スペイン政府は、不良債権で破綻して国有化された銀行の優先株式の顧客の損失(50%ー70%)を防ぐために、欧州委員会と相談
El Gobierno negocia con Bruselas una vía para proteger a los dueños de preferentes
Las cajas rescatadas ofrecen devolver lo invertido con un bono de altos intereses
Amanda Mars Madrid 15 AGO 2012 - 19:31 CET
The Government is negotiating with Brussels a way to protect the owners of preferred
The rescued banks offer the investment return with a high interest bond
Amanda Mars Madrid 15 AGO 2012 - 19:31 CET
The Government argues with Brussels a formula for owners of preference shares of nationalized institutions and not-yet auctioned or sold Bankia, CatalunyaCaixa Novagalicia Bank and Banco de Valencia to prevent losses. The preferred, a complex investment product designed for institutional investors with high interest rates (but committed in perpetuity) has trapped tens of thousands of individuals in Spain and nationalized banks offer a way to mitigate the impact: the exchange of such shares for bonus of lower value than the first but whose high interest investment will be used to compensate for that removed after a few years, according to industry sources explained. The Spanish bank has sold a total of 30,000 million in preferred case since 1999.
Sources close to the negotiations cited by Financial Times yesterday that the conserved entities materializing offered a bond with a face value of between 50% and 70% lower than the preferred, with a high enough interest to cover the period of six years the difference in value relative to the initial investment within six years. Sources from the Ministry of Economy and Competitiveness have declined to make any comment.
Brussels has made it clear that investors should take losses in the restructuring process of battered bodies, primarily shareholders and subordinated debt holders and preferred second, and only after public money should go. This is stated in the memorandum of understanding (MoU) signed with the eurozone rescue conditions for Spanish banks, under which Spain must pass the necessary legislation to implement a rebate to owners of preferred although not voluntary.
But the government-and especially-rescued banks argue that the Spanish case is special because this complex investment vehicle was placed in particular, in many cases, were poorly informed about the high risks contracted. So they want to limit their losses.
Problems arose from last year, when the National Securities Market Commission (CNMV) warned that institutions should adjust the value of these preference shares and other subordinated debt at fair market value, which was a radical change, because until then the investor who wanted to get rid of their units used to sell them in the secondary market (the sale and issued to investors) at the same price at which he had bought at the time, regardless of the time elapsed. Upon notification of the CNMV, which continued to be a reminder-preferred owners could place them at a loss just colossal, over half of your investment.
Now speaking of remove between 50% and 70%, something that financial sector sources deemed "too high, because Brussels is well aware that there are now only operations and market data are not representative of value."
Brussels described as "speculation" the news, but denies it
The European Commission has described as "pure speculation" reports of the exchange preferred formula in Spanish savings banks nationalized and possible talks between the Government and Brussels. "It is pure speculation. Negotiations are ongoing and have not finished", explained to Europa Press the EU executive.
Still, EU sources have refused to go into more detail. To do this, have chosen not to "confirm or deny" the information alleging that the negotiations, which ripped after "the nationalization of Bankia", "still ongoing".
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