ユーロ圏諸国は、スペインの銀行救済の条件として、スペインの銀行の優良自己資本率を9%に引き上げるように勧告
El Eurogrupo exigirá más fondos a los bancos a cambio de la ayuda
Todas las entidades deberán tener un capital de máxima calidad del 9%
Los activos del banco malo se tasarán a un valor razonable y no de mercado
Luis Doncel / Claudi Pérez Bruselas9 JUL 2012 - 00:27 CET
The Eurogroup will require more funds to banks in exchange for the help
All entities must have a high quality capital of 9%
The bad bank's assets shall be assessed at fair value rather than market
Luis Doncel / Claudi Perez Brussels 9 JUL 2012 - 00:27 CET
All entities must have a high quality capital of 9%
The bad bank's assets shall be assessed at fair value rather than market
Luis Doncel / Claudi Perez Brussels 9 JUL 2012 - 00:27 CET
The lines of the Spanish banking bailout are already clear at last. In a meeting held today, the finance ministers of the 17 eurozone countries will force the industry to make a major effort to strengthen their capital. All Spanish banks need to raise up to 9% of their highest quality capital or core capital, according to European sources familiar with the negotiations. The goal is to increase funding to ensure the viability, even in a very negative situation. So far only considered systemic banks were required to reach the threshold of 9%.
The Eurogroup also strengthen the supervision and the obligation of banks to provide information on their needs. With all these measures, the EU expects that the current crisis is not repeated. The problem is that the new capital requirements threaten to further restrict credit and therefore even more difficult to make out of the recession.
All indications are that, at its meeting today, Finance officials will take a political agreement that, once you have passed by the parliaments of countries like Germany, will be ratified in a memorandum. This contract will be approved, almost certainly, in a Eurogroup on 20 July. It was from then that money is available. Institutions may be providing a line of credit with the cap of 100,000 million euros. Let's wait until then to know how much the bill finally generated by the excesses committed by banks.
Spanish banks are divided into four groups: those that do not require capital (basically, the three giants of the sector), the eight nationalized; the capital requiring and can not get in the market and that they need, but have means to access it outside of public support.
The first to complete the recapitalization will be those that are in state hands (Bankia, Banco de Valencia, Novacaixagalicia, Unnim, CatalunyaCaixa, CAM, Cajasur and Caja Castilla La Mancha, now within Liberbank). It is envisaged that this process be carried out during the summer. The injection of funds in the Spanish financial system should be ready in March 2013 deadline for those who need funds and can not achieve on their own to complete their funding through the bailout fund.
The negotiations also talk of a possible removed in the preferred
In between, the four major audit firms (Deloitte, PwC, Ernst & Young and KPMG) shall submit to the Government on July 31 that a report detailing the failures of each entity in their loan portfolios. Then we have to wait until mid-September for a consultant-almost certainly Oliver Wyman, which it did with Roland Berger the first analysis of the Spanish banking-examine the innards of the entities one by one.
That's when banks have 15 days to measure their capital needs. From that moment, the injection of money will be made in about six months. Economy Ministry sources say that the recapitalization of the sector is very on track and that will take place on time without delay.
There will be horizontal-the conditions that affect all institutions, and others intended only to receive assistance. Among the latter, it includes the obligation to submit a restructuring plan that may include asset sales, office closures, restrictions on executives' bonuses ...
Community sources add that, although it is subject to last minute negotiations, is likely to also approve a remission for junior bondholders (those preferred shares and subordinated). The objective of this measure would be that the recapitalization will not only pay the taxpayers, but also shareholders. Seems ruled out, however, the idea of hardening the ratio between deposits and loans that each bank must comply. This measure would have generated a strong discontent in the industry and may have contributed to aggravate the recession, as would have been a credit crunch.
In addition to establishing the characteristics of the loan-repayment period, interest rates, grace period, 'the Eurogroup agrees to the creation in Spain of a bad bank, also known as asset management companies. The agreement, in the hours before the meeting of ministers is almost closed, including those assets are accounted for at fair value, not the market, which is a relief for the sector.
The Eurogroup also strengthen the supervision and the obligation of banks to provide information on their needs. With all these measures, the EU expects that the current crisis is not repeated. The problem is that the new capital requirements threaten to further restrict credit and therefore even more difficult to make out of the recession.
All indications are that, at its meeting today, Finance officials will take a political agreement that, once you have passed by the parliaments of countries like Germany, will be ratified in a memorandum. This contract will be approved, almost certainly, in a Eurogroup on 20 July. It was from then that money is available. Institutions may be providing a line of credit with the cap of 100,000 million euros. Let's wait until then to know how much the bill finally generated by the excesses committed by banks.
Spanish banks are divided into four groups: those that do not require capital (basically, the three giants of the sector), the eight nationalized; the capital requiring and can not get in the market and that they need, but have means to access it outside of public support.
The first to complete the recapitalization will be those that are in state hands (Bankia, Banco de Valencia, Novacaixagalicia, Unnim, CatalunyaCaixa, CAM, Cajasur and Caja Castilla La Mancha, now within Liberbank). It is envisaged that this process be carried out during the summer. The injection of funds in the Spanish financial system should be ready in March 2013 deadline for those who need funds and can not achieve on their own to complete their funding through the bailout fund.
The negotiations also talk of a possible removed in the preferred
In between, the four major audit firms (Deloitte, PwC, Ernst & Young and KPMG) shall submit to the Government on July 31 that a report detailing the failures of each entity in their loan portfolios. Then we have to wait until mid-September for a consultant-almost certainly Oliver Wyman, which it did with Roland Berger the first analysis of the Spanish banking-examine the innards of the entities one by one.
That's when banks have 15 days to measure their capital needs. From that moment, the injection of money will be made in about six months. Economy Ministry sources say that the recapitalization of the sector is very on track and that will take place on time without delay.
There will be horizontal-the conditions that affect all institutions, and others intended only to receive assistance. Among the latter, it includes the obligation to submit a restructuring plan that may include asset sales, office closures, restrictions on executives' bonuses ...
Community sources add that, although it is subject to last minute negotiations, is likely to also approve a remission for junior bondholders (those preferred shares and subordinated). The objective of this measure would be that the recapitalization will not only pay the taxpayers, but also shareholders. Seems ruled out, however, the idea of hardening the ratio between deposits and loans that each bank must comply. This measure would have generated a strong discontent in the industry and may have contributed to aggravate the recession, as would have been a credit crunch.
In addition to establishing the characteristics of the loan-repayment period, interest rates, grace period, 'the Eurogroup agrees to the creation in Spain of a bad bank, also known as asset management companies. The agreement, in the hours before the meeting of ministers is almost closed, including those assets are accounted for at fair value, not the market, which is a relief for the sector.
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