad bank should be created before year end. In October, establish which entities belonging to groups 0, 1, 2 and 3, depending on the stress tests.
Banks in groups 1, 2 and 3 must submit in early October with plans to recapitalize domestic measures, sales of assets, liabilities or management by seeking public support. The Spanish authorities and the European Commission will discuss those plans.
For nationalized banks (group 1), which need more capital, the government must begin to prepare and this month the resolution or restructuring plans, so they are ready to be approved by the European Commission in November. The transfer of toxic assets to a bad bank should be culminated at the end of the year.
For Group 2 banks, the nationalized but still need aid, restructuring plans must be submitted in October at the latest. The process for approval of such plans will run until late December. These plans shall include the segregation of toxic assets into a bad bank.
For banks in group 3, which supposedly can raise money from private sources, there will be a defensive recapitalization with public money in the form of convertible contingent liabilities (cocci) if planning a significant capital increase of more than 2% of weighted assets risk. Coconuts can be depreciated (by returning the amount) until June 2013 with private capital that captures the entity. If it fails, will be converted into shares and, therefore, these institutions are nationalized, at least partially. Those others of this group who need a capital increase less than 2% of risk weighted assets, will then have to do so until June 30, 2013, but not subject to the recapitalization preventive coconuts.
Urged European partners to launch a "transfer of powers of sanction and license [bank records]" of the Ministry of Finance to the Bank of Spain. In addition, the European Commission, the ECB, the European Banking Authority and the International Monetary Fund will be well above the bailout of banks and can access "under strict conditions of confidentiality" to all the Spanish banking system data they need, both added as an entity by entity. They may also make site inspections to review compliance with the conditions, a task usually reserved for the central bank of each country and gives an idea of the degree of intervention in the financial system that is associated to the rescue.
The memorandum requires "guarantee the independence of the Bank of Spain", a new attack on the waterline of the Spanish supervisor. The Bank of Spain must launch an internal review to identify the most serious deficiencies before the end of October 2012, especially in the bodies of inspectors to assess "vulnerability and risk in the financial system." In addition, the memorandum requires passing consumer protection legislation to prevent episodes such as subordinated debt and preference shares, and generally in the products that are not under the umbrella of the Deposit Guarantee Fund.
The rescue also requires creating an independent fiscal institution that oversees the Spanish fiscal policy, in line with these recommendations. And it requires input "consolidation efforts" and a tax system "to support more growth" (ie, less taxing labor income in exchange for an increase in VAT or home ownership or assets), and "apply labor reform. "
As financial conditions, there are several outstanding things, many in line with the recommendations of the recent report by the International Monetary Fund (IMF). In particular, the EU imposes a reform of the boxes to stop "eventually" to control the subsidiary banks and imposes incompatibilities between the boards of banks and their banks participated, now frequently share directors.
The conditions required capital ratio for all banks 9% "at least until 2014" and prevent "any case" lending institutions to reduce their capital on the level that will in December 2012 without prior approval of the Bank of Spain. It also requires "limits on the sale by entities subordinated debt" as preference shares, whose holders will be subject to cost sharing removes the restructuring of Spanish banks. Institutions may not offer a premium of more than 10% of the market price of the preferred, which in practice will cause great losses.
The restructuring plans of the entities prohibit pay dividends, sell assets require non-strategic assets and prohibiting non-organic growth. "For non-viable banks requiring public funds, the Spanish authorities will need to enable resolution plans [ie, end]." Always ensuring financial stability, in particular the protection of bank deposits, thus preventing an excessive cost to the taxpayer.
In November 2012, the Government should be ready to clarify the role you have in savings banks in their capacity as shareholders of the banks. The idea is to reduce the participation of its subsidiary banks boxes below the control level.
The EU will qualify for Spanish financial institutions into four groups. In group 0 are healthy institutions, which do not need help (such as Santander, BBVA and La Caixa, according to preliminary analysis of the consultants). In group 1 will be nationalized entities (BFA / Bankia, Caixa Catalunya, NCG Bank and Banco de Valencia). In group 2 entities will suspend the stress tests and not be able to raise funds for themselves. In group 3 are those who fail but be credible recapitalization plans without state aid.
Entities, from 0 to 3 according to their resistance
Institutions must provide group 0 toxic assets to a bad bank should be created before year end. In October, establish which entities belonging to groups 0, 1, 2 and 3, depending on the stress tests.
Banks in groups 1, 2 and 3 must submit in early October with plans to recapitalize domestic measures, sales of assets, liabilities or management by seeking public support. The Spanish authorities and the European Commission will discuss those plans.
For nationalized banks (group 1), which need more capital, the government must begin to prepare and this month the resolution or restructuring plans, so they are ready to be approved by the European Commission in November. The transfer of toxic assets to a bad bank should be culminated at the end of the year.
For Group 2 banks, the nationalized but still need aid, restructuring plans must be submitted in October at the latest. The process for approval of such plans will run until late December. These plans shall include the segregation of toxic assets into a bad bank.
For banks in group 3, which supposedly can raise money from private sources, there will be a defensive recapitalization with public money in the form of convertible contingent liabilities (cocci) if planning a significant capital increase of more than 2% of weighted assets risk. Coconuts can be depreciated (by returning the amount) until June 2013 with private capital that captures the entity. If it fails, will be converted into shares and, therefore, these institutions are nationalized, at least partially. Those others of this group who need a capital increase less than 2% of risk weighted assets, will then have to do so until June 30, 2013, but not subject to the recapitalization preventive coconuts.
欧州ユーロ圏諸国は、スペインの銀行救済の替りに、スペインの銀行や財政などの32の条件を着けた
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