http;//elpais.com
欧州委員会は、スペインの資本増強のための銀行救済の融資を受ける銀行に対して、株式配当の削除、資産売却、優先株式の損失を課す、悪い銀行に資産を譲渡するなどの条件を課した
Bruselas impondrá duros planes de reestructuración al dar las ayudas
Los bancos que reciban dinero tendrán que suprimir el dividendo, vender activos, imponer pérdidas a las preferentes y transferir activos a un banco malo
Luis Doncel Bruselas10 JUL 2012 - 22:20 CET
Brussels will impose tough restructuring plans to give aid
Banks that receive money will have to remove the dividend, sell assets, impose losses on the preference shares and transfer assets to a bad bank
Calendar GRAPHIC restructuring of Spanish banks
Luis Doncel Brussels 10 JUL 2012 - 22:20 CET
Banks that receive money will have to remove the dividend, sell assets, impose losses on the preference shares and transfer assets to a bad bank
Calendar GRAPHIC restructuring of Spanish banks
Luis Doncel Brussels 10 JUL 2012 - 22:20 CET
The document is signed by the finance ministers of the eurozone kill all the euphemisms used so far: the recommendations of Brussels become impositions. The rescue of Spanish banks grant more powers to the Bank of Spain and less to the Ministry of Economy, will provide information to pouring on the ECB and other European bodies on Spanish institutions and, above all, involve a huge transfer of powers entities that receive assistance. In return, European taxpayers will put in your pocket up to 100,000 million.
The program will begin with a stream of money that the Spanish Treasury, through the FROB (the Bank Restructuring Fund) will receive almost immediately. Given the precarious situation in which there is a significant part of the financial sector, the European Financial Stability Fund (EFSF) and has prepared 30,000 million euros disbursed over this month. For this, the Bank of Spain has to make a reasoned request to be approved by the European Commission and the Euro Working Group (the organization that brings together the number two from the ministries of Finance of the euro area) according to the Bank European Central Bank (ECB).
The top four auditors (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.
It is in the second half of September when a consultant-all aimed at Oliver Wyman, which it did with Roland Berger the first analysis of the Spanish banking-examine the guts of the entities one by one. The Bank of Spain and the Commission in cooperation with the EBA (European Banking Authority) and the European Central Bank (ECB) determined in these tests for resistance to 14 financial groups account for 90% of the sector which are the total capital needs.
The entities are divided into four groups: those that do not require capital (at least the big three: Santander, BBVA, La Caixa, according to preliminary analyzes), the BFA-Bankia nationalized, CatalunyaCaixa, Novacaixagalicia and Banco de Valencia, which require capital and can not get in the market and that they need, but have the means to access it outside of public support.
In October he will know exactly which group is each entity, other than nationalized, which are already clear. It will be late this month when they need capital will have to submit their plans on how to get it (either through asset sales or other internal or state aid).
The development by the Spanish authorities or recapitalization plans, if necessary, liquidation, nationalized institutions will begin this month. These programs, targeting groups and nationalized the most absorbed injections of public money, should be ready next November for Brussels gives its approval.
The bailout entities classified into four groups
The plans for banks that need capital but are unable to achieve in the market must be submitted in October. The approval of aid may be deferred until late December, but all who will benefit from them will have to submit a restructuring plan or liquidation involving the steps to segregate assets damaged in the bad bank or management company of assets.
The memorandum states that banks classified in the last group and they need to increase capital by more than 2% of risk weighted assets received before end of year defensive recapitalization initial public through contingent convertible bonds (the famous coconut in financial terminology, which are debt securities whose payment is subject to certain conditions). Have until 2013 to repay half of the coconut and get rid of public aid.
The entities in this group may need less capital to wait until June 30, 2013. If they can not be left with even the use of public aid. Yesterday said the economy minister, Luis de Guindos, in a break from Ecofin, all funds to clean up the sector to be disbursed over the next 18 months.
Restructuring or liquidation
A strategy coordination committee, which cooperate with the Commission, the ECB, the EBA, the International Monetary Fund (IMF) and an expert who will coordinate this committee, supervise the work that will develop the independent auditors.
