スペインのBankia銀行の高金利の定期貯金と逸話って詐欺てきに販売された優先株式の被害者は、40%から70%の貯金の損失を被る。
Castigo a las preferentes de Bankia
La pérdida efectiva es de más de la mitad para la mayoría y llega al 70% en algunos casos.
Los pequeños ahorradores y los jubilados tendrán prioridad en el arbitraje.
GRÁFICO Porcentaje de la quita según emisiones
Íñigo de Barrón / David Fernández Madrid 17 ABR 2013 - 22:05 CET
Punishment of Bankia preferred
The effective loss is more than half for most and reaches 70% in some cases.
Small savers and pensioners have priority in the arbitration.
GRAPHIC removes Percentage of emissions as
Inigo Barron / David Fernández Madrid 17 ABR 2013 - 22:05 CET
The State has already decided the punishment to be applied to investors who bought preferred. The Fund for Orderly Bank Restructuring (FROB) has announced the repurchase price of hybrid instruments (preference shares and subordinated debentures) of Bankia. Although mean that applies is customized for each issue, some savers will come to lose up to 70% of capital invested in preferred. However, they have set a number of criteria to claim an arbitration becomes the best choice for many savers. In Bankia, arbitrations tear on Thursday. "We are pleased with the start of the arbitration process because it will allow a lot of small savers recoup their investment," said the chairman of Bankia, José Ignacio Goirigolzarri.
The decision comes just days after a report was known to the National Securities Market Commission (CNMV), which states that Bankia hurt its customers by selling at prices away from fair value of the preferred shares that fell apart other . This fact, along with a wave of demands, has caused the state attorney general, Eduardo Torres-Dulce, announced that the anti-corruption prosecutor will address the CNMV to study the initiation of proceedings in this matter.
Source: FROB and own. / COUNTRY
According to data from FROB, the issuance of preferred larger, by Caja Madrid for an amount of 2,999 million Saver Bankia shares will receive the equivalent of 62.68% of the nominal value of their shares. That is, if you spent $ 1,000, will be given shares worth 627 euros.
This figure, however, must be deducted a second loss means that you will receive the Bankia shares above book value. That is, instead of receiving euro bonds to a value, the will to 1.35 euros. This second punishment is contained in the so-called "reinvestment value". In the case of this emission will Caja Madrid 46.3%. The value of reinvestment is the result of taking into account the repurchase price cut (remove it) plus assume negative economic value holders, along with FROB through the subscription of shares in Bankia. They will have a premium of 0.35 euros to cope with the negative equity of the bank. In reality, both removed as the premium applied two forms of punishment to absorb losses of Bankia. This same procedure will apply in all emissions.
The FROB remember that the exchange of hybrids is mandatory and independent arbitration process that everyone can apply, but only will benefit from its advantages savers who meet the requirements established by the commission to monitor these products.
How investor lose? That will not be known until they are delivered the shares and then are compared with the quoted price at the time of Bankia. According to other competitors, the bank should trade well below 1.35 euros.
The FROB explained that the price of the shares to which the new shares will be issued in the recapitalization process of the bank will be 1.35266 euros. However, this value is equivalent to 0.0135266 euros of current actions. The difference is that Bankia has decided to group every 100 shares in one. This means that if a customer has 1,000 shares on Monday will own 10. The reference used in the extension is 92% below the current share price, which will subside.
On Monday April 22 the shares start trading grouped hundred packages. At Wednesday's closing price (EUR 0.172 per share) and without changing the value of the investment, grouped titles of the entity would be worth 17.20 euros, while the bank works as well on the floor.
Bankia recapitalize two extensions. The first will be 10,700 million and the existing shareholders subscribe (unlikely) and especially the FROB. The second will be about 4,840 million and will be signed by the holders of preference shares and subordinated debt approved after the acquittals.
Given these reductions, the best choice for many investors will go to court or arbitrator. The Monitoring Committee of Hybrid Capital Instruments and Subordinated Debt published criteria to be met by investors who bought preferred and want to go to arbitration to recover 100% of your investment. Among the requirements are those relating to capacity to contract (not of age, disability) that reference the contractual documents (lack of contracts, lack of relevant data or errors), those relating to the data provided on the product (lack of information on the characteristics and risks of the asset prior to employment), lack of evaluation of the risk profile of investors or situations of need.
The Commission states that arbitration shall be preferred those savers who hold an investment in controversial products "less than € 10,000," particularly where the investment originates "a transfer product low risk of the entity" .
In the processing of applications, preference shall be affected older, those with lower household income, the investment in preferred assume a greater percentage of its assets (excluding primary residence) or those who have invested less quantity.
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