欧州中央銀行総裁は、スペイン経済大臣が、預金保証基金:FGD(Fondo de Garantia de Depositos)から Novagalicia Banco, Catalusya Banco の優先株式を60%損失後に株式(債券？)に交換するために20億0000'0000ユーロの流動資金を拠出する案に反対、本来の預金保証を危うくするから
Draghi da un varapalo al plan de Guindos para dar liquidez a las preferentes
El BCE considera que el FGD no debe adquirir las preferentes de Novagalicia y CatalunyaBanc
Cree que no hay que eximir de la derrama a las entidades que hayan participado en la Sareb
Íñigo de Barrón Madrid 15 ABR 2013 - 21:35 CET
Draghi gives a blow to Guindos plan to provide liquidity to preferred
The ECB considers that the FGD should not acquire the preferred Novagalicia and CatalunyaBanc
Think you do not have to waive the spill to entities that participated in the Sareb
Barron Íñigo Madrid 15 ABR 2013 - 21:35 CET
The European Central Bank (ECB) has issued a non-binding opinion hard about changes made by the Government on the Deposit Guarantee Fund (FGD). Mario Draghi, ECB president criticizes FGD money intended to provide liquidity to the shares of Bank Novagalicia Catalunya Banc, while not appropriate that banks have Sareb contribute to a discount on their contribution to the Fund.
moreBooty Guindos criticizes plan to provide liquidity to preferredMassive losses to investors in nationalized preferredBankia 400,000 shareholders lost almost all his moneyGuindos force the banks to put 2,000 million for the preferred
The ECB document is a report of 10 April, which examined the draft Royal Decree of the Spanish Government on measures of liquidity of government, which includes strengthening the heritage of FGD to help recapitalize the Spanish credit institutions. The document advises against changing the rules of the Fund's investment so you can "buy shares of unlisted companies." With this designation, the institution chaired by Mario Draghi concerns Novagalicia CatalunyaBanc Bank.
The Economy Ministry's plans go through that owners of preferred shares of these two companies were nationalized surrender their shares in exchange for investment (after applying a haircut). Responsible for funding these titles is the FGD thanks to extraordinary pours banks. Is estimated to require between 1,500 and 2,000 million for this purpose. Emilio Botin, chairman of Santander, criticized banks that have had no problems should come to the aid of badly managed. The ECB does not look good that the FGD waste meet the liquidity preference and consequently endanger the protection of deposits.
"To fulfill its primary function of protecting the guaranteed deposits in case of bank insolvency, it is necessary that the FGD can have a highly liquid assets. The ECB considers that the proposed acquisition of shares of the FGD unlisted entities is contrary to that principle reasonable and, therefore, advisable to modify the investment rules applicable to FGD enabling such purchases, "the European supervisor.
The ECB also notes that "it is essential" that the price you pay the FGD by acquiring shares from retail investors "fair" and suggests that in the absence of trading, the price "the market should be inferred" from so that investors in companies admitted to "not disadvantaged".
The ECB does not look good that the FGD waste meet the liquidity preference and endanger the protection of deposits
"In this respect, the ECB notes that the final version of the law expressly requires that the purchase price will not be higher than the market value of the shares, the acquisition complies with EU rules on state aid, and that the FGD requests the issuance of a report by an independent expert to determine the market value. This is how you are planning valuing nationalized entities.
Another issue is that Draghi criticizing banks participating in the bad bank, called Sareb, contribute less money to FGD. "As for credit institutions that have invested directly in Sareb, the business plan that provides benefits rests reasonable for investors, so it is not necessary to exempt from the FGD extraordinary contribution to entities that have Sareb decided to invest in the business reasons, "says the ECB in its opinion.
It is not yet taken a decision on this discount because it will be the Manager of the FGD to decide, by absolute majority, which approves or not. However, it considers that it has promovido.No Economy However, the situation will not be easy for Fernando Restoy, Deputy Governor of the Bank of Spain (organization under the ECB) because chairs the Guarantee Fund.
The most affected by this reduction is the BBVA, since it is the only bank that has refused to participate in the bad bank and will have to pay three thousand on insured deposits without any discount. For the rest, it stipulated a possible discount on the payment, which will be in two tranches. In the first being in 2014 and will be paid within 20 days of the year. They pay 40% of the spilled extraordinara. The Royal Decree of 26 March, establishing the possible deduction of up to 30% of the amounts the banks participating in the Sareb.
The ECB says that if you are scheduled to have Sareb benefits, "it is not necessary to exempt from payment" to those involved
The Frankfurt agency insists that the main function of the FGD is to "protect the guaranteed deposits", but at no time recalled the figure of € 100,000 per depositor entity, which is the figure protected. The issue has been of great controversy after the intervention of the Eurogroup in Cyprus, which was agreed in principle to remove deposits of less than 100,000 euros.
The ECB "celebrates the rule requiring that the cost of participation in the restructuring of the FGD is less than the cost of potential payout to cover insured deposits." That is, what it means is that a bank rescue should cost less than it would mean to cover their deposits less than 100,000 euros. It also expects that this rule is applied transparently to permit verification of compliance in practice.
The ECB notes that, as the Memorandum of Understanding (MoU), minimize the burden on the taxpayer. In this sense, means that no public funds will be used to finance the new powers of the FGD. Considers that the measures taken "must carefully weigh its advantages and disadvantages, in particular, lower tax revenue due to the worst financial results of entities to make extraordinary contributions to the Fund.
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