One of the ideas that guide the Commission is that any restructuring or liquidation bank must be based on the principles of sustainability, sharing of costs between taxpayers and shareholders and trying to distort competition as little as possible. Thus, entities requesting public funds must demonstrate their ability to survive long term without the crutches of taxpayer money.
The requirement of 9% of capital for the sector will last at least until 2014
The restructuring plans that these banks are forced to write should focus on its ability to generate shareholder value and the costs associated with restructuring. These documents will also need to detail the actions to minimize the cost of taxpayers.
The restructuring will help banks with their own resources as much as possible. To do so, must sell stakes in non-strategic assets, leaving activities falling outside its core business to prohibit the payment of dividends or compensation of hybrid capital instruments. The authorities should settle those entities that are not feasible and require public funds.
The Spanish authorities, in partnership with Brussels must quickly address the restructuring or, where appropriate, liquidation of entities that need it. Plans drawn up in Madrid will be sent to the Commission for study under the state aid rules. Brussels will be the ECB, the EBA and the IMF. The first entities to be addressed in this process are nationalized.
The aid also involves a new reform of the savings banks
To ensure that the cost to taxpayers is minimal, the euro area governments want Spain to take force owners to remove products as preferred stock or subordinated. This policy of burden sharing will affect only banks that receive public assistance, being set free those who can survive on their own. The Bank of Spain, the Commission and the EBA oversee these operations.
The legislation removes permitted subordinated debt will be adopted at the end of next August. The Spanish authorities have to make the legal changes necessary for the case that this burden-sharing can not be done voluntarily. At the end of this month will identify the necessary legal steps to advance this process.
Minimize the cost to the taxpayer
Banks have to resort to the state to cover their capital requirements become hybrid capital and subordinated debt in the capital at the same moment in which the entity receives public or recomprándola injection at a substantial discount. This rule applies to 30 June 2013 for those entities that we do not know if they need aid. The situation is even worse for non-viable. Burden-sharing will apply to the extent possible to minimize the cost of taxpayers.
Europe calls for further progress in the regulatory framework for the settlement entities. The Spanish authorities, in collaboration with the Commission, the ECB and the IMF, amend this statement. The aim is to give more power to FROB.
There will be a defensive recapitalization to certain entities
Troubled assets from banks receiving aid have to be removed quickly from the balance sheets. This principle is especially relevant in loans tied to the brick, but also affect the other assets if there are signs of deterioration. All these assets be transferred to a bad bank at fair value (the long-term) and not the market, which is a relief for the sector. To find this value will use the tests conducted on the bench. The losses for banks should be reflected in the time of separation of assets. Guindos not say yesterday whether to create only one or there will be several asset management companies.
The contract also imposes a new reform of the savings banks, in order to stop having "eventually" control shares in its subsidiary banks. There will also be incompatible with the directors of banks and their banks.
European Monitoring will be extreme. Spain must provide weekly data on deposits and liquidity position of banks and a detailed X-ray of the status of each entity (assets, capital, delinquency, portfolio debt) on a quarterly basis.
The program will begin with a stream of money that the Spanish Treasury, through the FROB (the Bank Restructuring Fund) will receive almost immediately. Given the precarious situation in which there is a significant part of the financial sector, the European Financial Stability Fund (EFSF) and has prepared 30,000 million euros disbursed over this month. For this, the Bank of Spain has to make a reasoned request to be approved by the European Commission and the Euro Working Group (the organization that brings together the number two from the ministries of Finance of the euro area) according to the Bank European Central Bank (ECB).
The top four auditors (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.
It is in the second half of September when a consultant-all aimed at Oliver Wyman, which it did with Roland Berger the first analysis of the Spanish banking-examine the guts of the entities one by one. The Bank of Spain and the Commission in cooperation with the EBA (European Banking Authority) and the European Central Bank (ECB) determined in these tests for resistance to 14 financial groups account for 90% of the sector which are the total capital needs.
The entities are divided into four groups: those that do not require capital (at least the big three: Santander, BBVA, La Caixa, according to preliminary analyzes), the BFA-Bankia nationalized, CatalunyaCaixa, Novacaixagalicia and Banco de Valencia, which require capital and can not get in the market and that they need, but have the means to access it outside of public support.
