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ESPAÑA BANCA
La eurozona busca un pacto político sobre la ayuda a la banca española
EFE Economía Bruselas8 JUL 2012 - 13:23 CET
SPAIN BANKS
The eurozone is looking for a political agreement on aid to Spanish banks
Brussels Economics EFE 8 JUL 2012 - 13:23 CET
The eurozone is looking for a political agreement on aid to Spanish banks
Brussels Economics EFE 8 JUL 2012 - 13:23 CET
Experts from the European Commission, in collaboration with experts from the European Banking Authority (EBA), European Central Bank (ECB) and International Monetary Fund (IMF), have been negotiating the document during the past two weeks with the Spanish Government and tomorrow will present the Eurogroup a draft loan terms and conditions to be imposed on individual institutions and the industry as a whole.
The text does not collect a final figure of the financial aid granted to Spain, but to be forwarded to the maximum amount of 100,000 million euros waiting to be known later this month the results of the detailed assessment of portfolios banking credit to the Government commissioned four auditors.
The consultants Roland Berger and Oliver Wyman has estimated that the banks need between 51,000 and 62,000 million euros until 2014 to address a hypothetical very adverse economic scenario.
Nor is it likely to be known on Monday loan repayment period, "we do not know yet what," he said on Friday a senior EU.
Spain expected to have a long term loan of more than 15 years including a grace period of 5 to 10 years and an interest rate between 3 and 4%.
Support for recapitalization is accompanied by the condition of the restructuring of the entities receiving the assistance and may involve divestitures, downsizing, abandoning lines of business or closure of institutions, and requirements for supervisors and regulators.
The loan was initially channeled through the European Financial Stability Fund (EFSF), but once in force on the European Stability Mechanism (MEDE) the aid is transferred to the permanent rescue fund without acquiring the preferred creditor status and open the way for direct recapitalization.
For Spain not arrive in time this option, because you must create a single banking supervisor for the eurozone and it will not be effective until at least the second half of 2013, according to sources, when the Spanish aid and will be injected.
Finland could also complicate a deal, as you want, as it has done already with Greece, guarantees from Spain in exchange for aid through the EFSF.
On the other hand, Spain could advance its partners announce new measures soon to reduce the deficit.
Currently not on the agenda tomorrow to give a year until 2014, Spain to reduce its deficit from 8.9% to 3% of GDP, since the government has yet to present a convincing budget for 2013 and 2014 with fiscal consolidation measures and guarantees to control the excessive spending of the Autonomous Communities.
Spain will play his cards well tomorrow in the distribution of key appointments, such as the president of the Eurogroup, as Germany and France could share, according to the German magazine "Der Spiegel" - the vacancy left by the Spanish Jose Manuel Gonzalez-Paramo in the ECB's Executive Board, and the future CEO of MEDE.
The leading candidate to fill the seat of the ECB is the Luxembourg central bank governor Yves Mersch, but Spain wants to retain the current director of the Legal Service of the euro-zone monetary institution, Antonio Sainz de Vicuna, and has also set their eye MEDE in office, for which he figured as a possible candidate Belén Romana Garcia, director of the Treasury in the last government of Jose Maria Aznar.
The Eurogroup will also evaluate the results of the initial missions of the "troika"-the European Commission, the ECB and the IMF Greece and Cyprus, as in the first case you have to negotiate a new memorandum and the second is that define a complete rescue, but no decisions are expected until late August.
The text does not collect a final figure of the financial aid granted to Spain, but to be forwarded to the maximum amount of 100,000 million euros waiting to be known later this month the results of the detailed assessment of portfolios banking credit to the Government commissioned four auditors.
The consultants Roland Berger and Oliver Wyman has estimated that the banks need between 51,000 and 62,000 million euros until 2014 to address a hypothetical very adverse economic scenario.
Nor is it likely to be known on Monday loan repayment period, "we do not know yet what," he said on Friday a senior EU.
Spain expected to have a long term loan of more than 15 years including a grace period of 5 to 10 years and an interest rate between 3 and 4%.
Support for recapitalization is accompanied by the condition of the restructuring of the entities receiving the assistance and may involve divestitures, downsizing, abandoning lines of business or closure of institutions, and requirements for supervisors and regulators.
The loan was initially channeled through the European Financial Stability Fund (EFSF), but once in force on the European Stability Mechanism (MEDE) the aid is transferred to the permanent rescue fund without acquiring the preferred creditor status and open the way for direct recapitalization.
For Spain not arrive in time this option, because you must create a single banking supervisor for the eurozone and it will not be effective until at least the second half of 2013, according to sources, when the Spanish aid and will be injected.
Finland could also complicate a deal, as you want, as it has done already with Greece, guarantees from Spain in exchange for aid through the EFSF.
On the other hand, Spain could advance its partners announce new measures soon to reduce the deficit.
Currently not on the agenda tomorrow to give a year until 2014, Spain to reduce its deficit from 8.9% to 3% of GDP, since the government has yet to present a convincing budget for 2013 and 2014 with fiscal consolidation measures and guarantees to control the excessive spending of the Autonomous Communities.
Spain will play his cards well tomorrow in the distribution of key appointments, such as the president of the Eurogroup, as Germany and France could share, according to the German magazine "Der Spiegel" - the vacancy left by the Spanish Jose Manuel Gonzalez-Paramo in the ECB's Executive Board, and the future CEO of MEDE.
The leading candidate to fill the seat of the ECB is the Luxembourg central bank governor Yves Mersch, but Spain wants to retain the current director of the Legal Service of the euro-zone monetary institution, Antonio Sainz de Vicuna, and has also set their eye MEDE in office, for which he figured as a possible candidate Belén Romana Garcia, director of the Treasury in the last government of Jose Maria Aznar.
The Eurogroup will also evaluate the results of the initial missions of the "troika"-the European Commission, the ECB and the IMF Greece and Cyprus, as in the first case you have to negotiate a new memorandum and the second is that define a complete rescue, but no decisions are expected until late August.
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