Topgun1976
Guest
Non ho tempo di leggere ma sembra interessante sulle cv Eba 8 dic
Obbligazioni Convertibili Obbligazioni Convertibili - CV
- Creatore Discussione woolloomooloo
- Data di Inizio
woolloomooloo
Forumer storico
a proposito di SIAS
oggi son andato a leggermi la trimestrale di SIAS, visto il prezzo interessante della CV; da quello che ho capito i flussi di cassa sono abbastanza in linea con l'anno precedente nonostante un calo della vendita di pedaggi su veicoli leggeri e un leggero aumento da ricavi su traffico pesante.
non son riuscito però a determinare un rapporto tra EBITDA e indebitamento
, qualcuno ha già analizzato la questione?
oggi son andato a leggermi la trimestrale di SIAS, visto il prezzo interessante della CV; da quello che ho capito i flussi di cassa sono abbastanza in linea con l'anno precedente nonostante un calo della vendita di pedaggi su veicoli leggeri e un leggero aumento da ricavi su traffico pesante.
non son riuscito però a determinare un rapporto tra EBITDA e indebitamento
, qualcuno ha già analizzato la questione?Topgun1976
Guest
Banco Popolare announces the results of
the capital exercise conducted by EBA
Verona, 8 December 2011 – In relation to the indications provided by the European
Banking Authority, Banco Popolare, with all the necessary reservations, notes the
announcements made today by the competent National and European Supervisory
Bodies regarding the capital exercise, which demonstrate the results detailed in the
attachments to this press release.
The capital exercise proposed by the EBA and agreed by the Council on 26 October
2011 requires banks to strengthen their capital positions by building up a temporary
capital buffer against sovereign debt exposures to reflect current market prices. In
addition, it requires them to establish a buffer such that the Core Tier 1 capital ratio
reaches a level of 9% by the end of June 2012. The amount of any final capital
shortfall identified is based on September 2011 figures. The amount of the sovereign
capital buffer will not be revised.
71 banks across Europe, including Banco Popolare, were subject to the capital
exercise whose objective is to create an exceptional and temporary capital buffer to
address current market concerns over sovereign risk and other residual credit risk
related to the current difficult market environment. This buffer would explicitly not be
designed to cover losses in sovereigns but to provide a reassurance to markets about
banks’ ability to withstand a range of shocks and still maintain adequate capital.
The methodology underlying the capital exercise was outlined by the EBA prior to its
announcement to ensure consistency across all banks in the EU banking system
involved in the exercise. The responsibility for this claim lies exclusively with the EBA.
The capital exercise conducted by EBA, in close cooperation with the competent
national authority, has shown the following results: Banco Popolare, on the basis of
such exercise, would indicate a capital shortfall of €2,731 million.
Based on these data, the EBA request is articulated as follows:
Banco Popolare, just like the other banks which have shown a capital shortfall
on the basis of the above exercise, must submit a plan to the Bank of Italy by
January 20, 2012 outlining the achievement of a Core Tier 1 target ratio of
9% by the end of June 2012;
PRESS RELATIONS
Tel. +39-045-8675048/867/120/121
[email protected]
INVESTOR RELATIONS
Tel. +39-045-8675537
[email protected]
Banco Popolare - Home Page (IR section)
2
the plan shall be discussed with the national competent authorities, in
consultation with the relevant college of supervisors and the EBA.
Banco Popolare points out that the different asset weighting methods used in the
various Countries make it impossible to compare the financial positions of the various
Banks based on a single synthetic indicator (the Core Tier 1), generating an outcome
that may appear to recommend a capital strengthening when it would actually be
unnecessary. Furthermore, Banco Popolare notes the fact that the decision to project
a Core Tier 1 capital ratio of 9% by June 2012 does not appear appropriate for
banking institutions that carry our lending activities almost exclusively in favour of
households and SMEs, and with an exposure to financial risks linked substantially to
Italian government bonds. The requirement, in fact, entails significant negative
implications for the Italian economy, with specific reference to lending activities, as
well as distorsions in the competitive environment at both European and Italian levels.