In October he will know exactly which group is each entity, other than nationalized, which are already clear. It will be late this month when they need capital will have to submit their plans on how to get it (either through asset sales or other internal or state aid).
The development by the Spanish authorities or recapitalization plans, if necessary, liquidation, nationalized institutions will begin this month. These programs, targeting groups and nationalized the most absorbed injections of public money, should be ready next November for Brussels gives its approval.
The bailout entities classified into four groups
The plans for banks that need capital but are unable to achieve in the market must be submitted in October. The approval of aid may be deferred until late December, but all who will benefit from them will have to submit a restructuring plan or liquidation involving the steps to segregate assets damaged in the bad bank or management company of assets.
The memorandum states that banks classified in the last group and they need to increase capital by more than 2% of risk weighted assets received before end of year defensive recapitalization initial public through contingent convertible bonds (the famous coconut in financial terminology, which are debt securities whose payment is subject to certain conditions). Have until 2013 to repay half of the coconut and get rid of public aid.
The entities in this group may need less capital to wait until June 30, 2013. If they can not be left with even the use of public aid. Yesterday said the economy minister, Luis de Guindos, in a break from Ecofin, all funds to clean up the sector to be disbursed over the next 18 months.
Restructuring or liquidation
A strategy coordination committee, which cooperate with the Commission, the ECB, the EBA, the International Monetary Fund (IMF) and an expert who will coordinate this committee, supervise the work that will develop the independent auditors.
One of the ideas that guide the Commission is that any restructuring or liquidation bank must be based on the principles of sustainability, sharing of costs between taxpayers and shareholders and trying to distort competition as little as possible. Thus, entities requesting public funds must demonstrate their ability to survive long term without the crutches of taxpayer money.
The requirement of 9% of capital for the sector will last at least until 2014
The restructuring plans that these banks are forced to write should focus on its ability to generate shareholder value and the costs associated with restructuring. These documents will also need to detail the actions to minimize the cost of taxpayers.
The restructuring will help banks with their own resources as much as possible. To do so, must sell stakes in non-strategic assets, leaving activities falling outside its core business to prohibit the payment of dividends or compensation of hybrid capital instruments. The authorities should settle those entities that are not feasible and require public funds.
The Spanish authorities, in partnership with Brussels must quickly address the restructuring or, where appropriate, liquidation of entities that need it. Plans drawn up in Madrid will be sent to the Commission for study under the state aid rules. Brussels will be the ECB, the EBA and the IMF. The first entities to be addressed in this process are nationalized.
The aid also involves a new reform of the savings banks
To ensure that the cost to taxpayers is minimal, the euro area governments want Spain to take force owners to remove products as preferred stock or subordinated. This policy of burden sharing will affect only banks that receive public assistance, being set free those who can survive on their own. The Bank of Spain, the Commission and the EBA oversee these operations.
The legislation removes permitted subordinated debt will be adopted at the end of next August. The Spanish authorities have to make the legal changes necessary for the case that this burden-sharing can not be done voluntarily. At the end of this month will identify the necessary legal steps to advance this process.
Minimize the cost to the taxpayer
Banks have to resort to the state to cover their capital requirements become hybrid capital and subordinated debt in the capital at the same moment in which the entity receives public or recomprándola injection at a substantial discount. This rule applies to 30 June 2013 for those entities that we do not know if they need aid. The situation is even worse for non-viable. Burden-sharing will apply to the extent possible to minimize the cost of taxpayers.
Europe calls for further progress in the regulatory framework for the settlement entities. The Spanish authorities, in collaboration with the Commission, the ECB and the IMF, amend this statement. The aim is to give more power to FROB.
There will be a defensive recapitalization to certain entities
Troubled assets from banks receiving aid have to be removed quickly from the balance sheets. This principle is especially relevant in loans tied to the brick, but also affect the other assets if there are signs of deterioration. All these assets be transferred to a bad bank at fair value (the long-term) and not the market, which is a relief for the sector. To find this value will use the tests conducted on the bench. The losses for banks should be reflected in the time of separation of assets. Guindos not say yesterday whether to create only one or there will be several asset management companies.
The contract also imposes a new reform of the savings banks, in order to stop having "eventually" control shares in its subsidiary banks. There will also be incompatible with the directors of banks and their banks.
