スペイン政府は、不良債権で破産寸前の銀行を救済するために、欧州委員会からの銀行再編基金(FROB)への1000億0000'0000ユーロまでの融資で、救済する銀行の編成条件(不良債権を不良債権処理銀行:悪銀行に売却など)や、清算条件などについての政令を発表
NUEVO DECRETO LEY PARA LA BANCA
El Gobierno lanza la mayor reforma financiera ante la magnitud de la crisis
La normativa que se aprueba este viernes fija el protocolo para liquidar entidades
Amanda Mars / Íñigo de Barrón Madrid 31 AGO 2012 - 00:01 CET
NEW DECREE LAW FOR BANKING
The Government launches largest financial reform at the magnitude of the crisis
Approving legislation Friday to settle fixed protocol entities
Amanda Mars / Barron Íñigo Madrid 31 AGO 2012 - 00:01 CET
The government legislation, the current and the previous, has always lagged behind the Spanish banking crisis. The four reforms were announced far reaching changes as major, but soon proved unable to plug financial holes that caused the economic downturn and the bursting of the housing bubble.
Now comes the fifth attempt, once the state has had to call on Europe to rescue banks. Brussels has taken the bull by the horns and has imposed, through the Executive, the biggest financial reform known in Spain by the magnitude of the crisis that seems endless. The first rule provides the mechanism to settle entities, sets the stage for banks or intervene urgently-fail even before solvency criteria and make the much-hyped figure of the bad bank to help banks to get rid of their toxic assets.
Experts agree that the change is the decree approved today the government "is completely reversed and banking law is to establish a mechanism for resolving financial crisis that Spain lacked" says Alfonso García Mora, partner of Financial Analysts International (AFI). The counterpart is none other than the relief of up to 100,000 billion pledged by Europe.
What's fifth time lucky?
■ The financial crisis which has Spanish-hose lying on the strength that he had domestic banking giant fell while European-carried back to four financial reforms since 2008, the last two by the PP government with barely a few months Difference (February and May). But all have fallen short. This is the fifth major changes determined from Brussels as a condition of providing up to 100,000 million to the government to bail out banks. A dozen decrees since 2008 have shaped the four failed reforms.
■ June 2009, born FROB. The government created the Fund for Orderly Bank Restructuring (FROB) to pump money into the troubled institutions (Bankia and CatalunyaCaixa, for example, are 4465 and 1,250 million, respectively) and helps fund mergers. Party with a budget of 9,000 million on account of the State Budget. In this phase of the crisis, many of the cases transferred to a bank and its financial activity over thirty participating in a dozen mergers. The number of cases increased from 45 to 22, but the chosen formula is a kind of cold fusion-Institutional Protection Systems (SIP) - to overcome the political and territorial suspicions supposed traditional concentrations.
■ February 2011, rising capital requirements. The government decided to raise the bar sector solvency and anticipates international standards of Basel III: institutions have to reach a level of capital of 8% of risk weighted assets and require 10% those with financing needs in the market over 20% of the total and have not placed with investors at least 20% of its capital (were basically boxes). Bankia (now nationalized) and Banca Civica (now integrated Caixabank) go to bag. Occurs intervention or nationalization of the CAM (which ends in the hands of Banco Sabadell), Unnim (now absorbed by BBVA), and Novacaixagalicia CatalunyaCaixa.
■ February 2012. The PP calls for more provisions for bad assets. Markets and international agencies like the IMF increasingly wary of the balance sheets of banks and all their real estate exposure. The Economy Minister Luis de Guindos, asks banks to set aside 50,000 million deal with toxic real estate assets (with the risk of default). The reform increases to 80% the percentage of ground covered credit, 65% of homes by the end and 35% for finished.
■ May 2012. February reform is old in just three months because the distrust of markets has only exacerbated. Guindos gives another twist to the provisions and requests more 28,000 million, which, in total, has 45% coverage of credit linked to the brick. The government also plans to create so-called bad bank to aid entities pass their foreclosed real estate assets. Bankia had just nationalized. The rescue Europe asked for banking and conditions have passed all this roadmap.
The decree has divided the powers of intervention or closures of banks by the Bank of Spain and the Fund for Orderly Bank Restructuring (FROB). On the one hand, the Government has given sanction powers to supervisor as he forced the MOU last July (the MoU), but on the other, has acquired great response capacity to FROB, which is controlled by the Ministry of Economy.
"From now on, the FROB will send the executive, who is putting money," says an executive of an entity requesting anonymity. Another colleague warns of the risk of politicizing the intervention of entities. He also notes that "the FROB has become cameo body, which comes with ammunition inspection Bank of Spain."
The sector also highlights the "huge loss of sovereignty that Brussels is supposed to perform a radical reform of something as delicate as the banking system. Other countries, such as France and Germany, had not allowed "they lament. The transfer of power was done with the request of the rescue, which is the result of the MoU, which was already very severe with Spanish banks.
In addition to the distribution of powers between the Bank of Spain and the FROB, among the great innovations of the royal decree highlights the mechanism of "early intervention". To avoid the current problems to take control of troubled institutions, the Government states: "When an entity breaches or objective factors as to which is reasonably foreseeable that it can not meet the requirements of solvency, liquidity, organizational structure or control internal (...) the Bank of Spain may take all measures "of this legislation.
That is, you will not need a breach of the rules, but only that it be "foreseeable" that does not, the entity may intervene. "We are in the hands of the supervisor because this legislation is very broad," laments the president of a bank. Some industry sources believe that when you know the outcome of the review that the consultancy Oliver Wyman is performing at 14 banking groups, the government will decide which entities may proceed alone.
The 'bad bank'
As for the bad bank, the most interesting will be in the regulatory development, which should be ready by December. For now, it will create a corporation to be hands free to buy and sell all types of assets and debt issues make. The bad bank is not subject to any corporate law, to be more flexible in its operation.
Still need to know if only assume foreclosed real estate assets, or even doubtful debts or substandard (who are current on payments but have risks), and if the Bank of Spain may be transferred to that company assets are non-aid . If the bad bank to buy these assets damaged actual market price, ie low, banks will suffer huge losses to recapitalize (and may need public assistance), while if it ignores the depreciation (spoken by up to 60% since 2007 and banks have provisioned about 35%) will be subsidizing banks. The success in recovering the money price depends on the public to sell those assets.
The statutory provisions
Another consequence of the bad bank is that coordination on the field. There are organizations that have accrued almost 100% of doubtful loans to customers that other competitors have solvency covered 50%. With the arrival of the bad bank will this dichotomy, unfortunately for the latter.
The latest example of a bad bank in Spain was the performance of the Deposit Guarantee Fund (FGD) of banks in 1993, with the collapse of Banesto. In that case, the story was settled in favor of Santander as the FGD acquired the assets at a price that could not sell at a loss and ended above 1,000 million euros, after many years of management.
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