For these reasons, Banco Popolare would hope that the current indications of EBA be
revised as soon as possible and a different level of Core Tier 1 capital be defined for
domestic banks with a strong retail focus.
Banco Popolare, under the above reservations, will undertake its best effort to reach
the 9% Core Tier 1 ratio by the end of June 2012, through a mix of actions which
allow to rule out an additional recourse to the market. Such actions will be submitted
to the national Supervisory Authority by January 20, 2012.
Composition of capital as of 30 September 2011 (CRD3 rules)
Name of the bank: IT043 BANCO POPOLARE - S.C.
Million EUR % RWA
A) Common equity before deductions (Original own funds without hybrid instruments
and government support measures other than ordinary shares) (+)
6,712 COREP CA 1.1 - hybrid instruments and government support measures other than
ordinary shares
Of which: (+) eligible capital and reserves 12,211 COREP CA 1.1.1 + COREP line 1.1.2.1
Of which: (-) intangibles assets (including goodwill) -5,282 Net amount included in T1 own funds (COREP line 1.1.5.1)
Of which: (-/+) adjustment to valuation differences in other AFS assets (1) -45 Prudential filters for regulatory capital (COREP line 1.1.2.6.06)
B) Deductions from common equity (Elements deducted from original own funds) (-) -676 COREP CA 1.3.T1* (negative amount)
Of which: (-) deductions of participations and subordinated claims -676
Total of items as defined by Article 57 (l), (m), (n) (o) and (p) of Directive 2006/48/EC
and deducted from original own funds (COREP lines from 1.3.1 to 1.3.5 included in
line 1.3.T1*)
Of which: (-) securitisation exposures not included in RWA according with CRD3 (2) 0
COREP line 1.3.7 included in line 1.3.T1* (50% securitisation exposures in the
banking and trading book subject to 1250% risk weight; Art. 57 (r) of Directive
2006/48/EC)
Of which: (-) IRB provision shortfall and IRB equity expected loss amounts (before tax) 0
As defined by Article 57 (q) of Directive 2006/48/EC (COREP line 1.3.8 included in
1.3.T1*)
C) Common equity (A+B) 6,036 6.47%
Of which: ordinary shares subscribed by government 0 Paid up ordinary shares subscribed by government
D) Other Existing government support measures (+) 0
E) Core Tier 1 including existing government support measures (C+D) 6,036 6.47% Common equity + Existing government support measures included in T1 other than
ordinary shares
Shortfall to 9% before application sovereign capital buffer 2,357 2.53% 9%RWA-Core Tier 1 including existing government support measures; if >0.
F) Hybrid instruments not subscribed by government 1,242
Net amount included in T1 own funds (COREP line 1.1.4.1a + COREP lines from
1.1.2.2***01 to 1.1.2.2***05 + COREP line 1.1.5.2a (negative amount)) not
subscribed by government
Tier 1 Capital (E+F) (Total original own funds for general solvency purposes) 7,278 7.80% COREP CA 1.4 = COREP CA 1.1 + COREP CA 1.3.T1* (negative amount)
RWA as of end September 2011 including add-on for CRD3 (2) 93,256
Of which: RWA add-on for CRD III as of end September 2011 (2) 79
Sovereign Capital buffer
G) Prudential filter (AFS sovereign assets in EEA as of 30th September 2011) (-/+) 373
Please report the prudential filter as a positive number if the AFS revaluation reserve
for sovereign assets is negative. Please report the prudetnial filter as a negative
number if the AFS revaluation reserve is positive. If the bank does not apply a
prudential filter on AFS sovereign assets, please fill in zero.
H) Difference between the book value and the fair value of sovereign assets (Bonds and
Loans and advances) in the HTM and Loans & Receivables portfolios (3).
1
Difference between the book value and the fair value at the reference date. Please
provide a positive number if the book value is larger than the fair value of sovereign
assets. Please provide a negative number if the book value is smaller than the fair
value of the sovereign assets.
Sovereign capital buffer for exposures in EEA (G+H) 374 0.40% Sum of Prudential filter and valuation. If negative it is set to 0
Overall Shortfall after including sovereign capital buffer 2,731 2.93%
9%RWA-(Core Tier 1 including existing government support measures-Sovereign
capital buffer for exposures in EEA); if >0.
