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La febbre è ancora alta per le Banche inglesi,
tanto che nel week end è stato approntato un nuovo enorme
piano di emergenza :
Fonte Financial Times
UK readies fresh bank bail-out plan
Britain’s beleaguered banks were on Sunday night preparing to accept a new bail-out as government officials put the finishing touches to a plan designed to end uncertainty about future losses and stimulate the flow of credit to consumers and companies.
Alistair Darling, chancellor of the exchequer, spoke to senior executives of Britain’s largest banks to outline the plan, which will see the government insure banks against potential losses on risky loans in return for firm commitments to increase lending to credit-starved consumers and businesses
Amid fears about a public backlash against billions more of taxpayers’ money being committed to help the financial sector, ministers are expected to express their anger and frustration at the banks’ reluctance to increase lending despite benefiting from the government’s £400bn bail-out in October.
As part of a series of measures, the government is expected to announce it is converting £5bn of preference shares issued by Royal Bank of Scotland into ordinary shares, increasing the state’s shareholding from about 58 per cent to 68 per cent.
However, Lloyds Banking Group – the merged Lloyds TSB-HBOS – is unlikely to accept an offer to convert government preference shares into ordinary shares.
The new bail-out package, due to be unveiled before the markets open in London on Monday, comes after an intense weekend of discussions involving bank executives, ministers and Gordon Brown, the prime minister.
Speaking to reporters on Sunday in Egypt, where he was attending talks on Gaza, Mr Brown said: "We know the essential problem is the resumption of lending." The package is designed to "get lending moving in the economy" to help families and businesses hit by a freeze in the global credit markets, he added.
As part of the insurance scheme, which is voluntary, the government is expected to negotiate separate agreements with individual banks to cap potential losses on a portfolio of assets.
In return, the government is expected to charge a fee – which could be in the form of shares – as well as an explicit commitment to increase lending.
Separately, the government will also unveil plans to guarantee new issues of securities backed by mortgages and other assets. It will also extend a scheme that guarantees bonds issued by banks until the end of the year. The scheme had been due to expire in April.
It may also revise the business plan for Northern Rock in order to allow the state-owned mortgage bank to make more new loans.
The new package follows renewed jitters in the banking sector after Bank of America and Citigroup, two of the world’s largest financial institutions, last week reported heavy losses.
The figures underscored the difficult operating environment for banks in the fourth quarter of last year. RBS is among those banks that is expected to unveil heavy losses when it reports full-year results next month. The losses are likely to include RBS writing off the goodwill on its share of ABN Amro, the Dutch lender it acquired as part of a break-up bid in 2007.
Rival Barclays moved to reassure investors on Friday that it had avoided losses when it announced that full-year profits for 2008 would be "well ahead" of the £5.3bn forecast by analysts.
Il commento assai critico sulla confusione imperante,
ecco un estratto della Lex Column del Financial Times :
.........................................................................................
Unfortunately, the US and UK governments instead have sat idling in confusion about how to proceed with the financial crisis which gets deeper by the minute.
.................................................................................................
The reality, however, is that this incremental approach is stalling and that with every lurch, the US and UK are heading down the road marked "full nationalisation".
E per chiudere l'articolo del Wall Street Journal :
http://online.wsj.com/article/SB123229306366193937.html
tanto che nel week end è stato approntato un nuovo enorme
piano di emergenza :
Fonte Financial Times
UK readies fresh bank bail-out plan
Britain’s beleaguered banks were on Sunday night preparing to accept a new bail-out as government officials put the finishing touches to a plan designed to end uncertainty about future losses and stimulate the flow of credit to consumers and companies.
Alistair Darling, chancellor of the exchequer, spoke to senior executives of Britain’s largest banks to outline the plan, which will see the government insure banks against potential losses on risky loans in return for firm commitments to increase lending to credit-starved consumers and businesses
Amid fears about a public backlash against billions more of taxpayers’ money being committed to help the financial sector, ministers are expected to express their anger and frustration at the banks’ reluctance to increase lending despite benefiting from the government’s £400bn bail-out in October.
As part of a series of measures, the government is expected to announce it is converting £5bn of preference shares issued by Royal Bank of Scotland into ordinary shares, increasing the state’s shareholding from about 58 per cent to 68 per cent.
However, Lloyds Banking Group – the merged Lloyds TSB-HBOS – is unlikely to accept an offer to convert government preference shares into ordinary shares.
The new bail-out package, due to be unveiled before the markets open in London on Monday, comes after an intense weekend of discussions involving bank executives, ministers and Gordon Brown, the prime minister.
Speaking to reporters on Sunday in Egypt, where he was attending talks on Gaza, Mr Brown said: "We know the essential problem is the resumption of lending." The package is designed to "get lending moving in the economy" to help families and businesses hit by a freeze in the global credit markets, he added.
As part of the insurance scheme, which is voluntary, the government is expected to negotiate separate agreements with individual banks to cap potential losses on a portfolio of assets.
In return, the government is expected to charge a fee – which could be in the form of shares – as well as an explicit commitment to increase lending.
Separately, the government will also unveil plans to guarantee new issues of securities backed by mortgages and other assets. It will also extend a scheme that guarantees bonds issued by banks until the end of the year. The scheme had been due to expire in April.
It may also revise the business plan for Northern Rock in order to allow the state-owned mortgage bank to make more new loans.
The new package follows renewed jitters in the banking sector after Bank of America and Citigroup, two of the world’s largest financial institutions, last week reported heavy losses.
The figures underscored the difficult operating environment for banks in the fourth quarter of last year. RBS is among those banks that is expected to unveil heavy losses when it reports full-year results next month. The losses are likely to include RBS writing off the goodwill on its share of ABN Amro, the Dutch lender it acquired as part of a break-up bid in 2007.
Rival Barclays moved to reassure investors on Friday that it had avoided losses when it announced that full-year profits for 2008 would be "well ahead" of the £5.3bn forecast by analysts.
Il commento assai critico sulla confusione imperante,
ecco un estratto della Lex Column del Financial Times :
.........................................................................................
Unfortunately, the US and UK governments instead have sat idling in confusion about how to proceed with the financial crisis which gets deeper by the minute.
.................................................................................................
The reality, however, is that this incremental approach is stalling and that with every lurch, the US and UK are heading down the road marked "full nationalisation".
E per chiudere l'articolo del Wall Street Journal :
http://online.wsj.com/article/SB123229306366193937.html
