スペインのSANTADER銀行のイギリス支部は、スペインのユーロ通貨からの離脱の可能性に備えて、被害を最小限にするように方策
La filial británica del Santander se blinda frente al riesgo de ruptura del euro
El banco que dirige Ana Patricia Botín contrata coberturas para minimizar el impacto
El supervisor ha exigido a los bancos planes de contingencia frente a ese riesgo
Miguel Jiménez Madrid 5 SEP 2012 - 10:47 CET
The UK arm of Santander is shielded from the risk of rupture of the euro
The banks running hedge contracts Ana Patricia Botin to minimize impact
The supervisor has required banks contingency plans against that risk
Miguel Jimenez Madrid 5 SEP 2012 - 10:47 CET
Santander UK, the British subsidiary of First Bank of Spain and the euro zone in its biannual report warning of the risk of rupture of the single currency. The banks running Ana Patricia Botin has taken steps to shield themselves against that risk. The bank said that as a result of continued pressure on peripheral countries of the euro, "there is a greater possibility that a Member State leave the eurozone". An entity hedges 35,000 million pounds (44,000 million euros) on its euro-denominated contracts to minimize its exposure to only 100 million pounds, according to that report, filed yesterday in the Securities Exchange Commission of the United States ( The SEC, for its acronym in English).
The bank makes a description of some of the possible scenarios in case of rupture of the euro, but above all, says it is taking steps to hedge that risk. A subsidiary of the largest bank in the euro zone by market capitalization made a warning that caliber should be put in context. On one hand, the British supervisor (the Financial Services Authority, FSA) has required institutions to provide contingency plans against the euro crisis, according to financial sources. Barclays, for example, withdrew capital of the Spanish subsidiary, which led them to look at the European Central Bank (ECB) an alternative funding source to cover the risk that Spain come out of the euro, as the entity expressly noted. Moreover, Santander UK warnings are part of a document filed with the supervisors of the financial markets, made available to investors and institutions in such cases tend to be the worst. In the document of Santander UK, however, the warnings about the breakup of the euro are not only in the chapter on risk, but in the main report.
The chairman of Banco Santander, Emilio Botin, said Tuesday its confidence that the euro crisis is resolved. He said it was "sensitive" topics such talk now of bond purchases by the ECB because it was awaiting the outcome of the "very important meetings that will be held the next day in Europe to address the future of the euro". " I will be okay and that the single currency will not break, "he said in Mexico.
The risk of rupture of the euro area is technically called redenomination risk. Santander UK said that this risk "arises from the uncertainties caused by the departure of a Member State of the euro or a dissolution of the euro and how the output or the dissolution would take place."
The UK arm of Santander says "has been actively identifying and monitoring potential risks rename and, where possible, take measures with the ability to mitigate and / or reduce the group's overall exposure to losses that might occur in the case Exchange ". But the organization warns that "a euro exit could take different forms that give rise to different legal consequences, and market practices that may affect significantly the potential effectiveness of the measures taken, and it is therefore possible to predict how effective the concrete measures until they are tested against the precise circumstances of an event of redenomination. "
The banks running Ana Patricia Botin not guard down and said that management actions to mitigate the risk of rupture of the euro are kept under constant surveillance. "If the euro area outlook continues to deteriorate, the managers would evaluate and apply measures to further reduce the impact of the deterioration in its business."
A 'yard' on break
The document Santander also has interest in making reflections on how it could be a breach of the single currency. "In general, it is expected that a member state to leave the euro would introduce a new currency to replace the euro and rename (or rename intended) contracts in euros to the new currency at the official exchange rate, exposing holders of the new currency to the risk of change in value of the euro against the euro ".
The banks running Ana Patricia Botin believes the redenomination "could be supplemented by exchange controls and / or capital and additional bank holidays in order to give effect to the end." These additional closure days is what is called in Argentina playpen. In any case, the entity is speaking of risks and assumptions against which covered not deemed probable event. The possibility of capital controls and limits on cash withdrawals were mentioned by Nobel laureate Paul Krugman in a controversial blog post last May.
There is a final stage on which warns: "In the case of a total dissolution of the euro zone, the euro would not be a valid currency, and all Member States would return to their currencies on the basis of a possible EU treaty which becomes effective solution. "
In any case, the European authorities are working to resolve the crisis of the euro and the European Central Bank president, Mario Draghi, has promised to do "whatever it takes" to defend the single currency, ensuring that it will be "enough".
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