Notes and definitions
(2) According with CRD3 it can include also 50% securitisation exposures in the trading book subject to 1250% risk weight and not included in RWA.
(3) It includes also possible differences between the book value and the fair value of: i) direct sovereign exposures in derivatives; ii) indirect sovereign exposures in the banking and trading book
the capital exercise conducted by EBA
Verona, 8 December 2011 – In relation to the indications provided by the European
Banking Authority, Banco Popolare, with all the necessary reservations, notes the
announcements made today by the competent National and European Supervisory
Bodies regarding the capital exercise, which demonstrate the results detailed in the
attachments to this press release.
The capital exercise proposed by the EBA and agreed by the Council on 26 October
2011 requires banks to strengthen their capital positions by building up a temporary
capital buffer against sovereign debt exposures to reflect current market prices. In
addition, it requires them to establish a buffer such that the Core Tier 1 capital ratio
reaches a level of 9% by the end of June 2012. The amount of any final capital
shortfall identified is based on September 2011 figures. The amount of the sovereign
capital buffer will not be revised.
71 banks across Europe, including Banco Popolare, were subject to the capital
exercise whose objective is to create an exceptional and temporary capital buffer to
address current market concerns over sovereign risk and other residual credit risk
related to the current difficult market environment. This buffer would explicitly not be
designed to cover losses in sovereigns but to provide a reassurance to markets about
banks’ ability to withstand a range of shocks and still maintain adequate capital.
The methodology underlying the capital exercise was outlined by the EBA prior to its
announcement to ensure consistency across all banks in the EU banking system
involved in the exercise. The responsibility for this claim lies exclusively with the EBA.
The capital exercise conducted by EBA, in close cooperation with the competent
national authority, has shown the following results: Banco Popolare, on the basis of
such exercise, would indicate a capital shortfall of €2,731 million.
Based on these data, the EBA request is articulated as follows:
Banco Popolare, just like the other banks which have shown a capital shortfall
on the basis of the above exercise, must submit a plan to the Bank of Italy by
January 20, 2012 outlining the achievement of a Core Tier 1 target ratio of
9% by the end of June 2012;
PRESS RELATIONS
Tel. +39-045-8675048/867/120/121
[email protected]
INVESTOR RELATIONS
Tel. +39-045-8675537
[email protected]
Banco Popolare - Home Page (IR section)
2
the plan shall be discussed with the national competent authorities, in
consultation with the relevant college of supervisors and the EBA.
Banco Popolare points out that the different asset weighting methods used in the
various Countries make it impossible to compare the financial positions of the various
Banks based on a single synthetic indicator (the Core Tier 1), generating an outcome
that may appear to recommend a capital strengthening when it would actually be
unnecessary. Furthermore, Banco Popolare notes the fact that the decision to project
a Core Tier 1 capital ratio of 9% by June 2012 does not appear appropriate for
banking institutions that carry our lending activities almost exclusively in favour of
households and SMEs, and with an exposure to financial risks linked substantially to
Italian government bonds. The requirement, in fact, entails significant negative
implications for the Italian economy, with specific reference to lending activities, as
well as distorsions in the competitive environment at both European and Italian levels.
For these reasons, Banco Popolare would hope that the current indications of EBA be
revised as soon as possible and a different level of Core Tier 1 capital be defined for
domestic banks with a strong retail focus.
Banco Popolare, under the above reservations, will undertake its best effort to reach
the 9% Core Tier 1 ratio by the end of June 2012, through a mix of actions which
allow to rule out an additional recourse to the market. Such actions will be submitted
to the national Supervisory Authority by January 20, 2012.
Composition of capital as of 30 September 2011 (CRD3 rules)
Name of the bank: IT043 BANCO POPOLARE - S.C.
