危険測定機関のFITCHは、スペインの国有化されたすべての債権者、株主、優先株式は損失を被ると予想
Fitch augura pérdidas para todos los acreedores de la banca rescatada
La agencia asegura que el acuerdo para el rescate solo deja a salvo a los depositantes
Afirma que el acuerdo para el rescate español no concreta esta opción, pero sí la sugiere
El País Madrid 10 AGO 2012 - 14:42 CET
Fitch predicts losses for all creditors of the banks rescued
The agency ensures that the agreement only allows safe rescue of depositors
States that the agreement does not specify Spanish rescue this option, but it is suggested
The Country Madrid 10 AGO 2012 - 14:42 CET
The risk measurement agency Fitch believes that all creditors of Spanish banks nationalized and they need public money will be losses. Society, in particular, points to the so-called senior debt creditors, unlike the owners of subordinated debt are those with more privileges when their money back in case of default. The significance of this warning is that, to date, the Commission has not clarified whether these investors will also be affected by the mandatory remove conditions imposed by the bailout. On the other hand, uses the report to indicate that it is "prudent" about whether the aid and the plan agreed with Brussels will "reform" as to the banks.
The MOU provides that entities that fall into Group 1, which are those that have higher capital shortfalls and require public funds, should share the cost of sanitation among its shareholders, holders of preferred securities and subordinated debt. The objective of this measure, as indicated in the contract of credit of up to 100,000 million signed by Spain, is to be taken all necessary measures to minimize the cost of restructuring for taxpayers. Thus, only checkout pound of savers who have deposits in the entities.
In this regard, Fitch says that "although the agreement does not impose explícitmente to senior bondholders rescued banks taking part of the loads, to emphasize explicitly intended to protect the deposits of customers and to minimize the cost to taxpayers could be interpreted as the implicit suggestion that senior debt holders could face potential losses in the final event of non-viable banks. "
The addition of these secured creditors in the restructuring costs had until recently opposed by the European Central Bank because of the risk this posed to destabilize the rest of the financial system. In fact, as opposed to apply this measure to the rescue Irish, whose banks had to be nationalized after falling into bankruptcy. The argument used was that they could jeopardize the entire European financial sector. However, according to Bloomberg in mid-July, the ECB has certainly changed since then president, has also changed its position on this issue.
About the future facing the creditors of those entities that, although feasible, choose request public funds to recapitalize (Group 2), Fitch notes that one should worry about your investment holders of subordinated debt and preferred stock, which in any case, unlike what has happened to the bailouts of entities throughout the crisis. They chose, remember the agency, for the delay or non-payment of the coupon (nominal interest) instead of forcing a reduction of debt.
Another difference in Spain, Fitch said, is that a large proportion of these instruments were distributed through bank branches, which were placed between customers whose most common profile is that of small savers. However, in the other countries the buyers were institutional investors. This, warns the agency in the document "could lead to reputational and legal problems relating to poor marketing practices."
For this reason, the agency notes that "although the memorandum clearly intended as the final reform of the Spanish banking sector, Fitch remains cautious about whether this is indeed the case, given the harsh conditions of the economy and markets in Spain, "said Maria Jose Lockerbie, managing director of financial institutions group at Fitch.
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