European Monitoring will be extreme. Spain must provide weekly data on deposits and liquidity position of banks and a detailed X-ray of the status of each entity (assets, capital, delinquency, portfolio debt) on a quarterly basis.
ブリュッセルは、援助を与えるために厳しいリストラ計画を課します。
お金を受け取る銀行は、配当を削除する資産を売却し、優先株式の損失を課すことと悪い銀行に資産を譲渡する必要があります
スペインの銀行のカレンダーGRAPHIC再編
ルイスDoncelブリュッセル10 JUL 2012 - 22時20分CET
ブリュッセルになる面付けの推奨事項：文書は、これまで使用されているすべての婉曲を殺すユーロ圏の財務大臣によって署名されています。スペインの銀行の救済は、スペインの銀行や経済産業省に以下に多くの権限を付与し、スペインの機関にECBと他のヨーロッパの体に注いに情報を提供し、上記のすべての力の巨大な移転を伴うでしょう支援を受けるエンティティ。リターンでは、欧州の納税者は、100,000百万にあなたのポケットの中に設置いたします。
プログラムは、スペイン財務省は、FROBを通じて（銀行再編基金）はほぼ即座に受け取ることをお金の流れで始まります。そこに金融セクターの重要な部分は、欧州金融安定基金（EFSF）であることと、今月以上の支出30,000百万ユーロを用意していた不安定な状況を与えられた。このためには、スペインの銀行は理路要求が銀行によると、欧州委員会とユーロワーキンググループ（ユーロ圏の財務の省庁から一緒に番号2をもたらす組織）によって承認されるようにする必要があります欧州中央銀行（ECB）。
上位4役（デロイト、PWC、アーンスト＆ヤングとKPMG）は、それらのローン·ポートフォリオ内の各エンティティの障害を詳述した報告書が7月31日に政府に提出しなければならない。
それは9月の後半にあるとき、コンサルタントすべてそれがローランド·ベルガーの実体を一つずつのスペインの銀行、調べる根性の最初の分析で行ったオリバー·ワイマン、を目指した。 EBA（欧州銀行局）と欧州中央銀行（ECB）の協力を得てスペインの銀行と欧州委員会は、総資本のニーズである部門の90％で14の金融グループアカウントへの抵抗のためにこれらのテストで決定されます。
、BFA-Bankiaが国有化、CatalunyaCaixa、Novacaixagaliciaとバンコ·デ·バレンシア、必要になります。資本（サンタンデール、BBVA、ラ·カイシャ、予備的な分析によれば、少なくともビッグ3）を必要としないもの：エンティティは、次の4つのグループに分かれています資本とは、市場に入ると彼らが必要とするが、公的支援の外にアクセスする手段を持つことはできません。
月に彼はすでに明らかである国有以外の各エンティティであり、正確にどのグループに知ることができます。彼らは資本が（いずれかの資産売却や他の内部状態または援助を介して）それを得るためにどのように彼らの計画を提出しなければならない必要がある場合、それは今月下旬となります。
スペイン当局や資本増強計画は、必要に応じて、清算、国有機関による開発は、今月開始されます。これらのプログラムは、グループを標的とする公的資金の大半を吸収注射を国有化、ブリュッセルは、その承認を与えるための次の11準備する必要があります。
救済実体は、4つのグループに分類
資本を必要とするが、市場で実現することができない銀行のための計画は、10月に提出しなければならない。援助の承認は12月下旬まで延期されるかもしれませんが、それらの恩恵を受けるすべての人が悪い銀行や運用会社で損傷資産を分離する工程を含むリストラ計画や清算書を提出する必要があります資産の。
銀行が最後のグループに分類され、彼らは有名なココナッツ偶発転換社債型新株予約権付社債（を通じて年間守備の資本注入の終了前に新規株式公開を受けてリスク加重資産の2％以上の資本を増やす必要があることを覚書の状態支払い）は、特定の条件に従うものと債券のある金融用語、インチココナッツの半分を返済し、公的支援を取り除くために2013年まで持っています。