Million EUR % RWA
A) Common equity before deductions (Original own funds without hybrid instruments
and government support measures other than ordinary shares) (+)
6,712 COREP CA 1.1 - hybrid instruments and government support measures other than
ordinary shares
Of which: (+) eligible capital and reserves 12,211 COREP CA 1.1.1 + COREP line 1.1.2.1
Of which: (-) intangibles assets (including goodwill) -5,282 Net amount included in T1 own funds (COREP line 1.1.5.1)
Of which: (-/+) adjustment to valuation differences in other AFS assets (1) -45 Prudential filters for regulatory capital (COREP line 1.1.2.6.06)
B) Deductions from common equity (Elements deducted from original own funds) (-) -676 COREP CA 1.3.T1* (negative amount)
Of which: (-) deductions of participations and subordinated claims -676
Total of items as defined by Article 57 (l), (m), (n) (o) and (p) of Directive 2006/48/EC
and deducted from original own funds (COREP lines from 1.3.1 to 1.3.5 included in
line 1.3.T1*)
Of which: (-) securitisation exposures not included in RWA according with CRD3 (2) 0
COREP line 1.3.7 included in line 1.3.T1* (50% securitisation exposures in the
banking and trading book subject to 1250% risk weight; Art. 57 (r) of Directive
2006/48/EC)
Of which: (-) IRB provision shortfall and IRB equity expected loss amounts (before tax) 0
As defined by Article 57 (q) of Directive 2006/48/EC (COREP line 1.3.8 included in
1.3.T1*)
C) Common equity (A+B) 6,036 6.47%
Of which: ordinary shares subscribed by government 0 Paid up ordinary shares subscribed by government
D) Other Existing government support measures (+) 0
E) Core Tier 1 including existing government support measures (C+D) 6,036 6.47% Common equity + Existing government support measures included in T1 other than
ordinary shares
Shortfall to 9% before application sovereign capital buffer 2,357 2.53% 9%RWA-Core Tier 1 including existing government support measures; if >0.
F) Hybrid instruments not subscribed by government 1,242
Net amount included in T1 own funds (COREP line 1.1.4.1a + COREP lines from
1.1.2.2***01 to 1.1.2.2***05 + COREP line 1.1.5.2a (negative amount)) not
subscribed by government
Tier 1 Capital (E+F) (Total original own funds for general solvency purposes) 7,278 7.80% COREP CA 1.4 = COREP CA 1.1 + COREP CA 1.3.T1* (negative amount)
RWA as of end September 2011 including add-on for CRD3 (2) 93,256
Of which: RWA add-on for CRD III as of end September 2011 (2) 79
Sovereign Capital buffer
G) Prudential filter (AFS sovereign assets in EEA as of 30th September 2011) (-/+) 373
Please report the prudential filter as a positive number if the AFS revaluation reserve
for sovereign assets is negative. Please report the prudetnial filter as a negative
number if the AFS revaluation reserve is positive. If the bank does not apply a
prudential filter on AFS sovereign assets, please fill in zero.
H) Difference between the book value and the fair value of sovereign assets (Bonds and
Loans and advances) in the HTM and Loans & Receivables portfolios (3).
1
Difference between the book value and the fair value at the reference date. Please
provide a positive number if the book value is larger than the fair value of sovereign
assets. Please provide a negative number if the book value is smaller than the fair
value of the sovereign assets.
Sovereign capital buffer for exposures in EEA (G+H) 374 0.40% Sum of Prudential filter and valuation. If negative it is set to 0
Overall Shortfall after including sovereign capital buffer 2,731 2.93%
9%RWA-(Core Tier 1 including existing government support measures-Sovereign
capital buffer for exposures in EEA); if >0.
Notes and definitions
(2) According with CRD3 it can include also 50% securitisation exposures in the trading book subject to 1250% risk weight and not included in RWA.
(3) It includes also possible differences between the book value and the fair value of: i) direct sovereign exposures in derivatives; ii) indirect sovereign exposures in the banking and trading book
Topgun1976
Guest
Entro il 20 gennaio devono presentare un piano su come raggiungere il 9%
stefanog23
Forumer attivo
Il secondo comunicato che hai messo in inglese, c'è anche in italiano sul sito di borsa italiana.
