Ciao,
mi permetto di aggiungere le FAQ prese dal sito Nama perche' leggo in giro di bond trasferiti al NAMA con rimborso del 20% + warrant oppure soluzioni tipo GM o Alitalia.
Al momento leggendo il sito NAMA mi pare chiaro che verranno trasferiti unicamente
loans a fronte dei quali saranno emessi
Government bonds.
Quindi se non ho capito male le banche si ritroverebbero a bilancio bonds garantiti dal governo a fronte di bad loans trasferiti al NAMA.
Che le subordinate siano a rischio e' possibile ed anche probabile , sopratutto per i perpetuals Tier1 , ma non mi pare un fatto direttamente collegato al NAMA
http://www.nama.ie/
http://www.nama.ie/Publications/2009/NAMAFrequentlyAskedQuestions.pdf
1. Loans transfer
1.1 What loans will be transferred?
The eligible land and development loans of each bank involved will be transferred – that is the eligible loans secured on development land and property under development. In addition, the largest property-backed exposures of all the banks in the scheme will be transferred. The number will be decided based on detailed assessment of the loan books concerned. These will all be purchased by NAMA (National Asset Management Agency) at an appropriate price. The loan books will have to be worked out and reviewed in relation to each of the banks to ensure that the appropriate loans are transferred and that the banks are cleared of the identified riskiest loan portfolios. This process is subject to EU State aid approval.
3.5
How will the write off impact on the banks’ capital ratios?
The Banks will be cleansed of risky categories of loans at a price less than their current carrying value on the banks’ balance sheets. This will be financed by the issue of Government bonds. The impact of the difference or write-down on the banks capital ratios will undoubtedly affect individuals bank’s capital positions, but so will the reduction in ‘Risk Weighted Assets’ that will arise for the banks in replacing commercial assets with Government bonds. Moreover, market expectations of capital requirements for the new ‘cleansed’ banks will be different to what would be expected for banks which had not been through the same process, and there may be opportunities for banks to generate core capital through appropriate balance sheet restructuring. Overall, therefore, the capital impacts on individual banks cannot be established in advance of the detailed valuation and pricing process between NAMA and the institutions.
It should be noted that it has already been decided that there is a capital requirement in relation to at least the two institutions in respect of which announcements were made in mid-February – AIB and Bank of Ireland. In the case of Bank of Ireland this recapitalisation process has already been finalised at the end of March and in the AIB case due diligence work is ongoing.
3.6
ad un bond vorrei capire giuridicamente quali sono i passaggi...ad un magistrato verrebbe la pelle d' oca
