スペインの不良債権(貸し倒れ)で破綻し国有化されたCatalunya Banc, Novagalicia Banco, Banco Gallego などの詐欺てき販売方法で高利の定期貯金と逸話って大きな損失を被つた優先株式の被害者はさらなる損失を被る
Un experto independiente decidirá si hay una segunda quita en las preferentes
Los inversores de Catalunya Banc, Novagalicia y Banco Gallego pueden perder más dinero. Se tendrá que decidir a qué precio compra el Fondo de Garantía sus productos convertidos en acciones
Pérdidas masivas para inversores de preferentes en nacionalizadas
David Fernández Madrid 23 MAR 2013 - 16:58 CET
An independent expert will decide if there is a second away in the preferred
Investors Banc de Catalunya, and Banco Gallego Novagalicia can lose more money. They will have to decide at what price Guarantee Fund buys their products converted into shares
Massive losses to investors in nationalized preferred
David Fernández Madrid 23 MAR 2013 - 16:58 CET
The Way of the Cross for small savers who bought preferred stock in Catalunya Banc, Bank NovaGalicia (NCG) and Banco Gallego is not over yet. In its preferred an acquittal will be applied, as announced Friday. But in addition, they are not entragará money for investment, but some actions will return to redeem later. The full amount to be recovered in respect of its initial investment in this product is still in the air and, as published in the Official State Gazette (BOE), depend on an evaluation by an independent expert.
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On Friday, the Fund for Orderly Bank Restructuring (FROB) has approved the preferential nationalized entities are exchanged for shares at a discount on the face value of the investment in the most extreme cases can reach 70%. In Bankia investors receiving entity titles will easily change those actions for cash since the publicly traded entity. That's right: the price will be set by the market and how many will sell shares tale give them the risk of further losses is great. The problem arises with the other entities as they are not in stock, and its shares are illiquid. Therefore, the Government decided that it is the Deposit Guarantee Fund (FGD) who, with the capital raised from the financial sector with an outlay of 2,000 million euros, to buy preferentistas de Catalunya Banc and forcibly converted NCG shareholders their titles. But at what price? Sources said yesterday that the FROB would be fixed later.
Well, the BOE has issued Royal Decree contemplated by this exchange mechanism. The text states that the acquisition of shares shall be made "at a price not exceeding their market value" and in accordance with European Union rules on State aid. "In determining the market value quoted, the Deposit Guarantee Fund will request a report from an independent expert. The deadline for the acquisition must be limited and will be fixed by the Fund itself. "
A possible second off
Financial sources FDG understand that, based on this assessment of an external consultant, could impose a second off besides the already applied in the conversion of hybrid instruments (perpetual subordinated debt and preference) in shares.
Furthermore, Royal Decree approved by the Government states that extend "an extraordinary and temporary" FDG functions. Specifically, it allows the subscription to the Fund "shares or debt" of the Asset Management Company Restructuring Coming Bancaraia (Sareb), popularly known as the bad bank. The decree states that these acquisitions will require "favorable report" Ministry of Finance "which assess the effect that the proposed transaction could have on qualification for the national accounts of the Company or in the deficit and debt public ".
In addition, the final provision of this decree attempts to find a solution for the growing number of bankruptcy proceedings does not end up taking its toll on Sareb. In this sense, it is established that the credits transferred to bad bank "will not be classified as subordinates under an eventual process Sareb debtor even if a shareholder of the debtor company." However, if it had been rated subordinated credit as "prior to transmission," retain that classification. "
Promotion of counselors
The Gazette has also issued an order that determines the content and structure of the annual corporate governance report and the annual report on remuneration of directors and executives of listed groups. The text, as it advanced on Friday the Minister of Economy, Luis de Guindos, pick a time limit for independent directors under which these may not be in office for over 12 years.
Furthermore, in the body of this order is entered a specific obligation to report on the "measures" that have been adopted by firms "to seek to include in its board of directors a number of women that would achieve a balanced representation of women and men" . This provision, according to the text clarifies the Government imposes no obligation to take such measures, but simply "to communicate whether the entity has chosen to adopt them or not, and if so, to describe them."
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