Io però non ho capito se le CV per essere considerate capitale o meno, devono essere convertite.
stefanog23
Forumer attivo
Anche UBI ha bisogno di 1.393 milioni di euro.
BP invece 2.731.
BP invece 2.731.
Topgun1976
Guest
Hai letto quello che ho messo sopra di documento?Cmq dal tono e dai termini usati dal Banco credo che l'Eba non abbia accettato nessuna apertura anzi
In Particolare
To be determined on a case by case basis- minimum requirement: either i) specification of a predetermined range within which the instruments will convert into ordinary shares or ii) a rate of conversion and a limit on the permitted amount of conversion.
Ultima modifica di un moderatore:
stefanog23
Forumer attivo
Gli hanno diminuito un po' il fabbisogno che a ottobre avevano stimato in 2.817 milioni.
Onestamente nel documento in inglese che hai postato, ci ho capito poco.
Topgun1976
Guest
Tradotto ma non fà rifermento al punto essenziale
il piano deve essere discusso con le autorità nazionali competenti, in
consultazione con il collegio competente autorità di vigilanza e l'EBA.
Banco Popolare sottolinea che i diversi metodi di ponderazione asset utilizzati nel
vari Paesi rendono impossibile confrontare la situazione finanziaria delle varie
Banche sulla base di un unico indicatore sintetico (il Core Tier 1), generando un risultato
che possono apparire a raccomandare un rafforzamento patrimoniale, quando sarebbe in realtà
inutili. Inoltre, Banco Popolare prende atto del fatto che la decisione di progetto
un Core Tier 1 capital ratio pari al 9% entro giugno 2012 non appare appropriato per
istituti bancari che svolgono le nostre attività di prestito quasi esclusivamente a favore di
le famiglie e le piccole e medie imprese, e con una esposizione ai rischi finanziari legati sostanzialmente al
Titoli di stato italiani. Il requisito, infatti, comporta negativi significativi
implicazioni per l'economia italiana, con specifico riferimento alle attività di prestito, come
così come distorsioni del contesto competitivo sia a livello europeo e italiano.
Per queste ragioni, il Banco Popolare auguro che le attuali indicazioni di EBA essere
rivista quanto prima possibile e un diverso livello di Core Tier 1 capital essere definiti per
le banche nazionali con una forte attenzione al dettaglio.
Banco Popolare, sotto le riserve di cui sopra, intraprenderà il suo massimo sforzo per raggiungere
il 9% di Core Tier 1 ratio entro la fine di giugno 2012, attraverso un mix di azioni che
permettono di escludere un ulteriore ricorso al mercato. Tali azioni saranno presentati
per l'Autorità nazionale di vigilanza entro il 20 gennaio 2012.
Composizione del capitale al 30 settembre 2011 (CRD3 regole)
Nome della banca: IT043 BANCO POPOLARE - S.C.
Milioni di EUR% RWA
A) azioni ordinarie al lordo delle detrazioni (I fondi propri senza strumenti ibridi
e il governo misure di sostegno diversi dalle azioni ordinarie) (+)
6.712 COREP CA 1.1 - strumenti ibridi e misure di sostegno del governo diversi da quelli
azioni ordinarie
Di cui: (+) capitale e riserve ammissibile 12.211 COREP CA 1.1.1 + COREP linea 1.1.2.1
Di cui: (-) altre attività immateriali (incluso l'avviamento) -5282 Importo netto inclusi nel T1 fondi propri (COREP linea 1.1.5.1)
Di cui: regolazione (-/+) a differenze di valutazione delle altre attività AFS (1) -45 filtri prudenziali per il capitale regolamentare (COREP linea 1.1.2.6.06)
B) Detrazioni dal patrimonio netto comuni (elementi dedotti dai fondi propri) (-) -676 COREP 1.3.T1 CA * (importo negativo)
Di cui: (-) le detrazioni di partecipazioni e crediti subordinati -676