このグループ内のエンティティは、2013年6月30日まで待たなければ少ない資本が必要な場合があります。彼らは公的支援のも利用して残されることができない場合。昨日は経済大臣、ルイス·デ·Guindosは、Ecofin理事からのブレークでは、すべての資金は今後18ヶ月にわたって支出する部門をクリーンアップすると述べた。
再編や清算
委員会は、ECB、EBA、国際通貨基金（IMF）は、この委員会を調整する専門家と協力の戦略調整委員会は、独立監査を開発する作業を監督する。
委員会を導くアイデアの一つは、任意の再編や清算銀行が納税者と株主とできるだけ少なく競争を歪曲しようとしている間にコストの共有を持続可能性の原則に基づいてしなければならないということです。したがって、公的資金を要求するエンティティは、納税者のお金の松葉杖なしで長期的に生き残るために彼らの能力を示さなければなりません。
セクターの資本金の9％の要件は、少なくとも2014年まで続く
再編は、株主価値、事業再編に伴うコストを生成する能力に焦点を当てるべきであるこれらの銀行は書くことを余儀なくされていることを計画しています。これらの文書はまた、納税者のコストを最小限にするために細部の操作をする必要があります。
リストラは、独自のリソースを使用して、可能な限り、銀行を支援します。これを行うには、配当のハイブリッド資本証券の報酬の支払いを禁止するために中核事業の外に立ち活動を残して、非戦略資産の株式を売却しなければなりません。当局は、可能ではなく、公的資金を必要とするエンティティを解決する必要があります。
スペイン当局は、ブリュッセルとの提携で迅速に再構築するか、適切な場合には、それを必要とするエンティティの清算に対処する必要があります。マドリッドに策定され計画は国家補助規則の下で研究のための委員会に送られます。ブリュッセルは、ECB、EBAと国際通貨基金（IMF）となります。このプロセスで扱われるべき最初のエンティティが国有化されています。
援助はまた、貯蓄銀行の新たな改革を伴う
納税者にコストが最小限であることを確認するには、ユーロ圏の政府は、スペインが優先株や劣後債などの製品を削除するには、力の所有者を取得したいと思います。負担の分担のこのポリシーは、自分自身で生き残ることができる人は自由に設定されている、公的支援を受ける銀行のみに影響を与えます。スペインの銀行、欧州委員会とEBAは、これらの操作を監督する。
法律では許可された劣後債務は次の8月末に採択されるが削除されます。スペイン当局は、この負担分担を自主的に行うことができない場合のために必要な法律上の変更を加える必要があります。今月末に、このプロセスを進めるために必要な法的措置を識別します。
納税者にコストを最小限に抑える
銀行は、企業が大幅な割引価格で公開またはrecomprándola注射を受信するのと同じ時点で資本金のハイブリッド資本と劣後債務となる自己資本要件をカバーする状態に頼る必要があります。この規則は、彼らが援助を必要とする場合に我々が知らないそれらのエンティティのために2013年6月30日に適用されます。状況は非現実的なためにさらに悪化している。負担分担は、納税者のコストを最小限に抑えるために可能な範囲に適用されます。
ヨーロッパでは、決済のエンティティの規制の枠組みの更なる進展のために呼び出します。スペイン当局は、欧州委員会、ECBおよびIMFと共同で、この文を修正します。目的は、FROBに多くの電力を提供することです。
特定のエンティティへの防御的な資本増強があるでしょう
援助を受けて、銀行から不良資産をバランスシートから迅速に削除する必要があります。この原則は、レンガに縛らローンに特に関連しているだけでなく、劣化の兆候がある場合は、他の資産に影響を与えます。これらのすべての資産は公正価値（長期）とセクターの救済ではない市場、でバッドバンクに移管することができます。見つけるために、この値は、ベンチに実施したテストを使用します。銀行の損失は、資産の分離時に反映されるべきである。 Guindosは1つだけを作成するか、またはいくつかの資産管理会社があるかどうか昨日は言いません。
契約には、子会社の銀行で "最終的には"コントロール株式を有する停止するために、貯蓄銀行の新たな改革を課しています。また、銀行と銀行の取締役との互換性があるでしょう。
欧州のモニタリングは極端になります。スペインは、預金や銀行の流動性ポジションと四半期ごとに各エンティティ（資産、資本、非行、ポートフォリオの債務）の状態の詳細なX線を週次データを提供する必要があります。
0 件のコメント:
コメントを投稿