Totale di elementi, ai sensi dell'articolo 57 (l), (m), (n) (o) e (p), della direttiva 2006/48/CE
e dedotti da fondi propri (linee COREP da 1.3.1 a 1.3.5 incluso nel
linea 1.3.T1 *)
Di cui: (-) per le esposizioni di cartolarizzazione non inclusi nel RWA accordo con CRD3 (2) 0
COREP linea 1.3.7 incluso nella linea 1.3.T1 * (esposizioni inerenti il 50% nel
bancarie e di trading book soggetto di ponderazione del rischio a 1250%, l'art. 57 (r), della direttiva
2006/48/CE)
Di cui: (-) disposizione deficit IRB e IRB importi delle perdite del patrimonio netto atteso (al lordo delle imposte) 0
Ai sensi dell'articolo 57 (q), della direttiva 2006/48/CE (COREP linea 1.3.8 incluse nel
1.3.T1 *)
C) Il patrimonio comune (A + B) 6036 6,47%
Di cui: azioni ordinarie sottoscritte dal governo 0 Pagato fino azioni ordinarie sottoscritte dal governo
D) Altri esistenti governo misure di sostegno (+) 0
E) Core Tier 1 tra cui le misure esistenti il sostegno del governo (C + D patrimonio netto) 6036 6,47% comune + il sostegno del governo esistenti misure incluse nel T1 diversi
azioni ordinarie
Deficit al 9% prima che il buffer di capitale applicazione sovrano 2.357 2,53% al 9% RWA-Core Tier 1 tra cui le misure esistenti il sostegno del governo, se> 0.
F) non strumenti ibridi sottoscritti dal governo 1242
Importo netto inclusi nel T1 fondi propri (COREP linea 1.1.4.1a + linee da COREP
1.1.2.2 1.1.2.2 *** *** 01 a 05 + COREP linea 1.1.5.2a (importo negativo) non)
sottoscritto da governo
Tier 1 Capital (E + F) (Totale fondi propri a fini di solvibilità generale) 7278 7,80% COREP CA = 1,4 COREP CA 1.1 + COREP 1.3.T1 CA * (importo negativo)
RWA a fine settembre 2011 compresi add-on per CRD3 (2) 93.256
Di cui: RWA add-on per CRD III di fine settembre 2011 (2) 79
Capitale tampone sovrano
G) Prudential filtro (attività AFS sovrano nel SEE al 30 settembre 2011) (-/+) 373
Si prega di segnalare il filtro prudenziale come un numero positivo se la riserva di rivalutazione AFS
per le attività sovrane è negativo. Si prega di segnalare il filtro prudetnial come un fatto negativo
numero se la riserva di rivalutazione AFS è positivo. Se la banca non applica un
prudenziale filtro su AFS beni sovrani, si prega di compilare zero.
H) Differenza tra il valore contabile e il fair value delle attività sovrane (Obbligazioni e
Finanziamenti e anticipazioni) nel HTM e Prestiti & portafogli crediti (3).
1
Differenza tra il valore contabile e il fair value alla data di riferimento. Per favore
fornire un numero positivo se il valore contabile è maggiore del fair value dei sovrani
beni. Si prega di fornire un numero negativo se il valore contabile è inferiore alla fiera
valore del patrimonio sovrano.
Buffer di capitale sovrana per le esposizioni della SEE (G + H) 374 0,40% di Prudential Somma filtro e di valutazione. Se negativo è impostato su 0
Deficit complessivo dopo aver incluso buffer di capitale sovrana 2.731 2,93%
9% RWA-(Core Tier 1 compreso il sostegno del governo esistenti misure-sovrani
buffer di capitale per le esposizioni della SEE), se> 0.
Note e definizioni
(2) In accordo con CRD3 può includere anche esposizioni di cartolarizzazione del 50% nel portafoglio di negoziazione soggetto al peso del rischio del 1250% e non incluse nel RWA.
(3) Include anche le possibili differenze tra il valore contabile e il fair value di: i) l'esposizione diretta sovrano in derivati, ii) indirettamente esposizioni sovrani nel settore bancario e portafoglio di negoziazione
Ultima modifica di un moderatore:
Topgun1976
Guest
Cmq entro il 20/1/2012 devono mettere nero su bianco cosa fare,ma credo che domani già si capirà qlc dai movimenti